In the era of digital banking, security has become a priority. As a consequence, authentication and access management solutions, whose purpose is to protect institutions and their clients, have proliferated. The key is to identify the essential components of a robust solution to keep up with the evolution of the sector over the next year The biggest financial institutions know the importance of bullet-proof authentication mechanisms that protect the privacy of their clients' data, reinforce their processes, and minimize risk in a digital security environment. They also know that protecting their organizations from the growing threat of cyberattacks requires advanced technology to minimize the financial, reputational, and legal risks to safeguard their clients’ assets. Global cyberattacks increased 42% in the first half of 2022, compared to the same period in 2021, according to a study by Check Point, a security solutions company, that identified ransomware (data hijacking) as the main area of vulnerability for businesses. In this sense, the "human element" continues to be the primary access route for attempts to violate institutions’ security systems. In 2023, phishing will continue to be the most effective method for cybercriminals seeking to trick users into sharing passwords, credit card numbers, and other sensitive information by posing as their bank, the experts predict. In consequence, it is essential that financial companies invest in intelligent cybersecurity systems today that help them prevent fraud and identity theft — the main forms of attacks that banks face — without sacrificing the customer experience and at the same time complying with the regulations of each jurisdiction in which they operate.
The financial industry must focus its prevention efforts on the identification and authentication of customers on the other side of the screen in order to make sure that the person is who they say they are (anti-spoofing). To achieve this, investment in capacities that reinforce these processes is vital. The following functionalities are crucial for any robust security platform:
The lack of security capabilities was cited as a top challenge in a survey of executives from different industries conducted by Tata Consultancy Services, a Tata Group firm with a global presence. In fact, more than 4 in 10 respondents said they had difficulty recruiting and retaining talent with cyber risk prevention skills last year. This shortage of expertise can be supplemented with the aid of a technology partner that brings financial grade security tools to the table. The Security Suite, developed in-house by Veritran, provides a complete security solution, with a focus on bank authentication and fast identity verification, without interrupting the user experience. This identification technology accompanies and advises institutions and offers guarantees to them and their clients, which bolsters trust in both digital innovation and good practices for accessing services and products. In order to ensure adequate data processing, authentication and verification, the solution includes a series of tools that can be adapted and included in the strategy, according to the needs of each financial institution. These include soft-token, facial biometrics and optical character recognition (OCR), which are needed to provide operations with greater protection. The speed of validations provides scalability for banks, since they can focus on product development while trusting in the security of technology developed together with Veritran, a leader with more than 17 years of experience in the sector. The challenges for cybersecurity just keep growing. The next generation of cybercriminals is using machine learning and data mining for more targeted attacks. Robust security and a flexible user experience will therefore be essential for maintaining market leadership, a position earned through trust and excellent service.
Link copied
Join our online community and stay up to date with the latest news from the world of technology.
