NEW YORK (MainStreet) — Fraudsters are becoming increasingly savvy by mining social media for their victims' personal details, forcing banks and other financial institutions to turn to more sophisticated technology to thwart cyber attackers.
When consumers call their bank to make changes in their accounts, the software used by financial institutions is going beyond asking basic questions such as a consumer's mother's maiden last name since that option is becoming obsolete rapidly now that hackers already have this data.
By employing other technological advances in the biometrics sphere such as voice authentication, fingerprint ID and iris authentication, banks are striving to impede hackers and slow down their efforts to hack into their systems to retrieve sensitive financial and personal data.
Authenticating legitimate customers has been a challenge for businesses. Around 85% of customers tell companies they dislike the current methods of verifying who they are, because the process is cumbersome and wieldy, said Nadav Doron, head of real-time solutions at NICE Systems, a Ra’anana, Israel-based software solutions provider. On top of that, ensuring that customers themselves can remember their complex usernames and passwords is no longer a simple task with three out of four people who have failed the log-in process at least once, he said.
Voice Biometrics Stymies Fraudsters...