Independent Banker - June 2019 - 27

" The passwords that are traditionally
used were invented in 1960, and when
technology is older than me, it's usually
not that good. "
-Conor White, Daon
it can be to have to enter their information
or to request a lost password
replacement. How does biometric
authentication compare in terms of
the customer experience? It depends
on the modality, but any biometric
modality is superior to traditional
authentication measures, Faran says.
There is some friction with voice
recognition because a person needs
to record their voice, although Faran
confirms that the process should be
seamless afterward. For fingerprint
and facial recognition, it's simple
because they already open their smartphones
this way.
Knowledge-based questioning can
introduce a great deal more friction,
especially if a customer can't remember
their last several transaction
amounts, Faran says. Contact center
managers tell him that representatives
ask as many questions as it takes
for the customer to get three or four
answers right.
However, Faran says that fraudsters
can just learn those answers about
customers by viewing their information
on LinkedIn, Facebook and
Instagram, so it's not the most secure
way of authenticating.
Using multifactor authentication
Avivah Litan, a Gartner Research vice
president and distinguished analyst
in Potomac, Md., says smartphone
biometric authentication is a much
stronger form of authentication than
common methods like standard passwords
or even one-time passwords
shared with customers via SMS, email
or phone calls.
A smartphone serves as a strong
authentication factor that is bound
to the user's identity and account at
the bank, and the biometric serves
as another strong authentication factor
that further binds the phone and
the user's identity and account to the
user's physical attributes, Litan says.
" This three-factor authentication
method-user ID, account or identity;
plus phone; plus biometric-is one of
the strongest authentication methods
that can be used today across a large
population, " she says. " Call centers
have high fraud rates, especially as
online banking controls increase, so
strong authentication of callers to call
centers is especially needed and welcome. "
Each
biometric authentication
modality has varying accuracies, but
the decision on which one or what
combination to use should be made
based on user preference and convenience,
Litan says.
" Biometric authentication should
never be the only factor used to
authenticate a customer, as each type
is subject to false positives-some
more than others, " she says. " So, there
must be a backup system in case the
biometric authentication fails and the
user is indeed legitimate. "
Katie Kuehner-Hebert is a writer in
California.
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Independent Banker - June 2019

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