Voice Tech expands horizons amid rising fraud risk

From the convenience of voice-activated virtual assistants to the integration of speech recognition in smartphones and smart homes, the technology landscape is increasingly shaped by an individual’s ability to verbally interact with devices.

And recent business developments are pushing the boundaries of what voice technology can achieve.

WhisppAssistive voice technology, for example, opens up new communication possibilities for individuals voice impairment such as severe stuttering or vocal cord paralysis. Advanced voice recognition and synthesis algorithms allow users to express themselves more fluently and confidently, overcoming limitations resulting from their condition.

A unique feature of Whispp lies in its ability to analyze old recordings of one’s own voice to preserve the user’s distinct speaking style and accent. Additionally, users have the option to record their current voice, which the app stores as a precaution against potential voice or speech difficulties in the future.

“Our big, bold dream is to have Whispp’s assistive voice technology available on every smartphone and laptop around the world to create a more inclusive world,” said Whispp Founder and CEO. Joris Castermanshe said in January postponement from EU Startups.

Likewise the recent ones partnership between CodeFactory and Creoir revealed another promising application of voice technology in the self-service space. By integrating voice interaction capabilities into existing kiosks, drive-thrus and POS systems, this collaboration brings a new era of convenience and accessibility.

Customers can now navigate these interfaces effortlessly, whether they prefer to speak their commands or interact through traditional means. This not only streamlines operations for businesses, but also improves the overall customer experience and caters to a diverse range of preferences and needs.

Meanwhile, a voice technology company Eleven Labs has secured $80 million in Series B funding at a $1 billion valuation earlier this year. The investment will support the launch of several new products, including a voice library marketplace where users can monetize their own voices by creating artificial intelligence (AI) versions.

“Users can create their professional AI voice replica, verify it and share it through the voice library,” PYMNTS said in an announcement reported John. 22. “When others use these verified voices, the original creators are compensated. Users always retain control over the availability and compensation terms of their voice.”

Combating Voice Tech Abuse

Amid growing interest and investment in voice-related businesses, concerns regarding potential abuse of this technology for fraudulent purposes are also on the rise.

For example, fraudsters could use voice cloning to impersonate family members, friends or executives, deceiving unsuspecting individuals and causing financial damage.

Ace Karen Postmamanaging vice president of risk analysis and fraud services at the company PSCUtold PYMNTS last October, fraudsters using generative AI “can effectively imitate voice within three seconds of logging data”, suggesting that it “uses AI not only to carry out attacks, but to make them very good at carrying out those attacks”.

In response to these concerns, Federal Trade Commission (FTC) last year initiated the Voice Cloning Challenge to seek ideas for prevention misuse of technology.

Samuel Levinedirector of the FTC’s Office of Consumer Protection, emphasized the agency’s commitment to taking a proactive stance in addressing potential threats, noting at the time that they “want to address harm before it hits the market and enforce the law when they do.”

Companies like ElevenLabs have also reaffirmed their commitment to the “safe and responsible development” of AI technology, including prioritizing the development of detection tools to ensure easy identification of AI-generated content.

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