Financial institutions have been quick to realise the benefits of providing online banking facilities for its customers. However, this has lead to a new challenge, to protect customers accounts from unauthorised access by cyber criminals.
What do Financial institutions need to do to protect customer accounts in the face of these ever increasing threats?
Financial institutions need to integrate existing “point solutions” into a single unified authentication infrastructure. Such an infrastructure should be built on open standards in order to leverage existing investments and faciliate the introduction of new authentication technologies.
Natwest and Barclays have both made significant investments in deploying card readers to their customers. Realistically in order that they are able to consider alternative authentication methods, a unified authentication infrastructure needs to be in place.
Gartner has coined the term “versatile authentication” to describe a platform used to manage all credentials.
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