What can BioSig-ID™ do for the Banking Industry?
If you assembled all of your valuable assets, your money would be somewhere at the top of the list. BioSig-ID™ helps banks assure you that your money is safe. Commercial banks are finding it beneficial to add BioSig-ID™ to their customers' login procedure for their online account access, as well as at the transaction level to safeguard against unauthorized large wire transfers and other high value activity.
Financial institutions (investment banks, fund management services, etc.) must gate not only customer access but also staff access to various internal corporate functions, data and software.
BioSig-ID and app BioTect-ID provide institutions with tough biometric multi-factor authentication that requires no hardware, PIN texts or security questions that are easily engineered by hackers. Unlike physical biometrics which pose liability risk since they can never be replaced, BioSig-ID is a non-intrusive biometric that can be replaced anytime. No other biometric can do this! Users simply draw a new password with an easy self-service password reset.
Our software is sought after for its ability to meet federal and state regulations, generate reports, and help provide forensic evidence if unwanted access is ever achieved.
This technology is well suited for financial transactions, because it conclusively ties the individual not only to a login identity but to the device as well. In a BYOD world, employee and vendor access must be secured as well. BioSig-ID offers flexible access, dynamic accuracy leveling and other tools to allow pinpoint control of any user.
With powerful forensics and predictive capabilities, BioSig-ID provides real time alerts to administrators alerting them to potential intrusions as they happen.
With the addition of our latest authentication product BioProof-ID, bank online customers are verified by a live virtual agent who confirms their government ID as the user creates their biometric password, for an unbreakable chain of identification verification. There is literally nothing like BioSig-ID in the market today.
According to the FFIEC Supplement, Effective control for online banking includes layered security and the following:
Business customers should be offered:
• Multi-factor authentication
• Dual customer authorization using different devices
• Control over changes to account maintenance activities
• Detect anomalies at initial log in and authentication of customers
• Detect anomalies at electronic transactions involving transfer of funds
• Controls for administrators who change access privileges
Highlights from a survey conducted at the Jack Henry Banking Educational Conference (BEC) and Technology Showcase
How BioSig-ID™ Works
BioSig-ID™ captures a user’s unique movements: direction, speed, length, angle, height etc. as they draw and create their password using just a mouse or finger. Each time a user logs in their password is compared and only if the patterns match will the legitimate user gain access to the online activity. The password knowledge combined with a biometric gesture (writing) makes BioSig-ID an all-in-one multi-factor authentication solution that is also multi-layer.
Imposters are stopped in their tracks. Even if they were able to gain access to your password they must duplicate the user’s unique biometric movements used to create the password, nearly impossible.
How BioSig-ID™ helps secure online financial transactions in ecommerce
Online purchasing is here to stay. However, if consumers were more confident about security when making purchases online they would likely buy even more. In a recent survey, 86% of consumers say they are not likely to do business with a company who had a data breach of credit card data (Semifone 2014). How secure is your customer data? Even giant online store platforms are vulnerable to hacks. And by the way, how much are you paying out in charge-backs every month?
With BioSafe-ID, you can virtually end all payment disputes and never pay charge-backs again. Simply install at the log in level or prior to checkout and the customer is identified conclusively with biometric assurance. Drawing their password takes your customers just a few seconds and offers you all the confidence in the world.