One Vault News

The future of biometrics and authentication

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July 6th, 2017

As the threat landscape broadens, it’s essential that organizations adopt techniques that bring greater security and ‘close the front door’ to attackers, as stolen credentials are still one of the biggest threats. But at the same time, it’s essential not to put more barriers in the way of users and bother authorized users with processes unless there is a risk. Fortunately, there are multiple methods of authentication that are more secure and run numerous risk checks invisibly in the background, such as geo-location, threat detection capabilities and biometrics. Read more…

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How to Use Voice Biometrics at Your Call Center

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July 5th, 2017

It is a known fact that call center technology can boost the industry with innovative systems, as well as it was brought down through fraud and cheating.

It is a problem that businesses everywhere are trying to eliminate. Such fraud practices can be battled with the help of voice bio-metrics if used correctly. Read more…

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Voice biometrics still relatively unheard

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July 4th, 2017

Voice biometrics could reduce UK fraud by making it more difficult for criminals to do their groundwork via contact centres.

Contact centres are often a security weak spot, with fraudsters able to glean personal information through social engineering techniques. Read more…

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How TD uses voice to bring a retail experience to digital banking

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July 3rd, 2017

The more sophisticated online and mobile experiences become, the more difficult is for people to prove their true identity — especially when it matters.

It’s a problem for both banks and their customers. Not only does it put a dent in the customer experience, it presents fraud and privacy risks for both parties. That’s why TD Bank is implementing voice recognition technology at its customer call center. Read more…

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Samsung’s Bixby could help you with your banking needs

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June 26th, 2017

You could be one step closer to asking your voice assistant to do your banking chores.

Samsung is partnering with three of South Korea’s largest banks — Shinhan, Woori and KEB Hana — to integrate Bixby, the tech giant’s voice assistant, with mobile banking, Yonhap reports.

Bixby — which is shipped with Samsung’s Galaxy S8 — can make financial transactions through voice command via Samsung Pay and Samsung Pass, and users who have an account with Woori Bank can make currency exchange transactions by Bixby. Read more>

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Mastercard and Oxford University unveil framework for mobile biometric banking

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June 23rd, 2017

Despite a strong consensus among consumers and banks that biometrics should replace passwords for access to financial accounts, knowledge gaps are slowing the transition, according to the report “Mobile Biometrics in Financial Services: A Five Factor Framework,” released Tuesday by researchers from Oxford University and Mastercard.

Since 93 percent of consumers prefer biometrics to passwords, according to researchers, and 92 percent of banks want to adopt biometric technology, its adoption should be advancing rapidly. Only 13 percent have deployed biometrics, and only 36 percent of the involved decision-makers say they have adequate experience to tackle the situation, however, and this shortfall motivated Oxford and Mastercard to release a “Five Factor Framework” for mobile biometrics. Read more>

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BANKS AND FINTECHS: USE MULTIFACTOR AUTHENTICATION TO REDUCE OPERATIONAL RISKS

By  
June 22nd, 2017

Over the last year or so, there has been a significant uptick in the number of financial institutions leveraging disruptive financial technology (fintech) services. Third party fintech providers are now streamlining everything from payment processing and lending to wealth management.

As these two industries continue to merge, though, cybersecurity is quickly becoming a growing concern to U.S. policymakers and regulatory agencies. Just recently, for instance, a group of business leaders from the fintech industry travelled to Washington, D.C. for a series of important discussions with the Federal Reserve Board (FRB), Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC). Read more>

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Dual biometrics may just be the authentication answer we need

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June 21st, 2017

A major problem with biometric authentication is that, when it doesn’t work, there are few good options to proceed with the authentication. When the system says that’s not your eyeball, there’s no fallback akin to “Forgot your password?” You have to revert to some less discerning authentication method, such as a PIN.

Some vendors are trying to deal with this by using a simultaneous, multi-biometric method. “Simultaneous” is important because using two methods consecutively would take more time, resulting in end users’ resistance and lower participation rates. Read more>

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HSBC report finds UK leading in adopting biometric banking technologies

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June 20th, 2017

HSBC published a new report based on a survey of 12,000 people in 11 countries which found that only 46 percent of respondents trusted fingerprint recognition to replace their traditional password, according to a report by The Financial Times.

The report found that despite banks’ lengthy efforts to roll out biometric authentication, many customers neither understand nor trust in the new technologies.

However, the survey results found that people in the UK were far more open to adopting new biometric technology in banking. Read more>

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HSBC Defends Voice Authentication System After Spoof Report

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June 19th, 2017

A BBC reporter is drawing attention to the vulnerabilities of HSBC’s voice authentication system for customer calls, asserting that his non-identical twin brother was able to gain access to his account by mimicking his voice.

Commenting on the matter, the reporter noted that the “really alarming” aspect of the fraud is that the system allowed his brother seven failed attempts before he was able to log in. Another BBC researchers found that the system allowed 20 failed login attempts over the course of 12 minutes. Read more>

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