TRENDING
“The strong
popularity of
digital banking
in the region
represents an
opportunity
for banks to be
on the cutting
edge of digital
security.”
are security gaps in online banking
solutions, and 39% are concerned that
using banking applications and websites
put them and their personal information
at risk.
As password verification has evolved,
one solution to this problem was the
introduction of additional verification
mechanisms which require the user to
present several pieces of evidence to
confirm their identity, known as multi-
factor authentication. There are several
ways this method has been leveraged in
order to increase security for end-users.
One-time passwords sent to users either
via SMS or through mobile applications,
provide an additional layer of protection
and verification.
Banks have also looked to dynamic
digital signatures which, for example,
requires users to enter the last four
digits of their bank accounts when
making a transaction. Still, while these
methods do add additional layers of
protection, they also add more steps
to the end user which can result in
increased password fatigue.
The onus always lies on banks to
keep up with the latest technology
to safeguard the precious customer
financial data while offering the most
outstanding user experience. That’s
precisely why the use of biometric
technology is now on the rise in many
markets, with governments, regulators
and banks looking to build in extra
layers of verification and security that
are ultra-convenient.
Behaviour biometric monitoring and
analysis, when combined with other
techniques like geo-localisation and device
profiling can become a very powerful
tool to prevent fraud. Such technologies
are now able to confirm a customer’s
identity by analysing the unique rhythm
of the user when interacting with a web
page or mobile device. It uses measurable
data created by user behaviour to verify
that the intended individual is using the
account. It gathers this data passively
during the actions the user is already
performing, such as swiping, pressing keys,
or entering a PIN code, and compares it
to previous sessions.
20
INTELLIGENTCIO
Marwan Elnakat, Digital Banking
Director for the CISMEA region
at Gemalto
“Banks can open
the door to a
truly seamless
digital customer
experience
without
forcing users
to memorise an
alphabet soup
of passwords
and codes.”
By leveraging unique behaviour that is
second-nature to the user, it makes it
virtually impossible to be emulated by
fraudsters. Within seven to 10 sessions,
the machine collects enough data and
behaviours to create a user profile and
is able to evaluate consistency. This
technology cuts down on the number of
verification checks and authentications
needed for the user, which are only
triggered when necessary.
For example, if someone makes a
high-value transfer from an unusual
location, then additional biometric
authentication will be requested
to validate the transaction, such
as fingerprint or facial recognition.
However, if based on the analysed
data, the risk level is considered as very
low, then the user will not have to go
through extra authentication measures.
As this technology is adopted by banks,
they will be able to customise the users’
authentication process based on their
individual profiles to provide an optimal
customer experience for each digital
banking transaction.
In a competitive market like the UAE,
banks need to be constantly innovating
and remain ahead of the technological
curve to maintain customer satisfaction
and security. The strong popularity of
digital banking in the region represents
an opportunity for banks to be on the
cutting edge of digital security.
By eliminating clunky, difficult to
remember and increasingly vulnerable
combinations of a username and
passwords, banks can open the door
to a truly seamless digital customer
experience without forcing users
to memorise an alphabet soup of
passwords and codes. n
www.intelligentcio.com