Fonetic announced on Thursday that it has integrated voice biometrics into its Dodd-Frank trading record-keeping solution, as required by the law, to help compliance officers improve risk and fraud detection and prevention.
The solution captures, indexes, analyzes and extracts all relevant data from all voice, email and chat messages to establish a searchable database of communications related to a bank’s trades.
With the integration of voice analysis, the solution can help banks to verify a caller’s identity, track interaction and authenticate transactions based on their unique voiceprint. The solution can scan millions of calls and cross-match voiceprints with other criteria to identify the caller.
“Voice recordings play a critical role in helping banks maintain regulatory compliance and protect themselves against risk and fraud, but they become an infinitely more powerful tool when banks can use them to verify who is actually speaking with whom,” Fonetic CEO Juan Manuel Soto said. “Fonetic’s new biometric voice analysis capability helps banks ‘connect the dots’ between the speaker and their words, which improves communication transparency and increases protection for the organization.”
The voice biometrics technology is provided by AGNITIO, the customer base of which includes police, intelligence, military and other government organizations.
“For banks looking to implement a Dodd-Frank trading record keeping solution before the April 2014 deadline, Fonetic’s solution is still the only fully-functioning and proven platform available on the market, and we continue to drive industry innovation by being the first to integrate biometric voice analysis,” Soto said.