Evolving authentication methods in the financial industry

Evolving authentication methods in the financial industry

Date: May 19, 2009
Paul Smocer, vice president of security at BITS, discusses the challenges financial institutions face in authenticating their customers and what methods are better for dealing with today's threat environment. He also talks about the future of authentication in the financial industry and how financial institutions are improving their authentication systems.

More on Secure user and consumer authentication methods

  • canderson

    Authentication advances for financial services firms

    VIDEO - Authentication security is one of the most important issues for financial services firms, but what does the authentication market look like, and where is it going? Paul Smocer, Vice President of BITS Financial Services Roundtable, weighs in.
  • TAN (transaction authentication number)

    Definition - A transaction authentication number (TAN) is a type of single-use password used for an online banking transaction in conjunction with a standard ID and password. TANs are often in a list made by a financial institution and sent to the owner of the account.
  • out-of-band authentication

    Definition - Out-of-band authentication is a type of two-factor authentication that requires a secondary verification method through a separate communication channel along with the typical ID and password. Out-of-band authentication is often used in financial institutions and other organizations with high security requirements.
  • soft token

    Definition - A soft token is a software-based security token that generates a single-use login PIN. Traditionally, a security token has been a hardware device that produces a new, secure and individual PIN for each use and displays it on a built-in LCD display. Soft tokens are an attempt to replicate the security advantages of multifactor authentication, while simplifying distribution and lowering costs.
  • enhanced driver's license (EDL)

    Definition - An enhanced driver's license (EDL) is a government-issued permit that, in addition to the standard features of a driver's license, includes an RFID tag that allows officials to pull up the owner's biographical and biometric data.
  • Out-of-band authentication boosts security but isn't failsafe

    News - Authentication technology helps thwart online banking fraud but determined criminals can circumvent it.

    ( Dec 20, 2010 )

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