HID Global: The Future for Secure and User-Friendly Banking

CIO VendorStefan Widing, President & CEO Banks and other financial institutions are continually striving to keep themselves afloat in the dynamic financial landscape where consumer trends are continuously changing. With digital identity acting as the passport in today's digital world, the need for financial institutions to protect the digital identity to gain customer's trust is much more important than ever before. Additionally, banks also need to ensure that this security is not provided to the customers at the cost of seamless access and intuitive experience that they have been traditionally receiving from the banks. Set against such a backdrop is HID Global offers a wide range of convenient yet secure banking solutions to help financial institutions secure their facilities and ATMs, protect the private the data of their customers, and safeguard online transactions of their customers while enhancing the customer experience through services such as providing online and mobile banking security, performing real-time risk assessment and protection against fraud, and so on.

"HID Approve puts the power of simple and instantaneous verification into the hands of the user, who is the customer of the bank"

HID Global’s Global's identity management portfolio includes solutions that cover the entire identity lifecycle, authentication technology, and devices to ensure that the right people have the proper access to the right things. For this, the company provides services such as multi-factor authentication, digital certificates, credential management, physical identity and access management, and GDPR compliance.

Merging a Comprehensive Experience with Enhanced Security

Financial institutions usually have a hard time striking the right balance between security and seamless user experience. Mostly, providing a feature-rich millennial user experience would result in lowering the security of the business platform while providing a robust security system would lead to a highly complicated and confusing user interface. To this regard, HID Global has brought out their mobile app called HID Approve that has been developed for an enhanced digital banking experience. HID Approve which is a push notification based multifactor authentication solution that delivers a secure and straightforward way for the bank's customers to validate and authenticate transactions. It also has the functionality to provide a threat and fraud-detection solution that transparently protects online transactions from a wide range of threats, including Trojan and man-in-the-browser (MitB) attacks. This product runs on HID Global’s ActivID Authentication Server. By leveraging the server, banks can secure access to online servers for their customers. The ActivID’s templates and easy-to-define policies simplify user authentication and enable organizations to deploy a flexible authentication solution tailored to their unique requirements. It supports multi-factor authentication with all leading mobile phones and tablets to provide a flexible platform that grows with the authentication needs of the banks.

HID Approve turns a mobile device into a handheld validation device or authenticator that verifies online access and transaction requests. “The new mobile app adds a new level of trust for bank customers to transact securely,” says Stefan Widing, President and CEO at HID Global. The app sends a notification through push technology to a user’s mobile device every time a transaction or access to their account is attempted online. If the user swipes right with his finger on the notification, the transaction or access is approved or else if he sweeps right, it is declined. “HID Approve puts the power of simple and instantaneous verification into the hands of the user, who is the customer of the bank,” opines Widing.

Our acquisition of Crossmatch strengthens HID Global’s ability to offer innovative biometric identity solutions to hundreds of millions of users worldwide

The app amalgamates the public key-based cryptography with the company’s proprietary infrastructure, ActivID, to increase the cybersecurity for digital banking transactions. The app’s robust security is more intuitive and user-friendly when compared to traditional authentication models that are generally leveraged by banks. This provides the bank’s customers with more control over who accesses their private banking information online. “HID Approve helps banks reduce fraud and empowers its customers to protect their finances better. This turnkey mobile app is all set to address most of the identity lifecycle and authentication management concerns and ensure that only the right people have the right access to the right data,” adds Widing.

HID Approve has two deployment options. It can be offered as a turnkey application that is easily customizable and fully managed by HID Global. This helps banks to present their brand without the need to build and maintain their custom app. It can also be offered as a Software Development Kit that can be leveraged to integrate its capabilities into existing corporate apps. HID Approve increases the trust for end-users by displaying all the transaction information so that the transaction takes place in a fully-secure environment with the end-user enjoying supreme control. For the bank’s customers, HID Approve is available for download at Google Play Store and Apple App Store. "It includes flexible policy customization, robust security, and data analytics, which in my viewpoint will be a game-changer," adds Widing.

“HID Approve includes flexible policy customization, robust security, and data analytics,” says Widing. It also helps banks to create an audit trail to comply with regulations such as PSD2, GDPR, and so on.

Biometric Authentication for Better Identification

An authentication solution becomes effective only when it can understand the person who is transacting. Biometric readers and sensors from HID Global provide this assurance along with providing secure, convenient, and reliable fingerprint reading solutions. HID Global’s Lumidigm biometric authentication solutions enhance the security of applications where the identity of the user is of utmost importance by bringing in multispectral imaging technology. These solutions have received industry-wide recognition for their superior biometric performance.

Lumidigm enhances data integrity through real-time detection, spoof prevention along with tamper-proofing, and data encryption. Banks can leverage Lumidigm fingerprint and thumbprint sensors to authenticate their customers at ATMs. On the other hand, HID Global’s Digital Certificate solution permits encryptions of e-mails and other online documents, promotes paperless sharing and signing of contracts, and eliminates the hassle of multiple passwords and tokens. Their Lumidigm portfolio includes HID Lumidigm V-Series V4xx Fingerprint Sensors and Modules, HID Lumidigm V-Series V371 Fingerprint Reader, HID Lumidigm V-Series Fingerprint Sensors, HID Lumidigm V-Series Fingerprint Modules, HID Lumidigm M-Series Fingerprint Sensors, and HID Lumidigm M-Series Fingerprint Modules.

Real-Life Benefits for Banks

HID Global's products and services are leveraged by millions of people in more than 100 countries to access physical and digital places securely. Their technology connects over 2 billion things that need to be identified, verified, and tracked. To help their customers create trusted physical and digital environments for the people who use them, HID Global serves a range of customers such as governments, universities, hospitals, financial institutions, and a wide range of innovative companies.

Banco Supervielle, an Argentine commercial bank, is tasked with having to send out Administración Nacional de la Seguridad Social (ANSES) pension checks to retirees. The pensioners have to go through a cumbersome monthly authentication process to prevent fraudsters from impersonating deceased pensioners and receive their funds. Banco Superville wanted to reduce the monthly burden placed on their pensioners and come up with a simpler process while still preventing frauds. To this regard, the bank implemented fingerprint authentication with HID Global’s Lumidigm multispectral imaging technology.

Multispectral imaging leveraged by the technology reads the fingerprint characteristics both from the finger's surface and subsurface while also performing real-time liveness detection. This helps to check if the fingerprint is from a living person or not by comparing the optical characteristics of the material being presented against known aspects of a living person's skin. This has enhanced the biometric performance while also providing proof of life.

By leveraging the technology, Banco Supervielle has simplified the authentication process for Argentine pensioners who receive their pensions in which they just need to present their finger to authenticate and receive their monthly stipend. The bank has also benefitted from this by gaining significant fraud savings. They have also been able to reassign the workforce initially tasked with the authentication process to the role of a commercial advisor. This has enhanced the customer experience with increased levels of attention for customers.

Expansions in Biometric Identity Management

To provide better biometric identity management solutions for its customers, HID Global acquired Crossmatch, a leader in biometric identity management and secure authentication solutions, in September 2018. “Our acquisition of Crossmatch strengthens HID Global’s ability to offer innovative biometric identity solutions to hundreds of millions of users worldwide,” says Widing. He also asserts that this acquisition is for the company to deliver on its promise of providing biometrics in critical identity applications.

- Rohan Pillay A
    December 07, 2018