Biometric security, banking, and why the password is passé

Biometric security, banking, and why the password is passé

Andrius Sutas

CEO and co-founder at AimBrain

Views 490

Biometric security, banking, and why the password is passé

16.11.2018 10:00 am

For banks, technological innovation brings freedom, flexibility, and seemingly inevitable security problems. The rise of mobile brought with it easy segmentation, remote onboarding, and convenience for customers. However, a recent report found that mobile logins saw a 200 percent increase in attack rates in Q2 of this year, compared to the previous quarter.

Safeguarding customer data has never been more important, nor more difficult – particularly since password security remains a default option, even as it proves increasingly outmoded. Banks must find ways to comply with the law and protect their target audience’s most sensitive information. To do so, they must look beyond old methods and towards rigorous, robust, and layered biometric security. 

Stronger security 

Even the strongest password can be stolen or cracked. It doesn’t matter if it’s the name of a childhood pet, a first school, or a string of random characters: the fact that it can be compromised means that it will be – if not often, then often enough to cause a problem. 

This is, in all fairness, true of most individual layers of security. The key is to layer security on top of security. Here, biometric verification can be more useful: focusing on a user, rather than their device, can be a more reliable way to prevent data theft. 

However, biometrics alone won’t work; a voice passphrase, for example, could theoretically be mimicked by a stolen recording. Multiple checks are therefore necessary: biometrics, passive bot detection, and other detection tools working in tandem can effectively stop sensitive information from being compromised in most instances. 

Multiple biometric layers 

Fingerprints, face identification, voice recognition, and retinal scans alone may all be individually hackable to some extent – but attackers will have a more difficult time hacking all of them. Using a mix of physical and behavioural layers can form a unique security matrix for each user. 

AimBrain’s AimFace//LipSyncsolution is an example of this in practice, as it combines facial recognition with voice challenges and lip synchronisation analysis. Customers simply take a photo of themselves and read a randomised number, which then becomes the authentication protocol for their account. This prevents cyber criminals from accessing their information without compromising usability.

It’s a simple approach, but one that makes life much harder for those with malicious intent. 

Smart detection tools

Better yet, these biometric checks can be bolstered with smart detection tools – particularly the latest anti-spoofing and liveliness detection devices. These tools combine straightforward user challenges, time-sensitivity, and artificial intelligence to boost security. For example, they make it easy to complement facial recognition with audio prompts – making it simple for users to access their account (it’s easy to lose a password, but somewhat harder to lose a face) and making it tough for cyber criminals to break into an account. 

Here, biometric data is safe precisely because it’s in plain sight. 

Passive bot detection 

It’s preferable to prevent attacks rather than stop them. Here, passive bot detection can be highly useful: it uses institutional and industry-specific fraud data in tandem with a passive anomaly detection module which is designed to identify signs of suspicious activity at the earliest opportunity. This catches bots, but it can also identify unusual behaviour from human users at the onboarding stage. It’s another layer of protection – one that might not address security challenges on its own but serves as a vital piece of a larger mosaic. 

In 2018, this is how banks should approach security - password protection alone simply won’t cut it. Fraudsters are too intelligent, new technologies are too vulnerable, and sensitive information is too valuable. Banks must focus on a multi-level, multi-layered approach to security because it is a multi-level, multi-layered problem. The aim should be to create a model where authentication checks are, if not impossible to beat, at least close to impossible. Working with a biometrics partner to create a truly complex security system – instead of one that relies on outdated tools and tactics – will help institutions to protect customer data today and in the future. 

AimBrainis a BIDaaS (Biometric Identity as-a-Service) platform for global B2C and B2B2C organisations that need to be sure their users are who they say they are.

 

Latest blogs

Andre Stoorvogel Rambus Payments

What is Network Tokenization?

We are seeing an unprecedented shift in consumer spending habits. One in five global transactions are now ‘digital’, with online commerce growing at over six times the rate of in-store sales. But this rapid growth is introducing new challenges. Read more »

Dan Dosen, iManage

What Every Financial Institution Should Look for from Its Cloud Vendors

The cloud model is gathering pace as the preferred environment for software deployments among financial services enterprises of all stripes, from fund managers and asset managers, to insurance brokerages and commercial banking institutions. This is Read more »

Euan Davis Cognizant’s Center for the Future of Work

The fintech antidote – why banks need to be more resilient

The European banking industry is under extreme pressure. Although the looming risk posed to financial stability by Brexit is perhaps the most notable risk, 2019 is looking like it will be a challenging year all round. To survive, simply ’doing’ Read more »

Nikhil Sengupta Five Degrees

The Future of Financial Regulation

The rise of big tech: setting new expectations The fundamentals of what businesses and individuals perceive as banking have evolved from a traditional high street model to a complex ecosystem of financial and technology providers - all working in Read more »

Chris Skinner Financial Services Club

Will a Global Platform Connect All of Our Money?

When I talk about FinTech, I often reflect on the first time I encountered what I would, today, call a truly FinTech firm. It was on March 30, 2005, and a newly formed firm presented at the Financial Services Club an idea. The idea was to connect Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel