The advantages of biometric authentication in banking over less secure passwords are now well understood. Biometric measures such as fingerprints and face verification not only help to reduce fraud and financial loss for banks and their customers, but they make transactions more convenient and faster for users. As a result, consumers the world over have become accustomed to the merits of biometrics.
However, the use of biometrics is not without its challenges. The first of these is that wherever technology breaks barriers in terms of convenience and usability, so surely will fraudsters follow to find nefarious ways to breach new barriers of security.
What remains difficult for the financial services industry is the live authentication that a verified identity is indeed a real person logging on in real time. Fraudsters are structured and organised, and impersonation can take many different forms.
Banks need to be able to deliver a consistent yet flexible level of ongoing security depending on the risk profile of the transaction.
Biometric authentication can provide a consistent yet flexible experience to make online banking simple, convenient, secure and inclusive to customers.
Cloud-based services, as opposed to device-based authentication, mean attacks can be fixed faster and in an isolated fashion so as not to affect other parts of the system. They also facilitate faster and more comprehensive analysis of activity, which means any future potential attack can be addressed more quickly.
This white paper from Finextra, in association with iProov, will explore the following points and more:
- The latest technologies available to banks to facilitate biometric ID verification and authentication
- The perception and preferences of banking service users and the current methods and techniques banks are employing
- How cloud-based biometrics can bridge the gap between now and the future of seamless and secure authentication services
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