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biometrics
The global biometrics market is expected to hit $68.6B in 2025. While community financial institutions should be incorporating biometrics to protect customer data, they also need to mitigate the risks associated with biometrics. Data breaches, AI use to mimic behavioral biometrics, and security system workarounds are a few risks that need to be mitigated to stay safe as biometrics are integrated.
Can a banking app be secure and easy to use at the same time? Experts say yes, via emerging technologies — and a bit of a change in culture. We discuss the importance of balancing security concerns and user friendliness with your digital banking offerings.
Unlike traditional biometrics, such as a fingerprint, invisible biometrics use sensors or computer coding that are unknown to an individual. We provide you with the details of this new technology.
A new report now predicts that in two short years, 1.9B bank customers will be using biometrics to perform a variety of functions. We give you a rundown of the latest in biometrics.
Cyber thieves will typically go after the lowest hanging fruit. Areas of concern for banks: new account application fraud and deposit account hijacking. What can your bank do to mitigate these?
The latest biometric technology is facial recognition yet bank customers are wary. What bankers should know.
Behavioral biometrics, which tracks how users interact with their devices, could help CFIs seamlessly enhance their cybersecurity. We explore how it works, how it can help CFIs, and implementation challenges.
Facial recognition has been embraced for convenience and security, but it may not be as secure as previously believed. As cybercriminals step up their efforts, CFIs need to be aware of the risks the technology introduces.
Ongoing advancements in biometrics have added convenience and additional security for consumers and retailers alike. As demand for biometric payment options increases, it gives CFIs another opportunity to provide additional services for business customers.
Facial biometrics is the latest technology and the financial industry is taking notice. TD Bank has started using it with onboarding, while fintechs and MasterCard are jumping in too. While the technology is in its early stages, we recommend monitoring facial biometrics and tracking the competition to avoid losing customers.
Biometrics-based payments are growing, accelerated by consumers’ preference for contactless payments. Some institutions, as well as Mastercard and Visa, are now piloting such programs — and CFIs can take advantage of this opportunity. We review the benefits and privacy concerns.
With 1.15T MB of data being generated each day, data privacy is more important than ever. How can you keep your customers’ data safe? By staying on top of the continuing number of privacy laws and educating your customers on proactively keeping their data from unauthorized users. We walk you through the latest developments.
Online data collection is becoming an increasingly important issue, further intensified by the pandemic and digital banking. Instead of waiting on the sidelines for the federal government to take action, a number of states have begun passing their own privacy laws. We highlight some of the current laws in existence and what laws are coming.
A robust data privacy program is key for all financial institutions. We explain how it can be a competitive tool as well.
With the ongoing pandemic, community financial institutions may find branch security more challenging. We give you three tips to conquer branch security issues.
As cyber thieves become ever more sophisticated, identity fraud remains one of the banking industry's top security concerns. There are a couple of new tools to help.
In the world of biometrics, fingerprint identification for mobile bank accounts is on the rise. What you should know about fingerprint ID adoption for your biometrics strategy.
The development of technology within the banking industry has long been on the rise, but the COVID-19 crisis is stepping it up in new ways that could have a long-term, global impact.
Since 63% of consumers expect to increase their usage of contactless payment cards, community financial institutions will want to stay abreast of the latest contactless payment trend, biometric cards. We provide highlights that include added security card features, how demand is rising, and fingerprint-enabled cards already in circulation .
Biometric payments are expected to exceed $1.67 trillion per year by 2023. Is your institution ready for this?
Biometric payment cards are meant to boost security by embedding fingerprint sensors that match the cardholder's print to a digital image stored on the card. We have more details on this growing market.
Cybercriminals are continuously finding new ways to break through financial institutions’ defenses. We look at the increasingly important role of multimodal biometrics in a CFI’s security solution as well as the benefits and challenges of using biometrics for authentication.
Digital licenses are quickly gaining traction and could significantly impact the way that the banking industry verifies an individual's identity. We give you an update.
Digital IDs have been developing in various forms. Today we discuss MasterCard's version.
As younger customers are drawn to new technologies, your bank will want to stay in the loop. We have an update for you.
80% of mobile banking and payments users say they want to use biometric authentication. What your bank should know about the recent developments of biometrics.
