Video-based biometric authentication is definitely the new industry game-changer as it is expressed in Global Banking and Finance review, where CEO Nima Schei exposes the need for this new technology, the reasons to support its evolution and the ability it offers to fulfill the industries future challenges.
The banking and finance sector are leading industries when it comes to cybersecurity requirements. And rightly so because they are growing their businesses exponentially in a digital ecosystem that is getting complex and are usually the target of hacking and different types of cyber threats.
These industries require comprehensive approaches to the need for user authentication from a cybersecurity point of view. And when it comes to protection against hacking, no effort is short. But the question is, how? And can the current method prove efficient in the short and long term?
Passwords show a long list of deficiencies, being both impractical and not secure, as two main ones, together with many others that come from human behavior (sharing or repeating passwords) that make them outdated. Biometrics as a step forward is no question a better technology, offering frictionless experiences but mostly image-based. It works now but is there room for improvement? The answer is yes and there is also a need for improvement while we speak. Because as the cybersecurity saying goes “hackers never sleep”, central industries such as finance and banking shouldn’t either.
The needs for more robust and comprehensive user authentication tools will grow and the technology with the capacity to achieve this is biometrics, but with one step further. And that is through on-device, cloud-independent technology relying on video biometrics that is built on zero-trust architecture and leaves facial, and privacy information in the power of the user.
To fully understand privacy-first video biometric technology and how it is contributing to protecting users in the digital banking world, read the article online.
Global Banking & Finance Review is a leading online and print magazine with informative and independent news within the financial community. Its experienced contributors provide quality and in-depth insight, providing leading and key figures with updated information about the finance sector.
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