Security breaches cost financial institutions millions every year

By Puja Sharma

Experts estimate that more than 80% of hacking breaches involve the use of stolen passwords or credentials, fraud that can cost a large company as much as $1 million a year. By moving to a more secure, passwordless approach to digital account authentication, companies can both increase customer loyalty and reduce their own risk from identity theft and account takeover attacks.

According to recent research by YouGov, 74% of people say they want their bank to adopt the latest technology to keep their accounts safe. As many as 44% of adults ages 18-34 say they would like their bank to adopt newer, modern technologies to make it easier to log in to accounts.

When it comes to picking a financial services provider, safety and security (61%) come top for global consumers, followed by lower fees (58%), solid customer service (57%), and good interest rates (50%).

Digital-only banks may face an uphill battle to win over customers: just 37% say they trust them, and 26% distrust them. It’s a similar story with Buy Now Pay Later companies (36% vs. 27%), sustainable investments (31% vs. 23%), and – by some distance – cryptocurrencies. Providers that deal with Bitcoin, Litecoin, Ethereum, and others in the space are trusted by just 16% and distrusted by 52%. Even as cryptocurrency becomes more prominent, a majority of the global public remains suspicious of it.

“Companies care about their customers’ trust and security more than anything,” said Mitek Head of Product Chris Briggs. “Mitek understands this. That’s why we focus all our attention on bringing products to market that enable trusted online access. People are most loyal to companies that offer both convenience and security. That’s where MiPass excels.”

No one likes passwords. An average person has more than 100 passwords to manage, often making it difficult and frustrating to complete even the simplest online transactions. Enter MiPass from Mitek, a passwordless identity authentication solution that allows a person to access digital accounts effortlessly and securely using two features that are uniquely theirs: voice and face.

Because MiPass algorithms have been developed and tested against balanced and representative data sets, to avoid bias, MiPass can accurately authenticate customers regardless of race, ethnicity, age, or gender.

“MiPass provides the highest level of digital security available today,” said Mitek CTO Steve Ritter. “MiPass combines voice and face recognition using sophisticated liveness detection technology to defend against digital and deepfake attacks in real-time.”

• How: To access a digital account using MiPass, a person simply uses a smartphone to take a quick selfie and then record a phrase.
• Why: Combining the two is a significant security improvement beyond the face recognition-only systems many use today. Authenticating digital identities with MiPass reduces the risks associated with on-device stored biometrics, which can be easily compromised, shared between people, or overwritten with a simple passcode.

Key Highlights

• An average person has more than 100 passwords to manage, often making it difficult and frustrating to complete even the simplest online transactions.
• Digital-only banks may face an uphill battle to win over customers: just 37% say they trust them, and 26% distrust them.
• Experts estimate that more than 80% of hacking breaches involve the use of stolen passwords or credentials, fraud that can cost a large company as much as $1 million a year.