To secure banking channels, financial institutions and payment system providers must provide multifactor authentication to ensure that customers can use a minimum of two factors to sign onto their account. This is mandated by regulators to ensure a secure and sound financial services sector and to compact fraud.
With the coronavirus (Covid-19) disease growing across the world and the increase in remote banking due to stay-at-home orders, most banking transactions are now online. Unfortunately, fraudsters are simultaneously busy at work using varied manoeuvres to steal credentials of unsuspecting customers, to undertake fraudulent transactions across multiple channels. Hackers invest a lot of time and resources for a return on their investments, it is therefore incumbent on banks to invest in airtight authentication solutions to secure banking transactions and build customer trust. With strong authentication, friendly fraud can also be curtailed.
Clydestone and Gemalto-Thales have done the hard work and borne the heavy costs to deploy theOne Authentication as a Service (Aaas) to financial institutions.