OneSpan™ (NASDAQ: OSPN), a global leader in software for trusted identities, e-signatures and secure transactions, today announced the release of The Future of Adaptive Authentication in the Financial Industry, a report prepared by the Information Security Media Group. Based on a broad survey of US financial institutions, the report reveals the sector’s challenges in authentication practices and strategies, and highlights the growing tension between improving security, reducing fraud and enhancing the digital customer experience.
As a result of these challenges, more than 60 percent of respondents plan to invest in new multifactor authentication technologies in 2019, including those that rely on biometrics and AI/machine learning.
“The report’s findings echo what we are seeing with our customers,” said OneSpan CEO, Scott Clements. “Financial institutions are under pressure to improve their defenses against continuing and evolving threat vectors. Many are now choosing innovative technologies that dynamically respond to attacks as part of a layered security approach that stops fraud while improving the customer experience.”
The report features Aite Group’s Retail Banking and Payments Research Director, Julie Conroy, on the need for financial institutions to improve authentication methods using the latest authentication methods and technologies, including artificial intelligence, machine learning and behavioral biometrics. These emerging technologies, paired with digital identity technologies, provide a better customer experience and help financial institutions remain competitive.
Download the full report at www.onespan.com/resources/ISMG-Future-of-Adaptive-Authentication-in-the-Financial-Industry.
Listen to the results live on March 13 at www.bankinfosecurity.com/webinars/live-webinar-state-adaptive-authentication-in-banking-w-1885.