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Customers want security, but no lengthy nor complex authentication procedures

First published on August 15, 2017

​A recent Gemalto study showed that 44% of consumers would leave their bank in the event of a security breach, and 38% would switch to a competitor offering a better service.

It also showed that consumers suffer from both unjustified rejection and excessive authentication steps when banking online or on mobile – which means that the challenge is to minimize security procedures without compromising trust.

The Gemalto Assurance Hub has been designed to solve this problem. It's a fraud prevention solution for online banking, which only activates extra security measures when it's required.

By analyzing the profile of customers, it can understand patterns of behavior and only request extra authentication when necessary. For example, if a person was to make a high-value transfer from an unusual location – the platform would request additional biometric authentication (like a fingerprint of facial recognition) in order to carry out the transaction.

Using a flexible 'hub' approach, the platform can easily integrate with banks' existing security measures – and will be capable of taking on new fraud protection technology, too.

The new technology comes amid growing occurrences of cyber attacks against online banking services. But not only that, financial institutions are being asked to comply with additional banking regulations – which leaves a gap for new, more innovative types of security.

TAGGED IN financial services; biometrics; security