Financial Authentication Market Ready for Take-off, Says Research and Markets

Research and Markets has announced the addition of the "Strong Authentication in the Financial Services Industry" report to their offering.

The number of strong authentication solutions is increasing, as is the interest of banking establishments in these solutions for several applications including authentication for online banking, cash machine security reinforcement, or even nomadic employee authentication. This report studies the main strong authentication methods (biometrics, tokens) and provides recommendations when it comes to choosing the right solution and implementing it.

Authentication of a banks customer base plays a decisive role in the level of an establishment exposure to fraud. The growing virulence of cyber crooks and banking malware have pushed banks to study new multifactor solutions.

One-time password (OTP) authentication, whether it relies on a token, smart card, grid or even an SMS, and biometrics are the two main routes being explored by banking institutions to secure access to remote banking services. However, the strategies diverge depending on the kind of service concerned; online banking, telephone banking, ATMs and payment terminals are all protected by different measures. OTPs are largely preferred for online banking, while biometrics applies to other forms of banking services.

Bank employees will not be outdone since, with the emergence of major mobility plans, provoked in particular by this year flu pandemic, employees are being proposed innovative solutions, based on the biometrics/smart card combination.

Among the risks threatening biometric authentication are fake fingerprints, which although improbable, can not be completely ruled out: on several occasions, researchers have demonstrated the vulnerability of a considerable number of fingerprint recognition systems. In addition, design errors are still a frequent occurrence, the most common being the circulation of unencrypted fingerprints on the network, replay attacks, or extraction of prints from the database to be forged later on.

Key Topics Covered:
1. Remote banking
2. ATMs and payment terminals
3. Strong authentication for bank employees
4. Risk analysis
5. Recommendations

Share to:
Comments ( 0 )