Biometric Signature ID was named by CFO Tech Outlook to its Top 10 Financial Fraud Detection Solution Provider list for 2018, which appears in the August 1, 2018 issue. CFO Tech Outlook magazine highlights the latest trends and technologies in the finance sector to its audience composed of Chief Financial Officers and other industry professionals.
BSI’s flagship solution BioSig-ID is a biometric authentication technology that uses a finger or mouse drawn password to identify legitimate users and block imposters who perpetrate fraud. BioSig-ID software excels at flagging atypical logins from existing accounts and can deliver real time warnings of potential fraud in progress. As part of anti-fraud depth in defense, BSI’s BioSig-ID complements existing SSO with its strong biometric multi-factor technology out of the box. Because it requires no hardware or software downloads, BioSig-ID is an affordable solution within reach of any organization.
Its fraud detection capability includes sophisticated financial fraud detection forensic tools. The user dashboard includes a variety of reports that can be configured to organizational needs, audit trails, suspicious activity alerts and real time event notifications that allow administrators to act proactively rather than after the fact.
One notable feature of BioSig-ID is its adjustable accuracy levels that balance usability with security. In situations where access areas are highly sensitive, very common to finance, accuracy standards can be set at high levels while customer facing accounts can be set at lower accuracy levels that work well for a broad array of users while maintaining security. BioSig-ID’s accuracy is rated 300% beyond NIST biometric standards so adjusting levels does not mean compromising security. Rather it allows companies the flexibility to fulfill multiple goals at once.
BioSig-ID can be used across finance and banking networks to secure employee networks, secure customer facing operations and provide additional assurance before high value transactions like wire transfers. In that scenario, the user would log in to their banking portal using normal credentials. Just prior to the transaction submission, BioSig-ID would require identity authentication in order to authorize. The user simply enters their four character biometric password to authenticate, an operation that takes just seconds. Both sides of the transaction benefit with increased trust and security.