Digital security and finance are seeing the rise of account fraud and large amounts of personal information being compromised. Financial institutions realize the shortcomings of basic passwords and OTPs and the growing need for biometric authentication, as well as continuous behavioral authentication, to bolster security and enable a BYOD-friendly and seamless user experience.
Knowledge-based authentication is becoming more and more insecure as a primary mean for authentication. Information is easier to acquire through regular means like social media, and hackers can go as far as buying information that is being used for authentication.
An entire ecosystem of ID verification, two different forms of biometric authentication and digital onboarding can create a very compelling model for financial institutions looking for streamlined digital processes that no longer rely on paper-based models.
Behavioral biometrics can monitor physical behaviors, cognitive behaviors, and response patterns within sessions of using a mobile payment application to help build a frictionless, unique behavioral profile of the user.