With cybercrime in Australia now costing more than $1 billion per year, financial institutions are facing increasing challenges to continually improve security and prevent unauthorised access to high risk or sensitive information and services.
Transactional websites in the financial services industry often only require a customer ID and password – or a customer ID, password and PIN. All of these are vulnerable to capture. Where two-factor authentication is provided – it is often cumbersome, expensive to manage and not secure.
At the same time, customers are demanding security of their identity and funds but expect a convenient, secure and easy-to-use service. As a result, financial institutions have to balance consumer demands while meeting their security and compliance requirements.