Credit Unions and other small to medium-sized banks, despite resource limitations, are continuously striving to ensure their members’ identity safety and reduce fraud in account opening processes. They are transforming into innovative partnerships with technology and fintech companies to put in place state-of-the-art security measures.
One of the most significant technologies being utilized is biometric authentication. Biometric measures such as facial recognition provide a robust security barrier against cybercrime, identity theft, and fraud.
However, the challenge arises when it comes to the safe handling and storage of biometric data. Due to the nature of biometric data, its theft presents significant risks.
Additionally, different jurisdictions have responded to these risks by implementing regulations around the handling of Biometric data. Organizations, including Credit Unions, can face significant legal consequences if biometric data entrusted to them are compromised.
Introduction
Liability-free biometric authentication opens the door to a new era of security and convenience for small-medium banks, unlocking their potential to redefine trust in the digital age.
