Fighting fraud as a first necessity
Kaspersky’s Threat Landscape (which analysed data from January to August 2021 and the same period in 2022) revealed that in 2022, 2,366 malware attacks and 110 phishing messages were blocked every minute in Latin America. The results also indicate that the region has become a major centre for global financial threats and that the use of hacking has returned to being one of the main vectors of infection.
This data, which is disturbing now, will be anecdotal in the coming years, since the threat advances as fast as technology does, so we must work to protect ourselves. We will do this through biometric technology, which, as we will now explain in more detail, can defend and strengthen companies, protecting on different fronts all those who take part in the process.
What makes the sector a target
The Fintech sector, characterised for being one of the most technologically innovative, does not want to be left behind and is already investing in biometric recognition. Why?
“The Fintech industry is facing a decisive moment in which investors are going to discriminate between those who are capable of guaranteeing an adequate return on investment in a reasonable period of time, who will concentrate a large part of the investment, and those who are not. In a context of greater uncertainty, they will no longer have access to the abundant and cheap financing that they have enjoyed up to now,” explains the global partner in charge of KPMG Banking, Francisco Uría. And so that optimal results can be given and this sector can continue to grow, security is directly related to the feasibility measurement parameters as a priority. It is a matter that can be solved with a simple look at a camera combined with the right technology: Biometric technology, for biometric recognition.
What can biometrics do for Fintech companies?
To mention their Achilles heel, we will begin by talking about fraud reduction. Thanks to biometric recognition, which focuses on identity verification, it is possible to end threats such as identity theft, unauthorised access or theft of information or funds. Despite the fortification of systems, most of the time a login consists of a more or less robust combination of username and password and accompanied by an identification card. Biometrics is one of the most interesting and safest alternatives.
Strong identity verification methods and data protection systems that Fintech onboarding provides can significantly reduce the threats of fraud and money laundering. Added to that, the design, focused on the user experience to make transactions simple, fast and intuitive, results in a beneficial proposal for both the company and the user.
How it does it
- Compatibility with different regulations
Each market has its own standards, and the solution supports a wide range of checks to operate at a multinational level, from KYC/AML background checks and identifying dangerous people to continuous high security checks.
- Automated and accurate biometric identity authentication
For optimal security, authentication is based on biometric data, as it is by nature unique and cannot be replicated.
- Data encryption
Consumer biometric data capture and verification are securely encrypted and time-stamped, making reverse engineering impossible.