By Joshlin Sheridan, Marketing —
With the Halloween season approaching, many of us have our thoughts on the frightening horrors of this time of year: ghosts, haunted houses, clowns, etc. While these common gimmicks are amusing to think about, we should also give thought to some of the prevalent dangers that occur on a day to day basis…online. In honor of Halloween, and October being National Cyber Security Awareness month, here are some cyber security nightmares and how to dodge them.
Futuristic Tales and Present Dangers
In an article for comparitech, Richard Patterson discussed some dangers that could be waiting for us with the future of online technology. For example, if you have a smart home with “smart locks” that use Bluetooth devices, you could be venerable to hackers. He also suggests frequently updating your smart devices and wireless routers in order to keep up with the latest security controls. Some researchers believe that technologies such as webcams and the futuristic self-driving cars are also potential ways that hackers can access your personal data!
While some of these fears might not affect us on a day to day level, it is important to realize how technology could potentially turn into a nightmare of security breaches …if we are not careful!
Banking and Financial Services’ Problem
One very present danger to our financial institutions is that of verifying online customer identities. When financial institutions are bringing an online customer onboard, they want to ensure that the customer is who they proclaim to be. Otherwise, there is a risk for identity fraud and fraudulent transactions.
A New Solution
Luckily, Converus has a product called IdentityDetect™ that is highly accurate in verifying customer identities on web-based or mobile platforms. This technology asks questions of the applicant and can verify their identity in about 2 minutes by measuring the applicant’s responses with a scoring algorithm and by machine learning.
This technology is invaluable in reducing the risk of fraud and can be used as part of the financial institution’s AML/KYC compliance. Avoid the nightmare of online identity fraud. Learn more about IdentityDetect here.