HSBC Voice ID

2021: HSBC has launched a biometric system that recognizes customers by voice and saves them hundreds of millions

In early May 2021, the British bank HSBC announced that its program for identifying subscribers by the voice of HSBC Voice ID for 2020 saved hundreds of millions of bank customers from telephone fraudsters. According to the bank, thanks to the new biometric system, the number of fraud cases decreased by more than 50%. In general, according to HSBC Bank, its voice biometrics system prevented the theft of customer money in the amount of about 249 million pounds ($346.5 million).

As more people turn to digital channels and phone banking, HSBC began to note the growth in the number of customers who subscribe to Voice ID services. As of April 2021, more than 2.8 million active customers used this service, and 14,000 new users subscribe to the service weekly. The Voice ID determines whether the voice matches the sample stored in the client file. To activate the service, customers must register with the bank.

HSBC uses a biometric system that recognizes customers by voice, which allowed them to save hundreds of millions

Since the introduction of the technology in the UK, more than 43,000 fraudulent phone calls have been identified, while thanks to various systems, customer money worth more than 981 million pounds ($1366.5 million) has been saved.

Kerri-Anne Mills, Head of Contact and Customer Support at HSBC UK, noted:

Fraudsters act quite sophisticated, and our task is to constantly get ahead of them. Voice ID continues to play an important role in the fight against fraud, as it provides a library of voice fingerprints of scammers to cross-check new incoming calls.

HSBC UK also launched a new voice response system that receives more than 450 thousand calls a week. In addition, the popularity of chat channels is also growing: more than 105 thousand messages are processed per week.^[1]

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