The use of biometrics improves the experience and protection in the sector by identifying fraudulent activity with a high level of accuracy.
The financial sector is the victim of 23.3% of phishing attacks , mainly due to the amount of information and financial resources to which it has access.
Hence banks and fintechs need
to strengthen their cybersecurity strategy against fraud and credential theft.
David Lopez , vice president of sales for Latin America at Appgate , said that financial institutions face a double challenge:
Implement robust cybersecurity solutions that adequately counteract criminal strategies and,
Provide a comfortable and safe experience to the large number of customers who have joined their digital services.
“The cybersecurity industry has designed and implemented biometric tools to usa whatsapp number data successfully overcome these two challenges, giving rise to much more efficient methods than the classic and obsolete username and password methods,” he explained.
More biometric solutions
According to Appgate , one of the best tools for evaluating logins and comparing them to typical user behavior is behavioral biometrics.
This leverages information from every person’s interaction to build an accurate verification model.
If the current behavior is routine
the system is able to authorize the login without the need for additional validation. If any anomaly is detected, more advanced authentication may be requested.
The benefits of new forms of authentication include:
Smooth and efficient procedures. The time that customers spend accessing their accounts and making any transaction or movement is of great value and determines the experience and effectiveness of the service provided.
Identity theft prevention. One of the key issues for the financial sector and cybersecurity is identity theft, as cybercriminals steal personal information or use deepfake methods to impersonate illegitimate users.
Decrease in credential theft. The Deep and Dark Web is a market for credentials, such another common mistake is neglecting as usernames and passwords, of millions of people around the world. These types of authentications are no longer secure and put cz lists bank accounts. Personal information and even business systems at risk.
With a biometric model that moves away from these obsolete methods, the theft and commercialization of credentials will decrease. Along with the risk faced by individuals and financial institutions.
