Face Biometric Security in Financial Sector

Introduction

The banking and finance sectors have always been victims to robberies and fraud attempts. This poses a threat to both the employees and the customers. Fraud attempts are happening inside the tellers. People can be victims of robberies at ATMs where they withdraw cash from. It is therefore a high priority to ensure safety and security at these places to solve any incident quickly and accurately.

Inttelix Biometric Solutions help Banking and Finance sectors raise security levels and solve fraud attempts swiftly.

The use of biometric technology is increasingly being recognized in the banking industry as a viable means to prevent identity fraud, safeguard data, improve ease-of-use and save money without losing passwords. It is no surprise that many banks are turning to biometric technology for increased security & convenience.

As a proven innovator and biometrics research & development firm, Inttelix offers a host of facial biometric solutions that can help banks to reduce fraud and streamline operational processes by securing internal networks and / or integrating facial biometric functionality into existing in-house applications.

Banks can use our facial biometric solutions to safeguard enterprise data and reduce costs. Our solutions will enable banks to have a secure login to their network and replace user names & passwords with something that nobody can share, lose or forget, i.e. Your Face!

Fraud in Banking

• Internal fraud: Employees attempting to withdraw money from a customer’s account without their consent
• External fraud: An individual assumes the identity of a customer of the bank in order to withdraw money from the account
• Identity theft
• Online transaction fraud (Most regulations for bank accounts, established before the age of cyber crime, don’t account for such activity.)

Internal fraud is an increasing threat to the financial security of businesses. Our Solutions add the security enhancement of facial biometrics to the existing financial management applications, ensuring that only authorized personnel can validate financial transactions.

Importance of Authentication in Financial Transactions

PINs and passwords are vulnerable to being forgotten, given away, observed by others or otherwise obtained. Cards can be stolen and /or forged. It's true that a biometric authentication can help against fraud. Combining the operations with a biometric system will improve both usability and security. This proves that the performance and capability of the biometric technology is sufficiently high.

Gateways for Facial Biometric Solutions in Banking Sector

Transaction Security

• Secure customer transactions and protect their privacy either remotely or onsite
• Enroll and authenticate bank employees before they can access the bank’s network to perform a transaction

Network Security

• Controls or monitors individual’s specific activities in a network or regulates access to select infrastructure after authorization

Access Control

• To protect the physical security of facilities (safety deposit boxes, lockers, cash chests and entry restricted area)
• Access control for employees, visitors and clients at buildings and strategic points.

Remote Supervision

• Protection against internal fraud and illegal transactions through Remote Supervision
• Facilitates to monitor the productivity and efficiency of an employee

Time Attendance

• Employees’ check-in/check-out events are marked automatically by recording the biometric credentials.
• Work hours are tracked for each employee, division or organization as a whole

Benefits of Facial Biometrics Implementation

• Provides user authentication
• Allows non-duplicable transaction
• Maximizes network security
• Ensures user privacy
• Protects institution’s physical assets
• Prevents hackers and ID fraud
• Eliminates password frustration
• Cuts IT cost in password maintenance
• Increases corporate image, productivity and profitability