Today, we see an escalation in the use of mobile banking. This is due to how convenient it is for consumers to use a computer or mobile device to check their bank balance and transfer money. Most, if not all, banks, nowadays, give their customers the possibility to move money from account to account and pay bills seamlessly online without the need to use an ATM or visit a bank teller to do such transactions. There is no doubt that the use of mobile banking (utilizing banking-related apps that connect to the banks' main website) has become a growing trend in recent time. In fact, more banks are launching mobile Web-based services in attempt to capitalize on the increasing use of smartphone and tablet based devices.
In spite of the mobile banking sector developing so quickly, the Financial Conduct Authority (FCA) found out—from carrying out a review into the potential risks to consumers—that there were concerns about financial information floating around (over the air with no encryption) on unsecure infrastructures. In fact, should a hacker compromise the User ID / Password authentication of a bank’s customer, he or she could gain fraudulent access to the client’s bank account(s). Although two-factor authentication helps to keep transactions secure, there are other concerns; there is also fear, in fact, some consumers may receive a virus when they download a mobile banking app. Therefore, security (or the lack of) has become the No. 1 fear among potential mobile banking customers, as per a recent Javelin study.
To ease customers’ concerns, the financial industry is investing heavily in security technology; companies like TSWG (The System Works Group) from Brisbane, Australia, are providing the solutions necessary to keep online banking secure. TSWG is a provider of secure and agile digital banking technology, that offers an easy-to-adopt mobile banking solution through its Mobile Money APP and NetTeller Online Banking System. It will enable bank customers to focus completely on their banking needs and is able to provide a full suite of services on a mobile or its online banking platform.
According to a Yahoo! Finance post, yesterday, TSWG NetTeller Mobile Money has announced its intentions to integrate with patented EyeVerify's Eyeprint Verification technology, which provides a highly accurate, user-friendly biometric authentication stack, across iOS and Android (News - Alert) devices that will make mobile banking more secure. As per EyeVerify, a small Kansas City–based security company specializing in mobile biometric identification, “Eyeprints are as accurate as fingerprints or better.” EyeVerify CEO Toby Rush explains that scanning eye capillaries or retinas protects an individual’s digital identity, and believes, although the technology is still in its early stages, this form of mobile biometrics is secure enough to deploy in financial organizations. As every person has a unique pattern of blood vessels in their eyes, an unauthorized user would be unable to use a stolen mobile device, for example, to engage in banking and financing services, said Terry Hudson, General Manager, Sales and Marketing at TSWG.
Firms like TSWG, that support over 20 banks, mutual banks and credit unions, can use a software development kit (SDK) and an API to integrate EyeVerify's tech into their own proprietary services to support users with their mobile banking app or that rely on their NetTeller Internet Banking system across Australia.
“The need to verify the identity of users is critical," said Chris Barnett, EVP of global sales and marketing for EyeVerify. He explains the company’s biometric eyescan software product, available for iOS and Android devices (with other OS platforms on the roadmap), can be used to replace or supplement PINs and passwords. He also believes that EyeVerify's technology will make an innovative addition to the TSWG NetTeller Mobile Money for biometric security as a second authentication factor confirming sensitive transactions.
EyeVerify's technology and the Eyeprint Verification process can significantly reduce the risk of the mobile money system being compromised. Barnett believes that the age of mobile biometrics, despite its issues of security vs. safety and privacy, is already here and it is important that an apt means of electronic identity verification is available to consumers.
In sum, technology like EyeVerify’s Eyeprint Verification, which offers a highly accurate biometric for mobile devices through password-free mobile experience and secure authentication, can help ensure a secure environment and advance customer’s verification that turn to companies like TSWG for a complete online banking solution.
The TSWG NetTeller Mobile Money app that will integrate with EyeVerify's Eyeprint Verification tool will be demonstrated on the first day of the April 29 & 30 FinovateSpring event; this is a two-day showcase of the latest and greatest financial and banking technology innovations from leading established companies. (EyeVerify's demo takes place on Tuesday, 29 April at 9:00am PST.) Those interested in attending the Finovate event will find it being held at the City National Civic venue in San Jose – Visit the Finovate website for more details.
Edited by Maurice Nagle
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