Cutting-edge Biometric Authentication Solutions
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.