BKYI - The Rapidly Expanding World Of Biometrics May Hold Promise In Securing The Future Of Financial Cybersecurity
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By Gita Karunakaran, Benzinga
Biometric systems aregaining immense popularity around the globe. They are easy to use andimplement and provide a cost-effective solution for ensuring high-endcybersecurity.
Biometrics are unique physical characteristics, such asfingerprints or facial scans, that can be used for automatedrecognition. They’re popular for being a reliable, secure, andpractical means of identifying and authenticating individuals throughtheir unique biological characteristics.
Over the years, biometrics has found widespread use in avariety of applications, including cybersecurity. Companies like BIO-key International Inc. (NASDAQ: BKYI), for example, usebiometrics in their Identity and Access Management (IAM) solutions asan optional added layer of security for enterprises.
ViableFinancial Cybersecurity May Need More Than Traditional Biometrics InThe Future
Inmost cybercrime cases, fraudulent activity is reportedly detected onlyafter someone has already lost money or data to hackers. As such, anyanalysis commences only after the fact.
With cybercrime on the rise and financiallosses from cybercrime projected to costover $10.5 trillion annually by 2025 , organizations areconstantly on the lookout for fail-safe solutions to protect theirbrand and reputation from damaging breaches, proactively.
A branch of biometrics– known as behavioral biometrics – that has emerged from observinghuman behavioral patterns seems to hold promise in possiblypre-empting potential cybercrimes.
Behavioral biometrics track an individual’sbehavior patterns and the manner in which he or she interacts with thedevice itself, such as the way a screen is held, the manner of typing,and the speed at which the mouse is moved.
Biometric behavioralinputs, when collected and analyzed, can enable banks and financialservices providers to flag potential fraud even before a transactiongoes through. This enables them to take action to prevent it –either by halting the transaction or requiring additionalauthentication factors from the customer, before proceeding.
An additional benefit of behavioralbiometrics is that the analysis can happen without extracting andstoring data from the customer’s phone or device, minimizing thechances of customer data being stolen or misused.
When It ComesTo Reducing Fraud, Biometric Authentication Can Help Merchants
As fraud continues to rise and with eCommerce remaining a highly targetedsector for fraud, traditional authentication such as passwordsand pins alone may not be sufficient for merchants to successfullycombat scams and hacks.
Equally, consumers are becoming more aware of cybersecurityrisks and frauds, and have mounting concerns about safeguarding theirpayment information and other sensitive details while transactingonline or even in person. As a result, customers are reportedlywilling to take extra steps – including facial recognition – inauthenticating their banking as well as non-bank accounts if it meansa more secure experience.
However, there have also been concerns about the ability offacial recognition to prevent fraud when they are relied upon as thesole criteria to transact, especially if the face scan matchesaren’t verified through additional alternative means.
One of the solutions tothis issue has been to adopt a hybrid fraud prevention tactic, whichcombines biometrics such as fingerprint identification or voicerecognition with other identity authentication technologies. At thesame time, privacy regulations continue to grow, putting pressure onorganizations to adhere to multiple norms and regulations on thestorage of biometrics.
All of this highlights the need to arrive at the rightfraud-fighting tools to prevent revenue loss, customer asset loss, andbrand reputation damage for organizations and merchants – to strikethe perfect balance of data privacy and security.
The increased awarenessof cybersecurity risks and a rise in the adoption of biometrics hasalso given rise to the growth of multi-factor authentication (MFA) –sometimes with more than one biometric method or multimodalbiometrics as a preferred option for maximum protectionagainst cybercrime, hacking, and fraud.
And increasingly, biometrics is seen aspossibly the only security that can help banks, retailers and otherorganizations combat sophisticated fraud attacks, as fraudsterscontinue to use various tactics, including SIM swaps and portingscams, to redirect OTPs (one-time passwords) to a device they controlor convince their victims to hand them over through deception or bruteforce attacks.
BIO-key seems headed in the right direction with its IAMsolutions powered by Identity-Bound Biometrics (IBB) combined withtraditional authentication and multi-factor options. The companybelieves that IBB is a way to establish trust and accountability. IBBenables organizations to confirm an individual’s genuine presencewhen accessing systems and provides them with the ability to auditwith full transparency.
BIO-key’s single, unified IAM platform, PortalGuard, offerssolutions for a range of use cases and business initiatives, such asMFA, Single Sign-on, and Self-service Password Reset.
PortalGuard requiresonly a one-time enrollment and can be quickly set up for access acrossmultiple devices and locations according to BIO-key. This could offergreater deployment versatility and scalability and enable enterprisesto provide a consistent and seamless user experience.
To learn more aboutBIO-key’s identity-bound biometric solutions visit the companywebpage here .
This article was originally published onBenzinga here .
BIO-keyis revolutionizing authentication and cybersecurity withbiometric-centric, multi-factor identity and access management (IAM)software managing millions of users. Its cloud-based PortalGuard IAMsolution provides cost-effective, easy to deploy, convenient andsecure access to devices, information, applications, and high-valuetransactions. BIO-key's patented software and hardware solutions,with industry-leading Identity-Bound Biometric (IBB) capabilities,enable large-scale Identity-as-a-Service (IDaaS) solutions, as well ascustomized on premises solutions.
This post containssponsored advertising content. This content is for informationalpurposes only and is not intended to be investing advice.
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