EDITOR ’ S QUESTION
In this digital-first world , banks and financial institutions must balance top-level security with seamless user experience . In the Financial Services ( FS ) sector , where security and data privacy are crucial , Multi-Factor Authentication ( MFA ) is often required to access sensitive information or conduct transactions . MFA requires users to provide multiple forms of identification to access their accounts or data .
While MFA is an essential security measure to protect against unauthorised access and data breaches , it can also have an impact on the customer experience . MFA that hasn ’ t been built with customer experience at the core can lead to not being user-friendly , lowering customer satisfaction . However , when implemented correctly , it can increase user confidence in the security of their data and accounts . This can lead to higher levels of trust and loyalty , ultimately improving customer experience . Overall , MFA can help users get an added sense of control and security over their personal information .
To balance the need for security with a positive customer experience , organisations should carefully consider the implementation of MFA . The FS sector should look for ways to make the MFA process as easy and userfriendly as possible , such as offering multiple authentication methods through SMS , biometrics or by using continuous authentication .
The benefit of continuous authentication
Continuous authentication is an approach that aims to address the issue of MFA fatigue by providing a more seamless and user-friendly authentication experience . Continuous authentication is not an authentication factor , like a new onetime token or authentication application . Rather than requiring users to authenticate themselves repeatedly throughout a session , continuous authentication uses behavioural and biometric data to verify a user ’ s identity continuously in the background . It provides multi-layered security measures that can adapt to the unique characteristics and risk level of each transaction . This means that the authentication process becomes more secure and dynamic , as it can detect and respond to changing patterns of behaviour and suspicious activity in real-time . Continuous authentication – or adaptive authentication – can take various forms , such as biometric authentication , keystroke dynamics and behavioural analytics . These methods use unique identifiers such as voice patterns , fingerprints and other biometric data , as well as behavioural patterns such as typing speed , mouse movements and navigation behaviour to continuously authentication can provide a more secure and userfriendly experience that helps reduce the burden of MFA fatigue in the FS sector .
By utilising continuous authentication , Financial Services can better protect their customers ’ sensitive information and assets and ensure the security of their financial transactions . It distinguishes itself from standalone authentication tools by employing specialised authentication methods based on real-time risk analysis . By leveraging risk analytics driven by Machine Learning and Artificial Intelligence – financial institutions can simplify the end-user experience , reduce fraud and achieve regulatory compliance . Overall , continuous authentication is a promising approach to addressing the challenge of MFA fatigue in the FS sector . Providing a more seamless and secure authentication experience can help improve user satisfaction and reduce errors or security breaches . �
Continuous authentication is a promising approach to addressing the challenge of MFA fatigue in the FS sector .
FREDERIK MENNES , DIRECTOR PRODUCT MANAGEMENT & BUSINESS STRATEGY , ONESPAN
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