Continuous Monitoring , Cybersecurity , Technology

Secure E-Banking: Consumer-Friendly Strong Authentication
Secure E-Banking: Consumer-Friendly Strong Authentication

This webinar will access the role of modern technology in making security a convenience tool. The presenters will talk about how customer demands for convenience can be translated into specific technology requirements and help FIs understand the future path of e-banking and m-banking authentication and transaction verification. While the cryptography of many such solutions has been available for years, the actual application methods were far from convenient. However, the outlook has changed quite a bit with the expansion of consumer-friendly tools.

The presenters will discuss how technologies such as Bluetooth, Color QR codes, and Mobile can affect the customer experience and make security more intelligent and user-friendly. The audience will learn how to make a bank's online security procedures reasonably secure and practical for the customer.

The presenters will discuss:

  • Combating social engineering attacks against OTP;
  • Securing the "right" thing: transaction verification vs user authentication;
  • Utilizing modern technology for user convenience.

Background

Strong authentication in an electronic banking environment has always been prone to "security vs convenience" dilemma. Over the years we have witnessed cyber fraud escalate tremendously and watched attack vectors change almost monthly. But ever since the original FFIEC Guidance and till this day quite a few product discussions within financial institutions are centered around making customer experience more convenient at the expense of security. While everyone is in agreement that user authentication and transaction verification are necessary to prevent fraud, the "convenience" part frequently takes priority over "security". There seems to be no end to this uphill battle. Do financial institutions always need to compromise?

To be fair, FIs have deployed a multitude of products that offer various security mechanisms on many levels. But the real challenge in this environment goes beyond merely providing additional technology solutions and increasingly complex security layers. The dilemma translates into providing trust. Trust that a customer can perform the necessary banking operations, not be exposed to fraud, and not to have to jump through multiple hoops to make it happen. The concept of convenient security is a paramount presumption for such trust. After all, users want to do more through their online and mobile banking apps, and they welcome and embrace security if it is convenient.

The presenters will discuss how technologies such as Bluetooth, Color QR codes, and Mobile can affect the customer experience and make security more intelligent and user-friendly. The audience will learn how to make a bank's online security procedures reasonably secure and practical for the customer.



Around the Network