Recent news stories on digital banking fraud have raised awareness among South Africans of the technology available to banks to prevent this kind of crime. One promising new tool hitting the mass market is mobile device-based biometrics technology, with Apple's Touch ID having been the tipping point in driving adoption by financial institutions.
Colorado-based bank FirstBank is in the process of implementing Entersekt's Transakt product to enable one-touch multi-factor authentication with Touch ID.
There's no doubt that biometrics use will play an important role in securing digital services, particularly when viewed from the perspective of user convenience. What is less clear to many is how biometrics should optimally be positioned within a layered security regime. Can fingerprints and voice recognition serve as the sole means of user identification and transaction authentication? Security experts say no, but why?
Entersekt offers this white paper as an account of the strengths and weaknesses of biometrics, where it works and where the banks must augment it with other advanced counter-fraud measures.
Gerhard Oosthuizen, chief information officer of Entersekt, is available to provide his expert commentary on biometrics and digital banking security. He can also provide deeper insight into the issues highlighted in Entersekt's white paper, such as:
- Global trends in biometric authentication;
- The challenges of storing biometric data securely, and the consequences of not doing so; and
- Options banks have for boosting the security of mobile-based biometrics without adversely affecting the user experience.