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Voice biometric technology, developed by Spain’s Veridas, leads the fight against identity fraud

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Marketing & Communication Veridas

Introduction

Veridas, the Spanish company leader in voice recognition biometric technology, reaffirms its commitment to combat identity fraud on the Internet through voice. The Navarre-based company has made public the efficiency results of its voice technology. It can already detect more than 99% of identity fraud cases that occur at the virtual level, where this technology is present. The voice recognition solution, developed with local equipment, allows users to be identified with only 3 seconds of voice, the shortest period on the market, in any language, and without the need to repeat a specific phrase. An anti-fraud technology that can also detect whether the voices are authentic or pre-recorded offers guarantees for users, companies, and administrations.

Cyber fraud crimes have increased with the digitalization of society to the point where they now account for 25% of the total number of complaints filed in Spanish police stations. This figure could increase in the future. Problems such as the massive data leak of 533 million users by Facebook, virtual identity theft, or cybercrime, among others, highlight the weakness of manual identity verification tools and the need to implement technologies that prevent identity theft and verification of the real identity of individuals.

Eduardo Azanza, CEO of Veridas, is part of the group of experts leading the regulation of biometric technology in Spain and has participated in the “Study paper on the adoption of a regulation of the new technological, disruptive and social realities” framed in the Committee on Economic Affairs and Digital Transformation in the Senate: “It is necessary to provide us with instruments to make this Digital Transformation secure, private and reliable, for which instruments must be articulated to exercise our Real Identity,” said Azanza.

Technology endorsed in the United States

The effectiveness of Veridas technology is certified by NIST (National Institute of Standards and Technology), the independent institution of reference in biometrics in the United States. In this regard, Veridas is among the leading companies in facial verification and voice recognition. NIST conducts periodic evaluations of biometric engines submitted by different companies to assess and provide unbiased rates of accuracy and performance.

By constantly improving its capabilities and maximizing its accuracy results, the company is confident that it will continue to climb the voice biometrics ranking to be published by the end of June 2021.

The use of biometric recognition systems, such as facial or voice recognition, has become widespread in recent years in many sectors. In addition to solving security problems, their use has been very popular with users thanks to the convenience of using them. On the other hand, companies are experiencing significant cost savings in their customer verification processes.

Biometric technology also represents a step forward in the commitment of states to ensure the fundamental rights of citizens, such as the right to identity. Identity includes first name, last name, date of birth, gender, and nationality and is proof of a person’s existence as part of society.

About Veridas

Veridas is a leading global company specializing in developing digital identity verification technologies through facial and voice recognition. Founded in 2017 as a joint venture between BBVA and das-Nano, it has more than 100 people, primarily Spanish engineers. Veridas produces technology globally for more than 50 customers worldwide, supporting use cases in Financial Services, Telecommunications, Sharing Economy, E-Commerce, Gaming, Government, Tourism, Insurance, Mobility, etc.

Veridas develops 100% of the biometric software in-house to verify individuals’ real identity, with a secure design and respect for users’ data protection. The security and accuracy of all the technology, including facial recognition, voice recognition, and document verification, provide certainty in digitizing companies, administrations, and people’s daily lives. For this reason, in addition to complying with regulations (such as the RGPD), the software is subjected to the evaluation requirements of independent bodies such as NIST (National Institute of Standards and Technology) in the USA, or ISO 30.107 iBeta Level 1 PAD, among others.

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