Ricardo Amper, founder and CEO of Incode, sees biometric identity in relation to improved cybersecurity are something that is especially meaningful now. This is given the significant increase in cyberattacks, current threats and landscape.
Biometric identification consists of determining the identity of a person. Here, the aim is to capture an item of biometric data from this person.
Connecting to October’s cybersecurity awareness focus, public awareness initiative is critical to re-engaging society in becoming hypervigilant in safeguarding personal identity and data.
Amper begins by setting the scene and the current concerns that are impacting upon the finance sector: “What we see today is that traditional and neobanks continue to suffer high fraudulent payment rates at the hands of sophisticated threat actors.”
A neobank is a challenger bank that operates 100 percent digital and uses apps and online platforms to support their customers, rather than traditional physical branches.”
What happens next, Amper explains, is that: “These rates continue to rise due to poorly secured verification and authentication gateways. It is essential in today’s ever-changing threat environment that financial institutions fortify their applications with effective cybersecurity to carry out their most important obligation: safeguarding the funds and identities of their customers while still providing delightful customer experiences.”
These threats are likely to continue, Amper foresees: “As the world continues to embrace self-service applications, the need for online verification and authentication will continue to grow. Big name financial players such as Citi and Nubank are examples of how to attract more customers.”
However, counter-measures can be adopted. Amper recommends: “By integrating facial recognition technology into their banking applications, customer security is maintained through the authentication of physical characteristics and a fraudulent payment is voided within seconds. The customer experience is prioritized.”
He expands on the reliability: “Banks, fintechs, financial services and other types of firms, such as those in health care, seek to deliver delightful customer experiences during the onboarding processes without compromising security. Scaling trust and security can be achieved. When opening a bank account, or checking into a hotel or hospital, the process can be as easy, fast and secure as unlocking your phone.”
The solution rests with secure biometric identity products for frictionless banking, payment, hospitality, and retail experiences. Amper says his own company is “Viewed as a leader in enterprise-grade facial recognition by the US Government and is recognized as one of the best in the world by the United States Department of Commerce’s National Institute of Standards and Technology (NIST).”
