- September 29, 2020
- Posted by: Pat Riot
- Categories: CyberSecurity, Finance, Security Operations
The ability to prove you are who you say you are is a fundamental principle that drives trust & relations in the financial industry. Traditionally, identification was verified by physical interactions and physical documents. This is done to prevent fraud & identity theft, increase privacy, and ensure legitimacy. As of today, 33% of Americans have experienced some form of identity fraud or theft in their life, more than doubling the global average.
Financial services are entering a new age of digital & data transformation. FinServ’s across the nation are adopting open banking & virtual business models and are creating comprehensive solutions & online platforms which eases the customer experience and increases company efficiency. But the principle remains the same; Financial companies are still required to be able to prove their clients are who they say they are.
Identification verification is now done by utilizing Identity & Access Management (IAM) technologies. Identity & Access Management tools such as Blockchain, Artificial Intelligence, & Biometrics are the leaders of digital identification verification. Unfortunately, ID verification tools simply aren’t enough to ensure privacy & security. In fact, IAM tools are mainly used to verify the end user and not the employee. There are few protocols that aim to verify employee credentials.
“Identity management systems may be subject to serious compromises such as data theft, loss or cracking of passwords, token compromises, jeopardized system hardware, illicit communications surveillance and phishing.” the BBVA reported.
The issue with these systems is they run off company credential data information like Multifactor/ Two-Factor Authentication, Single Sign-on, etc. If an employee device is compromised and their login credentials are leaked, every single client file said employee had access too is now at risk.
The future of financial crime ironically enough is going to stay the same, it just moved to the internet. Fraud & Identity Theft are very real threats that still exist today and as long as consumer personal information is valuable, people will try and steal it. ID authentication for clients simply is not enough. Financial institutions must be able to verify the user, the employee, and limit network access to ensure employees only have access to necessary information.
Here, at Steel Patriot Partners, we can do just that. With our artificially intelligent, behavioral analytic driven software we manage real time log access and verify employee credentials. Our platform allows your company access and control to who is doing what within your network. We can help you eliminate the worries of your remote workers & simplify compliances hassles.
If anything in this article struck your attention, please do not hesitate to reach out to us! We aim to simplify cybersecurity compliance and operations within the financial industry. For more information regarding anything cybersecurity and finance, simply give us a follow on social media (Facebook, Twitter, LinkedIn), send us an email, give us a call at 703-297-4405 or contact us directly! Regardless of the method you choose, we look forward to hearing from you and – as always, we appreciate your time for reading this content!