Protecting a customer’s digital identity in an era where the amount of information users share increases exponentially has become a daunting task. Cyber criminals are evolving to new heights in organization and sophistication each year. Cyber security has taken some really heavy hits over the years, with banks worldwide estimating a $16.8 billion loss to cybercrime in 2017. The growing complexity of the customer journey through financial services have left banks with the herculean task of balancing the users’ expectation of high level security with a satisfying customer experience. It is no wonder that 71% of banking executives are now focusing their digital investments on cybersecurity.
More users today want to be able to access financial services from anywhere, using any device. The requests for these Omni-channel interactions are bringing newer and more complex challenges for protecting a user’s identity.
So how then you keep your customer’s digital identity secure without sacrificing customer experience?
Incorporating biometric authentications in your customer’s Omni-channel experience is a consistent and convenient way to secure customer data. Soft biometric modality line facial recognition, voice, signatures and keystroke recognition and hard biometric recognition like iris and fingerprint recognition promotes passwordless authentication with an extra layer of security. This authentication process is not limited to online and mobile customers either, legacy channels like branch and contact centers can also take advantage of this authentication process.
The challenge with this however is managing authenticators and meeting compliance standards without being tied to any particular vendor or modality.
Authentication hubs have proven to be the viable solution for this, with components like:
- Risk engine that provide information and context on users behavior across devices and transaction information to provide context in granting or denying certain actions
- Mobile KYC (Know Your Customer) with biometric authentication framework to facilitate identification and verification of user onboarding and account sign-up.
- Pick and choose authentication that allows users to nominate how they authenticate within acceptable security baselines.
- E-signature to eliminate the need for in-person visits
Digital identities service providers like Ubisecure and PingIdentity offer cloud based IDaaS (Identity-as-a-Service) Solutions that also help manage digital identities so that only authorized users have access to the resources meant for them. The Federated SSO (Single Sign-On) function issues the user a single times authentication ticket or token instead of transmitting their username and password over the network.
At the end of the day, no system is 100% secure and cyber criminals will always go above and beyond to infiltrate and remove vital information. In most cases, the breach is the fault of the costumer so it falls on the financial institution to mitigate any and all possible threats.
Stay on top of the technological trends in digital access management, join the conversion and uncovering new ways to foolproof your CIAM solution. Join the professionals like you in the discussion during Digital Identity and Access Management Forum: BFSI Market in London on 26-27 May, 2020.