Banking entities are responsible for ensuring the security of their clients when they carry out financial transactions. In order to accomplish this, they should have an all-encompassing strategy including technological solutions that monitor and respond to risks of fraud.
The banks should increase the security of financial procedures for the following reasons:
The government requires banks to increase their security measures to protect people’s assets. Those who fail to comply with these measures will incur in fines.
-Earning customer loyalty
Higher security and reliability will help improve a bank’s imageBanks should reduce the chances of fraud in order to maintain customer loyalty.
-Generating new products and services
The use of biometrics enables the development of new and better products and services by identifying potential clients.
Is biometrics a solution?
Biometrics measure and discover the unique pattern of each person through particular characteristics such as body scanning; facial, iris or voice recognition; and fingerprints.
Many mobile devices already have touchscreens, cameras and microphones that enable user identification and secure account access.
Similarly, banks are already introducing biometric technology in ATMs through vascular readers that identify the user before granting access to accounts.
When it comes to banking transactions, banking executives can use fingerprints or digital signatures to identify clients.