Top 3 Innovations Tightening Banks' Cybersecurity

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Top 3 Innovations Tightening Banks' Cybersecurity

CFO Tech Outlook | Wednesday, August 12, 2020

Bankers are adopting innovative security solutions to improve their cybersecurity posture. 

FREMONT, CA: The emergence of technology encourages financial institutions to look for innovative solutions and satisfy the demands of modern customers. The technological enhancements also increase the number of entry points to online hackers or attackers. Hence, banks or financial institutions must tackle the devastating consequences in case of a cybersecurity breach. A security breach into a bank’s network can cost irreparable damages to the bank’s reputation and even lead the customers to withdraw their money from the bank resulting in massive loss.

Banks are transforming their systems to fight against the potential threats that accompany technological advancements. Tech-savvy bankers ensure to bring high-levels of security into their existing operating system. Financial institutions can use the personal identities and biological data of the customers to add a layer of security to their bank accounts. Below are some of the latest security advancements that deliver high security for financial institutions.

Biometric Security, a Faster and More Secure Alternative

Biometric data combines the measurements and calculations of several aspects of human biology, which is used to build security against cyberattacks. Biometric factors like iris scan, fingerprints, voice, and behavioral biometrics are already popular among the banking institutions as these individual security factors make it extremely difficult for the hackers to duplicate the features and hack accounts. From the past few years, biometric technology has become the conventional password and replaced the signature-based security practices in the banking sector by offering a faster and more secure alternative.

Voice Authentication System, a Better Choice for Security

Voice authentication systems use the account holders' voice to match with the registered tone of holders in the bank’s database. The voice authentication system holds the ability to record 80 characteristics of the vocal tract, which can be valued on the scale from 1 to 10. The uniqueness of individual voice makes the technology a better choice for security measures in the banks.

Facial Recognition, a Unique Technology Enhancing Security

Banks are among the forefront to use facial reorganization technology and enhance their security capabilities. While contributing to the security advancement for the banks, facial recognition also decreases friction in customer experience and eliminates the need for customers to provide any documents or signatures. The inability to hack one’s facial constructs makes facial recognition technology one of the top security providers.

As hackers and fraudsters are getting better at attempting online forgery, the banks of the digital age are adopting innovative security solutions to tighten the security measures. Tech-savvy bankers realize the importance of a secure financial institution that holds the potential to attract modern customers across the globe.

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