Why Your Bank Should Implement Biometric Technology

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In 2015 Kaspersky online security experts discovered that an international gang of cyber criminals had attacked 100 banks and financial institutions around the world.

The cyber attacks started in 2013 and around $1bn was stolen.

Besides losing funds due to a data breach, banks and financial institutions also lose confidential customer information, security codes and employee confidential information. Greater security measures are needed and many banks are looking to biometric technology for protection from more advanced cyber attacks. Below are 3 reasons why banks should use biometric technology for high security.

 

  1. The Password Provides Littler Protection

Pin numbers and passwords are easy to guess and a weak defense against cyber criminals. According to Verizon’s annual Data Breach Investigations Report , 63% of confirmed data breaches in 2015 involved the use of weak, default, or stolen passwords.

Due to the excessive amount of accounts a person has, people tend to create weak passwords or use the same password for multiple accounts.

Banks are now considering replacing customer’s pin numbers with biometric authentication. This past summer the U.K.-based bank HSBC introduced voice recognition and touch ID services to 15 million customers, in response to boost their security measures after a recent online cyber attack.

A thumbprint is hard to replicate and is the most secure available verification.

 

  1. Banks Leaders are Onboard

Banks are aware of the risks and costs of a cyber attack, which averages to average of $141,249 per attack, and are willing to invest in greater security measures. It’s estimated that by 2020 there will be 622 million mobile banking apps that offer biometric authentication.

A majority of bank executives who were surveyed are interested in using biometric authentication for mobile banking and payments. 74% of the executives believe that biometric authentication is viable for their firms in two years or less and 24% believe biometric authentication in the financial services sector can be an immediate reality.

 

  1. Consumers are onboard

Introducing a new technology to customers and gaining their trust can be a hard task, but many consumes have expressed a desire for biometric authentication in their banking. A 2016 survey by Experian found that three in five people believe biometric identification is either just as secure or more secure than the original password.

Biometric authentication is also popular among the next generation of bankers. 61% of U.S. millennials said they would use fingerprints for bank account access, and 25% of UK consumers believe that banks should have higher security measures that better protect user’s finances.

In addition to being a secure form of authentication, consumers are interested in biometric authentication because it doesn’t require any memory work from the consumer. 93% of Americans believe that fingerprint recognition is highly convenient and easy way to protect their finances.

 

  1. Biometric Authentication Solutions are Available with Gardevant

With an added layer of encryption, the Gardevant Card uses biometric authentication to keep all cardholders and financial service organizations safe from theft and fraud. The Gardevant Card authenticates and verifies the cardholders’ identity with the scan of a fingerprint to make any purchase.  With the Gardevant Card, users are in full control of their finances and banks are protected against fraud fees. Organizations who are interested in learning more about biometric authentication can contact a representative at info@gardevant.com.

Top 5 Common Cyber Security Mistakes Made in the Financial Services Sector

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Businesses in the financial services sector contain money, confidential company data and customer information, and will always be a target for cyber attacks.

In 2014, IBM named the financial services industry most vulnerable to cyber attacks.

Today banks are scrambling to tighten up their security efforts to prevent the spiral that happens after a security breach. Currently data breaches in the financial sector are expensive, and in addition to losing the confidence of current and potential customers, banks also lose an average of $141,249 per cyber attack.

To save time and potentially millions of dollars, read on and learn the top 5 cyber security mistakes businesses in the financial services sector make.

 

  1. Focusing on one security aspect

You have to approach creating a cyber security strategy with a “big picture” mindset. Cyber security is a complex game and can be overwhelming if you don’t take the time to understand all the moving pieces.

Most security strategies focus on one part. Threat detection solutions is a huge priority in many bank’s cyber security plan, but most banks also forget to focus on improving different aspects such as incident response or enhancing cultural awareness towards cyber security.

To avoid focusing on just one aspect of the cyber security plan, consider hiring a cyber security consultant to revise your strategy and point out any vulnerability.

  1. Missing one of cyber security’s “key pillars”

The New York State Department of Financial Services made a report on cyber security in the banking sector and found an interesting trend. The cyber security plans of almost 90% included all 5 key cyber security pillars.

The 5 key pillars of a cyber security strategy are:

1) a written information security policy, 2) security awareness education and employee training, 3) risk management of cyber-risk, inclusive of identification of key risks and trends, 4) information security audits, and 5) incident monitoring and reporting.

Review your current cyber security plan and if needed, include any missing pillars to have a holistic plan.

