Banking and Finance

Banking Finance2018-07-23T21:24:06+00:00

User Identity Authentication in Finance and Banking

Institutions that handle financial transactions are top targets for criminals that seek account takeover. BioSig-ID™ helps banks assure their users that their money is safe. Financial institutions (banks, investment banks, fund management services, etc.) must gate not only external customer access but also internal employee access to various internal corporate functions, data and software. Third party vendors with system access must also be secured.

BioSig-ID’s multi-factor biometric solution simplifies user identity authentication within finance. It not only secures account access, it can be used as an authentication layer before large wire transfers and other high value activities. This safeguards institutions and prevents losses due to unauthorized access.

Securing Corporate Devices

With a multitude of devices used for work and brought into the workplace by employees, handling user identity authentication is not easy. BioSig-ID secures any asset or content online and BioTect-ID secures any Windows device running HTML 5. That covers company desktops, tablets and mobiles. Locking down proprietary information is critical to institution networks. The two products combine elegantly to cover the most demanding protection needs.

Another authentication product, BioProof-ID, can verify banking customers’ real world identities  during their password enrollment session. The seamless process confirms the user’s government issued ID and confirms the photo with a real time selfie. This creates an unbreakable chain of identification verification. It offers extremely high identity assurance and protection against account takeover.

BioSig-ID is well suited for financial transactions, because it conclusively ties the individual not only to a login identity but to the device as well. In a BYOD world, employee and vendor access must be secured.

  • Flexible access
  • Dynamic accuracy leveling
  • Pinpoint accces control of any user
  • Powerful forensics
  • Predictive capabilities

BioSig-ID also provides real time alerts to administrators alerting them to potential intrusions as they happen.

The FFIEC recommends layered security (depth in defense) for online banking.

It further recommends that business customers should be offered:

  • Multi-factor authentication
  • Dual customer authorization using different devices
  • Control over changes to account maintenance activities
  • Detect anomalies at initial log in and authentication of customers
  • Detect anomalies at electronic transactions involving transfer of funds
  • Controls for administrators who change access privileges

Recent Survey of Executives at the Jack Henry Banking Education Conference (BEC) Technology Showcase:

HOW BIOSIG-ID™ WORKS

BioSig-ID™ captures a user’s unique movements: direction, speed, length, angle, height etc. as they draw and create their password using just a mouse or finger. Each time a user logs in their password is compared and only if the patterns match will the legitimate user gain access to the online activity. The password knowledge combined with a biometric gesture (writing) makes BioSig-ID an all-in-one multi-factor authentication solution that is also multi-layer.

Imposters are stopped in their tracks. Even if they were able to gain access to your password they must duplicate the user’s unique biometric movements used to create the password, nearly impossible.