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G+D offers biometric authentication for banks

Wednesday 29 March 2023 10:59 CET | News

Security tech group Giesecke+Devrient (G+D) has launched a solution that provides banks with biometrics-based customer authentication methods for banking and transaction approvals.

 

Set to enable authentication in a fast, easy, and reliable manner, the solution requires either a fingerprint or facial scan to enable secure, two-factor authenticated access across all channels, be it on mobile apps or on a web browser.

Banks and biometrics-based authentication

With the increase in the devices, channels, accesses, and passwords used by customers, logging into different accounts is neither convenient nor secure. Banks encounter continuously rising risks for customers leveraging existing password-based authentication solutions due to sophisticated fraud attacks. However, as banks know that customers demand convenience and security, they require a future-proof and unified solution to address the trade-off between security and convenience and meet both requirements. Banks that recognize this need are enabled to leverage the G+D Convego AUTH-U solution.

With Convego AUTH-U, G+D provides a solution that aims to end the complexities associated with traditional password authentication, as biometric authentication helps reduce the time to access mobile banking and increases usage, which creates immediate added value for users, in addition to simplifying and ‘streamlining’ the process. As per the press release information, the solution is a scalable platform that integrates with the legacy system of banks via standard APIs in an easy manner. 

Security tech group Giesecke Devrient has launched a solution that provides banks with biometrics based customer authentication for banking and transaction approvals.

As it is built on the global FIDO technology standard (Fast IDentity Online), which is leveraged by big techs such as Apple, Google, and Microsoft, two-factor authentication happens in the background, enabling bank customers to carry out their authentication biometrically. Furthermore, the solution is fully compliant with the regulatory requirements of the likes of PSD2 (EU Payment Services Directive 2), and thus addresses the key needs of banks and financial institutions:
  • Convenient login, as biometric authentication helps eliminate the need to leverage multiple PINs or passwords to access accounts on various mobile apps or in browser applications.

  • Secure authentication, as high-risk transactions like transfers or payments are completed in a quick and secure manner making use of biometric authentication and enabling a low-friction experience for the customer.

  • Optimised ecommerce, as biometric authentication reduces abandonment rates within online stores, having no requirement for passwords or PINs to be remembered, nor for purchasers to wait to receive a one-time password (OTP) via SMS.

Commenting on the announcement, Quintin Stephen, Authentication Business Lead at Giesecke+Devrient advised that consumers trust their financial institutions and rely on security and convenience when talking about protecting their accounts and authenticating them. As per their statement, Convego Auth-U enables financial service providers to offer an authentication solution that functions in the background while also being secure.


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Keywords: product launch, cybersecurity, online security, online authentication, two-factor authentication, biometrics, biometric authentication, PSD2, compliance, banking, digital banking, transactions , API, fraud platform, payments , fintech
Categories: Fraud & Financial Crime
Companies: G+D
Countries: World
This article is part of category

Fraud & Financial Crime

G+D

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