 

  1. Lack of Networking

Share the different types of attacks you’ve encountered and what steps in your cyber security plan affected your bank in a negative or positive way. Cyber security is still a new industry, and any knowledge will benefit the financial services sector as a whole.

Attend cyber security events and engage in LinkedIn or Facebook groups to learn more from people with the same problems and concerns.

 

  1. Relying too heavily on software

Cyber security software is a necessity and needed in any successful cyber security strategy, but software can’t be the only protection effort that banks enforce. Software that isn’t updated or doesn’t take social engineering into account is not efficient in the overall cyber security strategy.

In addition to integrating & updating cyber security software, a financial institution should use other cyber security defenses such as encryption and defined BYOD rules to protect any potential entry points.

 

  1. Not Incorporating Biometric Authentication

Biometric authentication is the key to combat fraud and identity theft. Over the past six years, fraudsters have stolen $112 billion from banks with identity fraud, which equates to $35,600 per minute.

With biometric authentication, only authorized customers can make purchases and withdrawals, and banks save millions.

One trusted biometric card is the Gardevant Card.

The Gardevant Card is a patented, encrypted, and multimodal biometric card. It authenticates, verifies, and protects cardholders’ identities & payment information, ensuring transactions are securely made only by the authorized user. Every purchase is secure because Gardevant requires a fingerprint verification each time.

To add an extra layer to your cyber security plan and prevent fraud, visit our website and contact us at info@gardevant.com to learn more.

 

 

 

Gardevant’s Top 5 Biometric Blogs

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The biometric system market is projected to increase to $32.73 Billion by 2022, and 62% of consumers said they are comfortable using biometrics.

Biometrics is being integrated into everyday life. Australia is considering using biometric recognition for border processing and eliminate the use of passenger cards and physical tickets. Some banks in the U.K. replaced the pin with biometric voice recognition, and hospitals in India are using biometric authentication to identify and clock in employees.

Stay informed of the latest news and trends in biometrics. These are some of Gardevant’s favorite blogs.

Biometric Update

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Whether you want breaking news about the different companies in biometrics, or whitepapers and reports on biometric markets, Biometric Update has it all. Readers can find daily news, opinion pieces and in depth-informative articles on this biometric focused website.

Audience members who have intermediate knowledge about the biometric market and are interested in integrating biometric technology into their company will benefit from this publication.

 

M2SYS Blog on Biometric Technology 

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From biometrics being used for access control to in-depth posts about different types of biometric authentication, the M2SYS Blog has it all.

M2SYS frequently features guest writers and the opinions from leaders who are in the biometric industry. Readers who are interested in learning what industries biometrics is currently being integrated into will benefit from this publication.

 

Find Biometrics

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Regarded as one of the industry’s leading resource for information, Find Biometrics has been reporting on biometric news for more than 10 years.

News articles, press releases with the latest scoop on companies, webinars, and video interviews with leaders in the industry can all be found at Find Biometrics. Both readers with no background in biometrics as well as readers who work in the field can benefit and learn from this blog.

 

Planet Biometrics 

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Planet Biometrics is the perfect site for readers who are interested in biometrics but have no previous knowledge or background. With videos, articles, case histories, white papers and cartoons that explain and breakdown the latest use and discoveries of biometrics.

Planet Biometrics is the perfect site for readers that want their news succinct and straight to the point.

Gardevant

Gardevant is a biometric blog that specializes in biometrics and the financial services industry.

Through our Gardevant blog we share:

  • The latest news on biometrics used among consumers
  • The latest reports on credit card fraud and identity fraud
  • The latest news on biometrics being implemented in banks around the world
  • The latest news about The Gardevant Card 

 

For more information on Gardevant and our mission, visit our website and connect with us on Twitter and Facebook.

American’s thoughts on Biometric Security

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Cyber security is a leading concern for the financial services industry.

There was a total of 457 data breaches in 2016, with almost 12.7 million confidential records stolen. According to Cyber Security Ventures, financial services firms are one of the main targets for cyber criminals. Businesses in the financial services are attacked 300 times more than businesses in other industries.

The government and the banks know that cyber security is a critical issue that requires a higher level of security. Biometrics is the answer.

Creating a bond of trust between biometrics and consumers isn’t an impossible or difficult feat according to a survey conducted by Consumer Technology Association. The survey shows that 90% of respondents are familiar with biometrics, 43% said they have used biometrics in the past and 62% said they were comfortable with it.

Statistics show that Americans are in favor of using biometrics for security reasons and because of the convenience factor that biometrics provide.

 

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For more information on the use of biometrics, read our latest blog post “International Biometrics”, to see how other countries are currently implementing biometrics into their security procedures.