# More Than a Password: Layering Security in Modern Banking Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-01-11 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Layered Biometric Security: Protecting Banks in 2018 Meta Description: Discover how layered biometric security can safeguard customer data in the face of increasing cyber threats, providing a formidable obstacle for hackers. URL: https://financedigest.com/password-layering-security-modern-bankinghtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/more-than-a-password-layering-security-in-modern-banking-1736840145493-compressed.jpg) _By **Andrius Sutas**, CEO and co-founder of_ [_AimBrain_](https://aimbrain.com/) Passwords have been historically employed to keep user information safe. But in 2018, there are more risks online than ever before. In Q2 of 2018, for example, cybersecurity giants Kaspersky detected 61,000 installation packages for [mobile banking trojans](https://www.kaspersky.com/about/press-releases/2018_phantom-menace), more than double the number from Q1 2017, and three times more than in Q12018. So, while mobile banking offers many opportunities – new products, superior segmentation, remote onboarding, etc. [– it also poses new challenges](https://www.financedigest.com/financial-services-and-data-how-do-we-meet-the-challenge.html "Financial services and data – how do we meet the challenge?"). How, then, can [banks and financial services organisations protect themselves without sacrificing the freedom and flexibility offered by innovative technology](https://www.financedigest.com/6-technology-trends-banking-2019.html "6 Technology Trends for Banking in 2019")? How can they safeguard [customer data](https://www.financedigest.com/how-payment-institutions-can-leverage-data-to-support-merchant-customers.html "How payment institutions can leverage data to support merchant customers") when passwords alone never offer complete security? And how can they do this while complying with legal requirements? It all comes down to layered [biometric security](https://www.financedigest.com/behavioral-biometrics-simple-and-secure-way-to-authenticate-consumers-digital-identities.html "Behavioral Biometrics: Simple and Secure way to Authenticate Consumers’ Digital Identities"). **Layers of security** In the modern world, the best security systems are layered. The [key is that no one thing will offer](https://www.financedigest.com/russias-offer-to-foreign-firms-stay-leave-or-hand-over-the-keys.html "Russia’s offer to foreign firms: stay, leave or hand over the keys") total protection. A strong password is good, but it can be broken or stolen. The same is true of [personal data](https://www.financedigest.com/data-privacy-and-navigation-how-our-personal-data-is-used-in-navigation-apps.html "Data Privacy and Navigation: How our personal data is used in Navigation Apps.") used to verify a user’s identity, such as a mother’s maiden name. Biometric data is more promising. It is easier to steal a password than someone’s face or fingerprint, after all.And biometric verification focuses on the [user rather than their device](https://www.financedigest.com/signalling-device-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Signalling Device Market Competitive Growth Strategies Based on Type, Applications, End User and Region"). But simpler biometric methods can still be vulnerable, such as when criminals use recordings to bypass voice authentication. So, you cannot rely on a single biometric check alone. If you use multiple layers of security, however, customer data will be much harder to hack. And with a combination of biometrics, detection tools, and passive bot detection working together, you and your customers can be confident your [data is being kept safe](https://www.financedigest.com/the-future-of-cloud-how-to-keep-your-data-safe.html "The Future of Cloud: How to Keep Your Data Safe"). **Biometrics upon biometrics** Biometric security uses many forms of physical data to identify users, including fingerprint, retina, [face and voice recognition](https://www.financedigest.com/in-apples-shadow-google-takes-new-route-to-face-recognition-on-pixel-phones.html "In Apple’s shadow, Google takes new route to face recognition on Pixel phones"). And while none of these are 100 percent secure by themselves, together they create a formidable obstacle for hackers.The best approach is to use a mix of physical and behavioural checks, creating a unique security matrix that hackers cannot bypass. How does this work in practice? AimBrain’s AimFace//LipSync solution is one example of deploying multiple biometrics in a [single step](https://www.financedigest.com/single-broadband-network-is-right-step-for-italy-vivendi-says.html "Single broadband network is ‘right step’ for Italy, Vivendi says"). It combines facial authentication with a voice [challenge and lip synchronisation analysis](https://www.financedigest.com/extracorporeal-co2-removal-market-in-depth-analysis-by-trends-opportunities-drivers-challenges-and-growth-factors-by-2026.html "Extracorporeal CO2 Removal Market: In-Depth Analysis by Trends, Opportunities, Drivers, Challenges and Growth Factors by 2026"). [Customers set the access information for their account](https://www.financedigest.com/covid-19-has-made-your-customer-accounts-more-valuable.html "Covid-19 has made your customer accounts more valuable") by taking a selfie and reading a randomised number. They then use the same process to access their account.While this check is quick and easy