but digitalization has its ownrapid digitalization creates a need for advanced authentication the...
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Ultimately, an updated approach to digital identity and intelligence-based authentication should be at the heart of institutions’ open banking plans, digital
transformation efforts and threat detection strategies.
That’s where HID Global’s Multi-Factor Authentication, combined with machine learning-powered Risk Management Solutions can help.
With high-level security and streamlined enablement of recent regulations like PSD2, banking institutions can better protect customers while providing a superior and seamless user experience.
to learn about our advanced authentication and risk detection solutions for banking.
Rapid Digitalization Creates a Need for Advanced Authentication
The rise of digitalization and increasing amounts of data creates both opportunity and risk for banks.
Digitalization is accelerating due to:
PSD2 and Open Banking
Changes in Customer Habits/Demand
Cryptocurrency Usage
Increasing Digitally Delivered Services
Machine learning algorithms can use this influx of data to improve security by becoming increasingly sophisticated at detecting signs of theft and fraud.
BUT DIGITALIZATION HAS ITS OWN DARK SIDE…
When data is compromised or security fails, customer trust erodes.
AND THE ATTACK SURFACE GROWS.
…a trend that’s been further heightened by lockdown measures and heightened online activity due to COVID-19.
These efforts, however, are complicated by the increasing prevalence of data protection laws across jurisdictions. For example:
GDPR in Europe
+ more.
CCPA in California
As more transactions take place online, more fraud and theft do too,
21% of UK adults have had to cancel or replace their payment cards due to attempted fraud during the last 12 months
That makes cybersecurity a joint effort between
That’s why banks have to react and adapt by increasing cybersecurity measures and adopting new technologies.
IT Legal Corporate Communication
Senior Management
Human Resources
+ + + +
As banking institutions handle more and more data, and as data protection becomes more highly regulated, mastering digital identification
and authentication should be key priorities.
After all, only a properly identified and authenticated individual should have access to sensitive data.
In the era of Open Banking and PSD2, banks are at the center of consumer authentication, with robust data available to verify identity.
New technologies that generate more exploitable user data while simultane-ously benefiting from an environment of heightened data allows security to become better at detecting fraud and identifying emerging threats.
Risk based authentication | Behavioral Biometry | AI/ML | IoT | DLT
CLICK HERE
THIS CREATES AN OPPORTUNITY TO LINK
identification authentication+
ALLOWING FOR SIGNIFICANT IMPROVEMENTS TO
• internal workflows• user experience • and the level of security as a whole
© 2019 HID Global Corporation/ASSA ABLOY AB. All rights reserved. HID, HID Global, the HID Blue Brick logo and the Chain Design are trademarks or registered trademarks of HID Global or its licensor(s)/supplier(s) in the US and other countries and may not be used without permission. All other trademarks, service marks, and product or service names are trademarks or registered trademarks of their respective owners. 2020-06-03-iams-rapid-digitalization-en-ig PLT-05206