Mobile biometrics offer banks and other businesses a way to more effectively verify the identities of their new and existing customers. Mobile onboarding allows a prospective banking customer to open an account without visiting a branch. Biometrics make this identity proofing process more robust and secure. New customers can then use their biometrics in place [...]
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 [...]
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 Customers also increasingly view passwords as outdated and insecure, particularly for use on mobile devices.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 [...]