British bank’s Voice ID system saved nearly £400M from fraudsters

Third-party data leaks, phishing cases, and scam messages have taken place during last years

HSBC

British bank’s Voice ID system saved nearly £400M from fraudsters. Source: shutterstock.com

HSBC revealed that the introduction of voice biometrics saved nearly £400 million of its users’ funds from telephone fraudsters in 2019.

HSBC VoiceID technology was launched in 2016 which is now used by more than 2 million customers. It functions by recognizing customer’s voice features, providing safe and fast access to mobile banking.

The bank unveiled that since the introduction of VoiceID technology, more than 29,000 fraudulent calls have been identified across the UK. It helped to protect over £395 million worth of users’ money. Last year, over 17,000 fraud cases have been identified.

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