Finding the Right Authentication ApproachNICE Actimize's Mary Ann Miller on Banks' Emerging Strategies
Banks need to develop multifactor customer authentication strategies that meet demand for strong security as well as convenience, says Mary Ann Miller, an executive adviser at anti-fraud solutions provider NICE Actimize.
See Also: Move Beyond Passwords
Many banks are focusing on shoring up customer authentication mechanisms by coupling biometrics with other forms of authentication, such as one-time passcodes or even analytics. But forcing customers to go through additional steps can hinder the customer experience, Miller says.
"There's a lot of experimentation going around what I call form factors - the modality of authentication," she says in this video interview with Information Security Media Group. "So you'll see a lot of modalities like biometrics, from facial [scans] to using the thumbprint. But you'll also see financial institutions focusing on management of that authentication journey, too. In combination with looking at experimental new form factors, [they're looking at] actually how do you manage that new form factor and manage that customer experience."
Banks need to carefully consider the types of authentication their customers will accept and use, Miller says. "What we're finding in the industry is that customers really want an easy journey," she says. "They're really looking for strength of security, but they're also looking for customer convenience as well. "
In this video interview at ISMG's recent New York Fraud and Breach Prevention Summit, Miller discusses:
- How institutions are using analytics and other back-end data to authenticate users;
- Why biometrics is not the panacea it was expected to be; and
- Why additional log-in steps can hinder the online banking experience.
Miller, who specializes in enterprise fraud and risk management, has more than 20 years of experience in decision analytics, operational excellence and customer centricity. She consults with financial institutions worldwide to establish business and technology strategies.