The arrival of Covid-19 put digital security in check, among other things, mainly due to the growth of electronic commerce and teleworking, two of the most significant consequences that the pandemic brought and left. By digitally delivering sensitive and personal information, users unknowingly put privacy and control over their data at risk. In fact, according to figures from Kaspersky, a company dedicated to computer security, in the first eight months of 2021 there was a 24% increase in cyberattacks in Latin America.
Faced with this vulnerability, the financial sector was no exception as crimes in this area also increased in parallel, especially with regard to identity theft. Mexico precisely, according to the Ministry of Citizen Security, ranked second in the list of countries with the most cyberattacks in the region, mainly due to cases of fraud by electronic banking and by electronic commerce in social networks.
So, what solutions can banks offer to their clients to reduce scams and hacks and so forth mitigate the mistrust generated among Mexicans?
Follow us on Google News to keep you always informed
Biometrics at the forefront of cybersecurity
Passwords have been the most common forms of authentication in the banking industry for years, but the insecurity surrounding them has cast doubt on their reliability. That is why nowadays financial institutions increasingly use biometrics.
Biometrics allows the comparison of physical characteristics (fingerprint and vein mapping, iris recognition and facial identification) and behavior patterns (unique ways that each person walks, speaks or writes) of an individual, to confirm the authenticity of an operation financial
Thus, with the increase in problems related to identity theft and fraud, the automated recognition of individuals based on these characteristics is presented as a fairly infallible technological tool. Another advantage that biometrics offers that is worth mentioning, beyond the issue of security, is a simple, fast and user-friendly experience.
Do you already have us on Facebook? Like us and receive the best information
The dynamic duo
Now, while biometrics has many advantages, there is no single system that completely eliminates cybercrime. However, the combination of solutions can increase the chances of combating these situations since using two authentication factors creates a series of security layers that the user must go through to verify their identity.
The union of biometrics and tokenization is one of the best examples. The process becomes even more secure because tokenization is the mechanism by which the data and the most sensitive information of the holder of a card or means of payment are replaced by a random “token” that changes every time the user wants. carry out a transaction.
Follow the information about business and current affairs in Forbes Mexico
In this way, the combination of technologies such as those previously mentioned greatly increases the level of trust and tranquility that banking institutions can provide to their clients.
Without a doubt, security is one of the aspects in which the actors in the sector must continue to work hard, always with the clear objective of ensuring the users, who will redirect their loyalty to the institution that demonstrates the best and safest user experience.
Subscribe to Forbes Mexico
Contact:
Marcelo Fondacaro, Chief Commercial Officer of Veritran
The opinions expressed are solely the responsibility of their authors and are completely independent of the position and editorial line of Forbes Mexico.