Before the Internet, customers who wanted to perform a bank transaction had only one option - a visit to their local branch for a face-to-face transaction. Now, in the "mobile age," customers expect that their bank provide secure and easy access to the full suite of banking services via their mobile device. The...
According to Javelin, in 2015 there were more than 1.5 million new account fraud victims who accounted for losses of $2.8 billion. This number increased by 40 percent in 2016. And with all the continued data breaches, there are no indications that this trend has slowed in 2017. The Equifax breach, which affected more...
Voice biometrics: Is it good enough to protect people's bank accounts? Also, the ISMG Security Report goes to Belfast, Northern Ireland, for this year's OWASP AppSec Europe conference, including a visit to the Titanic museum - hopefully not a metaphor for the discipline.
RBI has mandated that all banks migrate to Aadhaar-based biometric authentication for electronic payment transactions by June 30. But some information security experts question whether the the technology can handle the potential volume of transactions.
Behavioral biometrics has been getting a lot of attention recently due to its ability to uniquely address the challenges posed by social engineering, account takeovers and malware. It is already considered the third most popular biometric technology (after finger and face) and tied with iris.
Nonetheless, as an...
How Are Leading Institutions Finding the Balance Between Effective Cybersecurity and a Seamless Customer Experience?
It's every banking institution's quandary: How do you introduce the right cybersecurity controls to protect customer accounts and transactions - but without introducing new hurdles that might...
As fraudsters continually refine their techniques to steal banking customers' credentials, IBM fights back with new tools that use behavioral biometrics and cognitive fraud detection. IBM's Brooke Satti Charles offers a preview.
Banks need to develop customer authentication strategies that meet demand for strong security as well as convenience, says Mary Ann Miller of NICE Actimize, who describes emerging multifactor approaches in this video interview.
Biometric authentication has emerged as one of the more convenient methods of authentication, particularly with the increasing ubiquity of mobile devices with a variety of high quality sensors. Financial institutions can realize cost savings and improved customer experience by deploying biometric authentication. This...
Implementing a successful cybersecurity strategy in light of advanced threats calls for operationalizing three key principles: visibility, identity and risk, says Zulfikar Ramzan, chief technology officer at RSA.
Warning to parents and guardians: Beware of collecting, storing or sharing your child's biometric information - including fingerprints and DNA - even if you're creating a so-called "Child ID Kit," because the data is a natural target for identity thieves.
Cambridge Savings Bank in Massachusetts is incorporating biometrics into its online and mobile banking platform as a way to limit, and in some cases remove, the need for username and password authentication. In this case study interview, two bank executives discuss what others can learn from the project.
To boost security and eliminate the need for passwords, MasterCard plans to later this year roll out a facial biometrics app for authentication of online purchases. But some experts warn that biometrics technology is not fool-proof and should only be deployed as part of a layered authentication approach.
In 2013, Apple introduced Touch ID, a biometric technology that brought convenient fingerprint recognition to a mass consumer
audience. Banks have gravitated to Touch ID
because it provides them with a device-based technology
they may leverage to secure the mobile banking platform, and,
in turn reduce their costs...