DENVER, Sept. 20, 2017 /PRNewswire-USNewswire/
-- According to Acuity Market Intelligence, financial service
organizations that want to reap the benefits of the digital
revolution to improve security, reduce friction, lower costs, and
attract the most desirable customers, will adopt biometric
authentication in the Cloud as the foundation for enhancing and
securing the customer journey.
Acuity forecasts that by 2022, 5.6 billion biometric mobile
devices will secure 1.37 trillion biometrically-enabled payment and
non-payment transactions.
"Biometrics are a global phenomenon that financial service
players ignore at their peril," according to Maxine Most, Acuity's Principal and lead
analyst. "On-device biometrics may improve the user authentication
experience, but the big financial service payoff will come from
Cloud-biometrics that also provide secure, reliable identity
assurance."
"Pushing biometrics to 'the edge' of the financial service
ecosystem, e.g. smartphones, simplifies authentication and reduces
friction, but on-device biometrics can only link a user to a
specific device," Most says. "Cloud-based, or server-side,
biometrics simplify authentication and reduce friction while
linking an individual to a Unique Verifiable Identity (UVI) that is
device and platform independent, and provides a non-revocable user,
not device-based, audit trail for each transaction."
"Concerns about Cloud biometric data being vulnerable to theft
and misuse have been sensationalized," says Most. "Best practice
approaches to deploy solutions purpose-built to secure biometrics,
address data storage and management concerns. This includes
anonymous storage, disaggregating biometrics from other Personally
Identifiable Information (PII) - including templates from multiple
biometric modalities - and installing anti-spoofing and
presentation attack countermeasures."
"Biometrics in the Cloud support continuous authentication via
behavioral biometrics, and enable multifactor 'escalation,' or
step-up capabilities, that introduce biometric challenge and
response protocols based on dynamic risk assessments," says Most.
"Cloud biometrics should therefore be viewed as more than just a
means to enhance the customer journey, but as a path to creating an
intelligent, identity-centric platform that addresses
authentication risk across the entire financial service
enterprise."
Acuity makes the case for Cloud biometrics in "Taming the
Authentication Beast: Simplifying and Enhancing the Customer
Journey with Biometrics in the Cloud." Download the whitepaper at
www.acuity-mi.com/CloudFS.php.
About Acuity Market Intelligence Acuity Market
Intelligence (http://www.acuity-mi.com) is an emerging technology
strategy and research consultancy with a proven record of
accurately anticipating biometric and digital identity market
trends. Follow us on twitter @cmaxmost.
Contact: Acuity Market Intelligence +1 303 449 1897
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SOURCE Acuity Market Intelligence