TRENDING
“The use of
biometric
technology is
now on the rise.”
P
lease enter your password, it says. It seems like a simple
enough task, but with the increasing number of devices
we have and accounts we subscribe to, it becomes an
onerous request. We’ve all been there. After exhausting a list
of half a dozen alphanumeric codes and potentially a security
question about what our favourite childhood sport was, we
reluctantly reset our passwords hoping we will remember it the
next time around.
Password fatigue is an all-too-common inconvenience.
And beyond a simple annoyance, recent technological
advancements mean that traditional passwords are no longer
as secure as they once were. Since the advent of the Internet
and digital banking, there has been a rapid evolution in the
way banks authenticate their users, as more seamless and
secure strong authentication methods have been introduced.
Initially, the typical reusable static passwords seemed
sufficient enough to secure and validate online transactions.
However, as fraudsters have become more advanced, it has
become clear that this is inadequate to maintain secure online
payment. Reusable passwords can be easily guessed, stolen or
accidentally disclosed.
“By leveraging unique
behaviour that is second-
nature to the user,
it makes it virtually
impossible to be
emulated by fraudsters.”
This issue is particularly significant since each day, we hear
of another story of data breach resulting in identity fraud or
online hacking, highlighting the ever-increasing sophistication
of fraudsters. The question is, how can banks increase online
security without compromising user convenience?
In a country like the UAE, with some of the highest internet
penetration in the world, users expect their banks to be
at the forefront of technological innovation to ensure a
seamless digital banking experience. As a result, the country
has a high level of online banking usage, which is expected
to increase over the years. Gemalto recently conducted an
e-banking study, which polled 900 global IT and business
decision-makers from the banking sector and 11,000
consumers across 14 markets. The study revealed that
almost three quarters of UAE consumers use online and
mobile banking.
Despite the rise in digital banking in the region, our study also
showed that almost half of UAE consumers think that there
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