Multiple biometric modalities for authentication can achieve higher biometric performance. Introduction: Biometrics use “inherent” factors (something the user is) to authenticate a user’s identity. Relative to knowledge- and possession-based authentication methods (something the user knows and something the user has), inherent authentication factors like biometrics are difficult to steal and spoof. We can’t easily tell when a fraudster uses a stolen password or mobile device, but with biometrics and liveness detection we can better detect when a fraudster is at work so that their access can be prevented.
Introduction If you looked into your Magic 8-Ball and asked, “Will I ever be able to stop using passwords for authentication?” it would certainly reply: “Outlook good.” And the outlook is good considering biometrics are making authentication simpler and more secure than ever. Passwords have never looked so retro. But if you asked us the same question, [...]
The Future of Mobile Authentication: Multimodal Biometrics - The vast majority of modern authentication implementations strive to maximize both security and convenience; that is, to: - Make it as difficult as possible for a fraudster to steal or spoof the rightful user’s authentication factors (e.g. device, password, token, biometric). - Avoid interference with access to the protected asset or service for the rightful user. - Dissuade the user from circumventing the intended security mechanisms.
Financial institutions in the European Union have long acted as fintech beacons for the rest of the world. Case in point, the chip-and-PIN card technology that the U.S. only started rolling out in 2014 has been in use throughout the EU since the mid-2000s. Now the EU is preparing to take its next leap forward [...]
The financial sector is doing a better job preventing cyber security breaches and fraud than other industries. According to a report from the Identity Theft Resource Center and CyberScout, the banking, credit, and financial sector experienced fewer data breaches in 2016 than any other sector. That doesn't mean banks are clear of threats. Financial institutions [...]
For financial institutions, mobile banking is a cost-effective way to reach new consumers. The technology offers financial inclusion and unprecedented convenience. The Nielsen Mobile Shopping, Banking and Payment Survey found 47 percent of consumers across the globe used their mobile phones to check their account balances at least once in the six months prior to March 2016. 42 percent said they had used their mobile devices to pay bills.
Global Market Insights estimated that the biometrics market will be worth $31 billion by 2023, with future growth driven by consumer-facing applications like mobile authentication. Consumer electronics, healthcare, banking, and even the home safety industry are integrating advanced biometrics capabilities into their products, services, and operations. This is in part because biometric technology is performing [...]
Banks are starting to question just how effective passwords really are at protecting their customers’ accounts. Customers also increasingly view passwords as outdated and insecure, particularly for use on mobile devices. Tech pundits have speculated that biometrics will soon replace use of passwords on mobile devices and that the financial industry will be the leading [...]
The number of identity fraud cases increased 16 percent between 2015 and 2016, according to Javelin Strategy & Research. The finance sector still struggles to combat fraudsters. Despite increased adoption of EMV cards and robust password creation policies, banking customers are still falling victim to fraudsters, and it's costing banks big. U.S. financial institutions alone [...]
Infographic Biometrics-as-a-Service (BaaS) solutions from Aware are an attractive alternative to traditional biometric software models. This technology allows organizations of all types - from governments to telecommunications companies - to quickly deploy and start using biometrics technology in their day-to-day identity management operations. In other words, with BaaS, you [...]