Financial services

Identity technologies play an increasingly significant role in the success of financial services organisations. As a highly regulated sector subject to strict identity verification requirements, financial services organisations depend on the robustness of various identity technologies to verify genuine customers and prevent attackers from gaining access to their services.

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Financial services organisations must carefully assess the benefits and risks of implementing biometric technology, ensuring that it aligns with security, privacy, regulatory, and ethical considerations. A well-thought-out approach to biometric technology can enhance security and customer experience while mitigating potential risks. Considerations for organisations include:

Security

Biometric authentication methods are often considered more secure than traditional methods like passwords and PINs. They are not foolproof, and financial institutions must evaluate the strength of their biometric systems to ensure they are resilient to fraud and unauthorised access, stay ahead of potential vulnerabilities and evolving hacking techniques

Privacy

Biometric data is highly sensitive and personal, and its collection and storage must be handled with utmost care. Financial institutions must comply with data protection regulations to safeguard customer privacy and ensure that biometric data is not misused or mishandled.

User consent

Using biometric authentication requires obtaining explicit consent from customers. Financial institutions need to establish clear consent processes and communicate how biometric data will be used and stored. Failure to obtain proper consent can lead to legal and regulatory issues.

Regulatory compliance

Financial institutions operate in a highly regulated environment. They need to be aware of and comply with industry-specific regulations and standards, which include specific requirements related to the use of biometrics.

Data storage & encryption

Storing biometric data securely is crucial. Institutions must implement robust encryption measures and regularly update security protocols to protect biometric databases from breaches.

Biometric attacks

Biometric systems can be vulnerable to ‘spoofing’ or impersonation using photographs, videos, or other means. Institutions need to implement anti-spoofing measures and regularly update their biometric technology to stay ahead of potential threats.

Ingenium offers a range of services to help financial services organisations make informed decisions about biometric and identity technologies

Independent testing services

  • Evaluating the accuracy and performance of biometric systems, providing transparency and accountability. This can help identify any biases or flaws that may exist, allowing organisations to set appropriate guidelines and requirements to mitigate risks.
  • Evaluation of privacy and security measures: Independent testing can assess the security of biometric systems in addition to ensuring that proper encryption, storage, and access controls are in place. This helps address concerns about fraud management, unauthorised access, or potential data breaches.

Research & advisory services

  • Assessment and develop system requirements: ensure procurement requirements align with objectives of a biometric deployment, ensure assessment criteria is relevant, and the procurement process is successful.
  • Assessment of compliance with regulations: ensure organisations are complying with relevant requirements for performance, privacy and security. It helps ensure that individual’s rights, such as informed consent and control over their biometric data are respected.