Truly digital security for banking
5 Aug 2016
Barclays is harnessing unique biometric technology to stamp down on cyber fraud and protect its customers.
Almost every week there seems to be another story in the newspapers about a commercial organisation having its online customer database hacked or compromised. When it comes to the banking sector, cybercrime is a serious worry.
Banking clients are beginning to demand that banks get tougher with cybercrime. Especially when so many consumers are already used to biometric security, using everything from Touch ID on their Smartphones to biometric apps purchased at the App and Google Play stores. If those guys can do it, why can’t the banks?
Well they can. Barclays is one of the big corporates leading the way, with its new client-authentication system called iPortal. Rather than using a PIN and password, the system harnesses the cutting-edge Hitachi Digital Security Vein ID scanner. All the user has to do is place their finger on a desktop-based finger vein reader to have their ID verified instantly.
iPortal acts as a central online gateway for corporate banking services, giving users account information and access to services. The Vein ID system adds to this a layer of strong user authentication, since the vein biometric cannot be replicated in any way as it scans the user’s unique blood flow. Unlike traditional authentication methods, it cannot be lost or stolen or shared.
With developments like this, online banking fraud could soon become a thing of the past, and users could be spared the hassle of having to remember their mother’s maiden name or their favourite teacher. “Vein ID is the shape of things to come in online banking technology,” explains Ravi Ahluwalia, Deputy General Manager, Information Systems Group, “and we’re delighted to be able to help Barclays take the next step in guaranteeing customer security.”
“Until now banks have been losing revenue due to cybercrime and human error. Vein ID makes banking much easier for the end user, and much more efficient for the banks too.”