for the correct user, it also [sets multiple hurdles to stop cyber criminals from gaining](https://www.financedigest.com/byd-set-to-be-chinas-top-selling-car-brand-for-nov-tesla-gains-data.html "BYD set to be China’s top-selling car brand for Nov, Tesla gains -data") access to the account. This proves that security does not have to come at the expense of usability. Though it may sound simple,itis this multi-step approach to security that puts every harder obstacles to overcome in the path of the hacker. **Smart detection tools** Biometric [checks can be strengthened using the latest](https://www.financedigest.com/why-is-demand-for-fertilizer-fillers-high-in-asia-pacific-region-check-latest-study.html "Why Is Demand For Fertilizer Fillers High In Asia Pacific Region : Check Latest Study") anti-spoof and liveliness detection tools. These combine simple user challenges with time-sensitive outcomes built on a foundation of [artificial intelligence](https://www.financedigest.com/artificial-intelligence-in-banking-robo-advisors-and-beyond.html "Artificial Intelligence in Banking – Robo Advisors and beyond"). For instance, we can augment [facial recognition](https://www.financedigest.com/how-ai-looks-set-to-power-facial-recognition-passport-adoption-across-southeast-asia-post-covid.html "How AI looks set to power facial recognition passport adoption across Southeast Asia post-COVID") with in-session audio prompts. This,again, highlights two strengths of [biometric authentication:](https://www.financedigest.com/why-latin-america-chose-biometric-authentication-for-payment-cards.html "Why Latin America Chose Biometric Authentication for Payment Cards") 1. It makes life easier for the real user, as they always have the method for accessing their account with them (you can forget a password, but not your own face). 2. Despite users’ biometric ‘data’ being in [plain sight](https://www.financedigest.com/hiding-in-plain-sight-finance-as-critical-national-infrastructure.html "Hiding in plain sight – Finance as Critical National Infrastructure"), with smart detection tools offering added protection, there is no way for cyber criminals to take advantage. Layered authentication can therefore help banks and financial [services organisations guard against modern security threats](https://www.financedigest.com/how-financial-services-firms-can-mitigate-against-their-top-data-security-threats.html "How Financial Services Firms Can Mitigate Against Their Top Data Security Threats"), but without inconveniencing legitimate users. **Passive bot detection** However, prevention is better than a cure, so passive bot detection is a [key part of the security](https://www.financedigest.com/embedded-security-for-internet-of-things-market-2021-by-global-key-players-types-applications-countries-industry-size-and-forecast-to-2027.html "Embedded Security For Internet Of Things Market 2021 by Global Key Players, Types, Applications, Countries, Industry Size and Forecast to 2027") mix.This involves using [industry or institution-specific fraud data](https://www.financedigest.com/average-annual-uk-grocery-bill-highest-since-at-least-2008-industry-data.html "Average annual UK grocery bill highest since at least 2008 -industry data") with a passive anomaly detection module, training it to look for signs of suspicious activity. It will then alert you if it detects anything unusual. And while this is primarily useful for catching bots, it can also detect suspicious behaviour from manual (i.e. human) [users as early as the onboarding](https://www.financedigest.com/getting-started-with-user-onboarding-tools-in-2022.html "Getting Started with User Onboarding Tools in 2022") stage. As with the tools described above, this adds an extra [layer of protection for company and user data](https://www.financedigest.com/three-layers-of-hybrid-workforce-data-for-financial-institutions.html "Three Layers of Hybrid Workforce Data for financial institutions"). **[Moving beyond](https://www.financedigest.com/the-high-strength-rtd-malt-beverages-market-to-move-beyond-the-monotony.html "The High Strength Rtd Malt Beverages Market To Move Beyond The Monotony") the password** Passwords may have been the default for [protecting user data](https://www.financedigest.com/how-financial-organisations-can-stay-protected-from-financial-data-breaches.html "How Financial Organisations can Stay Protected from Financial Data Breaches ") until now, but they are looking increasingly old-fashioned in 2018. In the modern world, [banks need](https://www.financedigest.com/could-the-npa-be-the-catalyst-banks-need-to-transform-their-payment-networks.html "Could the NPA be the catalyst banks need to transform their payment networks?") to guard against fraud by anticipating it and creating layered authentication checks that are impossible to beat. The best way to do this is by working with a biometrics partner. This will help you move beyond the password paradigm, toward a future where the focus is on [authenticating customers](https://www.financedigest.com/strong-customer-authentication-must-be-adopted-to-make-open-banking-a-success.html "Strong Customer Authentication must be adopted to make open banking a Success"), not their devices, helping you to defend against attacks on data and assets. [_AimBrain_](https://aimbrain.com/) _is a BIDaaS (Biometric Identity as-a-Service) platform for global B2C and B2B2C organisations that need to be sure their users are who they say they are._ --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---