Identity Management Solutions are shaping the future of Banking and Financial Institutions by Devesh Chauhan

Identity Management Solutions

Username and password combination was believed to be the most secure authentication mechanism in Banking and Financial institutions but with the rising instances of fraudulent transactions and data breaches and identity theft is getting increase very fastly and reaches to a new height. Traditional passwords and keys no longer provide enough security to the banking and financial industry customers.

It is very important for banking and finance sectors, that their customer trust the login of their apps and websites because they are handing over their sensitive, personal information such as customers’ home addresses, bank statements, social security numbers, as well as other financial data. Keeping each customers information safe is of the utmost importance baseline — nobody wants to send out a notification that their system has been breached.

According to the Center for Strategic and International Studies, banks are losing almost $450 billion annually to caber-crimes and fake transactions. Same way Financial services organizations are also at a prime target for hackers looking to steal and sell those valuable data.
This clearly shows the problem and the reason why these sectors need to upgrade their security systems to provide stronger authentication schemes. That’s why the majority of modern banking apps use a multi-factor authentication system that requires identification with the help of at least one biometrical parameter such as fingerprints or RFID Card reader systems. Today fingerprint scanner or USB fingerprint reader devices are by far the most popular form of biometric security used in banking and financial industry. Biometric security system offers greater security than passwords as passwords can be shared (intentionally or otherwise), while biometrics are extremely difficult to replicate.

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