Banking on Biometrics: The Future of Customer Authentication
“Biometrics represents a major change in how digital transactions are secured”- Raymond Liao, managing director at Samsung NEXT Ventures.
The financial industry flourishes on security and safety. Yet that is precisely what passwords, PINs, and other knowledge-based authentication does not offer. They can easily be forgotten, stolen or hacked. Microsoft announced that a staggering amount of 44 million users are vulnerable to account take over attacks due to compromised passwords.
One of the basic weaknesses of the passwords is that people repeat or simplify passwords for their convenience which makes them easy to guess or hack. Data breaches result in passwords being compromised and used for illicit financial and criminal activities. In the first six months of 2019, 4.1 billion personal records were exposed.
The answer is biometric authentication. In this whitepaper, we will discuss how leading financial services firms across the globe are embracing biometric technology as a means of customer authentication and abandoning old traditional security methods to provide a secure and friendlier experience for their customers.