As per the press release, the partnership comes to address a surging trend in the UK’s financial services sector as, earlier in 2023, GBD 609.8 million was reportedly stolen via scams and fraudulent banking activities. As revealed in the research supported by the Aberdeen Group, which is also mentioned in the official statement, in 2021, 84% of financial institutions were victims of an ATO (Account Takeover Fraud) attack.
Keyless offers privacy-centred biometric authentication services. The phishing-resistant passwordless MFA solution that it delivers can confirm a user’s identity and it can provide device verification.
As part of this partnership, Synpulse leverages its over 100 ecosystem partners in the financial services sector. The company supplies management and consulting services to financial providers by collaboratively developing digital experiences with their clients by making use of new technologies.
The partnership with Keyless is not the first time the passwordless authentication provider has forged a cooperative relationship with a compliance solutions provider in an effort to aid financial institutions to prevent ATOs. In late 2022, Keyless joined forces with Jumio in a similar endeavour.
ATOs have been a problem that numerous financial services providers have had to deal with lately. As pointed out in the research conducted by the Aberdeen Group, that was also referred to in the press release, ATOs have impacted the financial services industry in the US as well.
Whilst the financial consequences of such attacks were initially seen as to-be-expected operating costs, their impact on the revenue of business has grown significantly. According to an estimation by Aberdeen, the average financial impact of an attack on a credit union resulting in a data breach is 5.2% of the revenue.
Given the growing concerns related to ATOs, employing tools and developing strategies to fend off such attacks is considered essential in the financial services sector.
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