Sometimes an idea is ahead of its time. Many of the most ambitious products in fintech were dismissed as absurd or overambitious at the time — only to feel perfectly normal years later as culture and consumer habits evolved.
It's not just Equifax that needs to worry. The incident can and should be a turning point for the financial services industry, a warning that it needs to end its reliance on static personal identifiers.
JPMorgan CEO Dimon says banks are putting Silicon Valley to shame … in terms of diversity; Uber’s plan to replace its CEO with a woman seems to be sputtering; and Yellen’s potential successors also are all men.
Researchers continue to prove that they can beat biometrics. However, the authentication method is still far superior to knowledge-based questions so long as banks also deploy other standard security practices.