In this article, we want to address the topics that will be discussed in this edition of Money 20/20 and tackle them from the perspective of how biometric technology is an advancement that we should embrace in a positive way and not from fear and avoidance.
The Deepfake Threat
As we transition from 2022 to 2023, a concerning trend has emerged in the banking sector: Deep Fake attacks and the extensive damage they have inflicted on the trust of banks and financial institutions, including insurance agencies. These highly sophisticated AI-generated manipulations have been leveraged to orchestrate scams, leading to losses of up to $35 million.
Deep Fakes represent a significant threat to the banking industry, as they have the ability to convincingly impersonate customers, employees, or even senior executives. The distinction between genuine and manipulated content has become increasingly blurry, Making banks more vulnerable to increasingly complex attacks.. Nonetheless, in 2022, only 1.5% of all successful digital attacks were the result of compromised biometrics.
The key to taking the fight against fraud to the next level
Despite the critical threat posed by deepfakes, biometrics offer the best path forward for financial institutions to achieve the alignment of strong digital security and exceptional customer experience.
But not all biometrics solutions deliver this level of performance. Some fall short of this mark, while a select few are proven to exceed this industry benchmark. Given this breadth of quality and performance, financial institutions must seek out third-party evaluations and certifications that validate the accuracy and reliability of a biometrics solution.
The Danger of Weak and Uncertified Technologies
In a world full of cyberattacks and data breaches, using weak or uncertified technologies is like leaving both your back and front doors wide open to leaks, attacks, data theft, and even identity fraud.Certification is not just a trendy term; it’s a crucial defense in the continuous fight against fraud, attacks, counterfeiting, and security breaches.
Robust and Certified Technology
Companies need to be aware that certification matters, so they need to look for solutions that have participated in NIST 1:1 and 1:N facial and voice recognition assessments, enabling them to deliver truthful and accurate data, with a 98% certified conversion rate. The commitment to robust, certified technology sets the gold standard for the industry.
NIST remains the most trusted independent authority in security software testing and certification, with a 60-year track record of evaluating biometrics systems.
To complement NIST assessments, companies can turn to iBeta, which specializes in testing the liveness detection capabilities of a biometrics solution. Liveness detection aims at distinguishing between genuine and fake biometric data –to ensure that the biometric data being presented to the system comes from a living and physically present individual, rather than from a non-living or artificially created source. By confirming the “liveness” of the biometric data, the biometric system can significantly enhance its security and reliability, defending against Deep Fakes.
Enhancing Banking Basics: Real Revenue, Real Profitability
At the core of banking operations lies a crucial objective:: real revenue and profitability. It’s not enough to simply adopt advanced technology; it’s about achieving tangible business outcomes. While we initially observed a surge in solutions tailored for customer onboarding within financial services, there is an increasing traction for voice biometrics. In the last year, Veridas has experienced a 325% increase in the use of voice biometrics from clients in production. This trend demonstrates that voice biometrics are gaining popularity among users, as they provide a secure and easy to use method of authentication. This growth is not surprising, given the advantages biometrics offer over traditional authentication methods. Voice biometrics, in particular, are very convenient, at the same time enhancing security and reducing operational costs.
Frictionless User Consumer Delight with IDV Onboarding
Gone are the days of cumbersome authentication methods. There is a pressing need to eliminate the frustration of passwords, control questions, and convoluted login processes. Biometrics-based authentication and authorization, but not just anyone, always certified, allow users to access their accounts simply by being themselves.
Efficient, straightforward, and frictionless processes result in increased sales and the opening of new accounts. Not only does this benefit your customers, but it also drives cost savings and operational efficiencies within your organization.
Join our network of over 80 million verified identities globally and harness the expertise of a truly global partner. At Money 20/20, we invite you to witness the future of fintech. See for yourself the transformative power of biometrics and its potential to reshape the banking industry at Booth 9106.
In a world marked by uncertainty, Veridas stands as your steadfast companion on the path to fintech excellence. Bid farewell to the myths and fears surrounding biometric technology and embrace a future characterized by security, simplicity, and profitability with Veridas leading the way.
