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HSBC's Voice ID prevents £249 million of attempted fraud

HSBC's Voice ID prevents £249 million of attempted fraud

HSBC's caller identification programme Voice ID has cut telephone banking fraud by over 50% during the past year, demonstrating the value of biometric verification in the fight against scammers.

The UK bank reckons its voice biometrics system has prevented almost £249 million of customers’ money from falling into the hands of telephone fraudsters in the last year.

As more people turn to digital channels and telephone banking, HSBC UK has seen an increase in customers signing up to Voice ID, which is currently used by over 2.8 million active customers.

Voice ID detects whether the voice matches that which is held on file for the customer and therefore whether the caller is genuine. Customers need to register for the service before it will be activated for their account.

Since the technology was introduced in the UK, over 43,000 fraudulent phone calls have been identified, with over £981 million worth of customers’ money protected.

Kerri-Anne Mills, head of contact centre and customer service at HSBC UK, says: "Scammers are sophisticated and it’s a constant challenge to keep ahead of them but this is promising - we’ve seen a 50% drop in reported telephone banking fraud year-on-year. We are now enrolling around 14,000 customers in Voice ID each week and the technology continues to be instrumental in the fight against fraud, providing a library of fraudsters’ voice prints to cross check against new incoming calls.”

HSBC UK recently launched a new voice response system, taking more than 450k calls per week. Chat channels are also booming in popularity, with more than 105k chats per week. HSBC UK’s WebChat service allows customers to seamlessly move between mobile and online banking platforms and pick up a conversation where they left off.


Finextra reader Andrew carrier has this to says post-publication:

Comments: (2)

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 05 May, 2021, 16:541 like 1 like

There are numerous use cases of biometrics to help aid authentication, I am not surprised that voice has prevented this amount of fraud. I have long been a supporter of voice biometrics in this use case - however, there are now emerging better solutions which still utilise voice to an extent, along with other biometric forms of authentication and MFA, all based around digital identitiy. Digital ID will be an evolution of many concepts we see today, and no doubt will save customers and banks alike, much more in terms of fraud

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 06 May, 2021, 11:26Be the first to give this comment the thumbs up 0 likes

£249M is an impressive figure for value of fraud prevented but, with due respect to Voice ID and other forms of Biometric ID, the equally important question is, what's the value of False Positives like @AndrewCarrier exhibited by this system?

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