Authentication

The bank is investing in a new authentication platform because password-based security systems have too many weaknesses, says Juan Francisco Losa, BBVA’s global head of security architecture.

The technology has graduated from early movers and is large enough to make a difference in authentication, argues Findora's Charles Liu.

New, risk-based technologies powered by AI and machine learning (ML) enable financial institutions to analyze transaction, device, geographical and behavioral data to make real-time security decisions, detecting and preventing fraud as it happens, says OneSpan's Michael Crichton.

By adding strong authentication to the “tap,” consumers can benefit from greater security without harming the user experience of contactless. Or slowing throughput time for merchants, says Fingerprints’ Lina Aondolf-Orup.

Cybercrime has become harder to fight as it becomes more sophisticated. Criminals have deployed technology that can infiltrate a consumer's personal computer and copy parts of the underlying hardware and mimic typing speed, style and other computer habits of the user.

In the four years since Nets set up a laboratory at its Copenhagen headquarters to test new approaches to payments, it’s learned that consumer response to biometric payments technology such as finger-vein checkout is nearly impossible to predict.

Payments messaging standards provider Swift has opened its global Know Your Customer registry to all the corporations it connects to following a successful test.

The age of PINs and passwords are sadly not yet gone, but new devices and digital services will need more advanced authentication, says Fingerprints' Maria Philstrom.

Whether data leaks come from internal mistakes and exposures or from direct hacking, the outcome is the same. Data is exposed and cybercriminals are using it for fraud today, next year or several years from now, says NuData's Rosemary O'Neill.

Stephen Ranzini, CEO of University Bank, says The Clearing House's RTP and Early Warning's Zelle handle enrollment, encryption and authentication insecurely.