Fonetic adds voice biometrics to Dodd-Frank compliance tool

Fonetic is the first solution provider to use voice biometrics to upgrade bank compliance with Dodd-Frank Title VII mandates for voice and data record keeping and as a means for compliance officers to improve risk and fraud detection and prevention.

Fonetics solution captures, indexes, analyzes and extracts relevant unstructured data from all voice, email and chat interactions to create a database of all communications pertaining to a banks traders and trades.

By adding biometric voice analysis, Fonetic allows banks to verify a callers identity, track their interactions and authenticate transactions based on their unique voiceprint. Fonetic can scan millions of calls and cross-match voiceprints with other known criteria – such as call content – to identify the caller. Once identified, the callers voice becomes searchable data that banks can use to facilitate regulatory inquiries or quickly identify inappropriate trading behaviours.

Fonetics voice biometrics capabilities include a series of features:
• Trader Identification/Verification - Fonetic can verify a traders identity. This is very useful to track traders conducting business from phones other than their designated line or traders who try to mask their identity. It can also flag restricted talk among traders or identify who was speaking during conference calls;
• Counterparty Recognition - Fonetic can help banks identify counterparties with whom their traders frequently speak. This could be used to trace deals from a brokers perspective, such as whether the broker has requested several prices from the bank. It can also be used to set up a black list of brokers and traders with whom the bank does not wish to work, and track them even if they switch to a new financial institution;
• Trade Reconstruction - Recognizing the same voice or group of voices in different calls simplifies trade reconstruction. Filtering by voiceprint pairs can help banks find pre-deal, deal and post-deal conversations with the same counterparty or broker independent of the financial institution involved;
• Compliance and Reporting - Identifying and analyzing calls belonging to the same trader and counterparty can be used for statistical reports, such as how long or often traders speak with clients, or to create alerts, such as tracking suspected financial abuse or calls with black-listed traders.

Fonetics voice biometrics technology is provided by Agnitio, a provider of voice biometrics solutions for the government and commercial sectors, whose extensive customer base includes police, intelligence, military and other government organizations, as well as banks and financial institutions in more than 35 countries.

Fonetic helps businesses and institutions get to know and understand their customers. The company works with major international banks, contact centres and utility companies including Vodafone, Telefonica, Santander, BBVA and Direct Line (Linea Directa).