Cutting-edge Biometric Authentication Solutions
For Banking and Financial Services

Banking and financial services institutions (BFSIs) are facing increasing pressure to reinforce their financial security and fraud prevention solutions to protect their customers from financial crimes and prevent their institutions from falling victim to privacy breaches. Growing sophistication in cybercriminal activities has rendered legacy authentication solutions insufficient to protect digital resources.

  • authID.ai offers privacy-first passwordless authentication solutions that help BFSIs fight fraud and credential theft threats.
  • authID’s powerful biometric-enabled identity platform secures your private systems with built-in security and privacy; without compromising user experience or employee productivity.
  • authID’s powerful authentication solutions are built with your challenges in mind to minimize your risk of losing revenue, reputation, or customer trust to frauds and illegal financial activities.

Fraud – A Menace the Banking and Financial Service Industry is Struggling to Eliminate

Fraud is among the most formidable challenges financial services, lending institutions, crypto exchanges, e-banks, and other similar organizations face.

To put things into perspective, financial services firms paid $4 for every $1 of fraud loss in 2021. And this cost figure has increased from $3.25 in 2019 and $3.64 in 2020.

These numbers hint at an even more challenging future for banks and financial institutions unless they ramp up their security solutions.

Fraud Prevention Challenges in Banking

The financial services industry is battling not one or two but an array of challenges affecting their brand and bottom line. These include:

  • ID verification
  • Synthetic IDs
  • Controlling fraud costs
  • Account takeovers
  • Securing access while maintaining user experience
  • Meeting regulatory requirements while implementing top-notch solutions

Technology-driven Solutions From authID

authID’s authentication solutions address the most common challenges of the modern banking and financial services industry.

Powered by Verified™, authID prevents account takeovers and eliminates the risk of weak credentials using ultra-modern facial biometric authenticators.

  • Liveness detection technology combined with facial biometrics, authID minimizes fraud risks and reinforces your defense against synthetic enrollment.
  • authID powered systems allow access only after ID verification through live face detection. 
  • authID provides unmatched resistance against phishing attacks by adding an extra layer of security at access points. With authID, every login or transaction must be authenticated before allowing access, regardless of the username and password, ensuring uncompromising protection against phishing and credential theft.
  • Our omnichannel integration helps prevent fraud across all your customer touchpoints; authID is API-driven and can plug in anywhere, including contact centers, chatbots, and your social media handles, bringing unmatched and seamless authentication solutions to every platform.

authID Defends Against Popular Fraud Vectors

Our biometric authentication solutions prevent the occurrence of first, second, and third-party fraud and account takeover by ensuring that no transactions or access is allowed unless the user’s identity is verified with facial biometrics.

Using biometric authentication, we can also prove account-holder complicity which is vital for fighting chargebacks and friendly fraud, so you and your customers are safe from future breaches or mishaps.

In addition, by eliminating the need for password-based authentication, authID also removes the risk of credential-based attacks, phishing, social engineering, bot attacks, and ransomware.

Our CIAM-based anti-fraud solutions help you overcome the most complicated challenges of the industry, including:

  • Synthetic ID
  • ID verification
  • Account takeover
  • Total cost and occurrence of fraud

Selfie As A Factor

authID uses liveness analysis to support facial biometric authentication. Our software analyzes user-captured selfies, taken in real-time at the point of registration, to ensure they come from actual human beings and are not forged. The process is straightforward and easy to adopt, requiring no extra training and adding no friction to the user enrollment process.

Using selfies as an authentication factor eliminates many challenges of user verification, including but not limited to friendly fraud, ID verification, synthetic ID, and account takeover. Facial biometric authentication also reduces the cost of fraud and the overall incidence of fraudulent activities.

Industry Benefits

Get Rid of Phishing
and Credential Theft

Traditional authentication solutions may not offer effective protection against the growing magnitude and frequency of phishing attacks. authID offers biometric authentication solutions that eliminate vulnerable and frustrating passwords, enabling you to combat and win against credential-theft enabled financial crimes.

Zero-Trust Security

authID builds on a zero-trust cloud architecture for user verification, minimizing the risk of sensitive data being compromised. This same architecture supplements biometric authentication, offering unparalleled customer and employee identification and ensuring that only trusted and authorized users access critical data.

Seamless Multi-factor
Authentication Experience

Our ultra-modern biometric authentication solution presents a combination of multi-modal biometrics and device verification. This synergistic innovation provides a seamless MFA experience that offers security while promising strict adherence to PSD2 SCA standards.

Biometric Transaction
Verification

Banks necessitate two-step authorization to process a high-risk transaction, adding unnecessary friction to the process. authID provides a fast and frictionless MFA transaction verification solution that complies with the strictest PSD2 SCA regulations.

Mitigate Risk Posed
by Credential Sharing

Despite multiple warnings, customers may share their credentials, exposing themselves to a higher risk of fraud. authID builds its solutions on advanced biometric verification, eliminating the threat of credential sharing and allowing access only after successful biometric matching.

Prevention of
Synthetic ID Enrollment

authID features built-in ID proofing at registration that requires users to submit valid documentation and verify their identity via facial biometrics before completing the ID-proofing and enrollment activities. This establishes trust on first use and addresses many challenges, including first and second-party frauds and third-party account takeovers.

Built-in Anti-fraud

We empower financial institutions to ramp up their authentication efforts with advanced biometric solutions, enabling them to stop fraud in real-time, at the point of authentication or login, before completing any sensitive transaction.

The authID Features

Top-notch Security,
Seamless experience

Being CIAM-enabled, authID offers secure and seamless experiences. Our advanced algorithms run at the backend, silently ensuring that only authorized users access sensitive information, reinforcing your security without damaging the user experience.

Modern Authentication

Compromised passwords are a thing of the past. We replace frustrating passwords with seamless MFA solutions. The authID authentication solutions are based on modern biometric and liveness detection technology, ensuring that your customers’ information and your institution’s assets are safe.

High Assurance

authID features cloud-based biometric authentication architecture for high-risk transactions and a privacy-by-design approach, promising high assurance and stopping fraudsters and bots in their tracks.

Frictionless Experience

authID has removed secondary device requirements and extra authentication steps, replacing them with a frictionless authentication solution that allows secure access via a simple selfie.

Customizable Integration
Reinforcing Fraud Protection

authID features no/low code implementation. This, combined with our API-first design, allows quick integration into your exiting threat stack, promising uncompromising fraud protection.

CIAM-enabled

Our authentication programs are based on advanced CIAM solutions, ensuring seamless and secure multi-channel authentication.