Biometric Technology: Curbing Fraud In Banks

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Banks and other financial institutions hold the key to one of our most treasured assets: our money. Most banks are now looking at using biometrics to protect against identity fraud and comply with government regulations.

The use of biometric technology is becoming widely recognized in the banking industry as a viable means to prevent identity fraud, safeguard data, improve ease-of-use, and save money from lost or stolen passwords.

When you consider that approximately 84 percent of bank fraud is committed by in-house staff, or that nearly 40 percent of all help desk calls are for forgotten passwords, it is no surprise that many banks are turning to biometric technology for increased security and convenience.

Banks therefore now have the challenge of integrating fingerprint functionality into existing in-house applications or their core banking applications.

Banks can use solutions from M2SYS, for safeguarding enterprise data and reducing costs. EBS supports active directory, and can enable banks to secure login to their network and replace user names and passwords with something that you cannot share, lose, or forget: Your Fingerprint!

With an ever-increasing number of security breaches, the pressure on banks to implement methods of password management, identity management, data and network security, and two factor authentication has never been stronger.

The sharing or theft of user passwords still remains the most popular reason that corporate data is compromised. Biometrics solves this problem by allowing businesses and banks to implement a centralized biometric password management repository for single sign-on and secure access to applications and web sites.[…]

Source: daily-mail.co.zm
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