Mobile Biometrics for Banking Customers

An independent full-service financial services group for high net worth individuals wanted to eliminate passwords and PINs for their clientele. Native biometrics such as Touch ID, face, and fingerprint did not provide the level of security the firm needed. The firm also did not want to make customers jump through hoops to prove their identity. After an exhaustive RFP process, Veridium’s solution was chosen for its superior security posture and performance.

The Problem

The infamous bank robber Slick Willie Sutton reportedly said when asked why he robbed banks, “because that is where the money is.” Financial institutions continue to be attractive targets, and unfortunately, technology has made them more vulnerable to attacks. Financial executives understand the importance of developing innovative ways to protect the privacy and financial assets of their customers.

Those providing financial services to high net worth individuals also need to consider their clients’ expectations for a frictionless experience. Mobile apps and online services are now the key points of customer interaction for financial institutions. This leads to overall rising expectations regarding the level of service from digital channels, including improved convenience and security.

Why Veridium

Veridium has the best mobile biometric on the market today—4 Fingers TouchlessID. The user experience is sleek, and it works anywhere on any smartphone with no environmental constraints. The other biometrics considered, like facial recognition and voice recognition, had higher FAR (false acceptance rates) and FRR (false rejection rates) than Veridium. In fact, during performance testing, Veridium’s FRR was 60% lower than the closest biometric solution. This was a critical criteria for the firm, because it didn’t want legitimate customers treated like imposters and locked out their accounts. With Veridium, the firm felt confident that the low FAR (0.01%) and low FRR (1%) were within acceptable limits for interfacing with its high net worth customers.

Visual Cryptography

The second reason why they chose Veridium is also unique to the company. The VeridiumID platform uses a distributed data model to store biometric vectors. , the scanned biometric is broken into pieces and stored partially on the customer’s smartphone and partially on the company’s server. This makes it more difficult for an attacker to steal a complete biometric template.

Veridium’s solution provides the bank with increased security, as well as the convenience of an easy-to-use front-end biometric. This approach met the company’s philosophy for eliminating PINs and passwords; reducing fraud while providing the best user experience and security on the market.

Learn more about our 4 Fingers TouchlessID solution in our whitepaper, "4 Fingers are Better than One"