December 2022: Mobile check deposit, advantages and disadvantages of biometrics, digital identity across generations, and the cost of identity theft
Advantages and disadvantages of biometrics
As more businesses and governments turn to biometric authentication systems like facial recognition technology, it's important to consider the advantages and disadvantages of these technologies.?
While they offer increased security and accuracy, there are also concerns about false positives, data breaches, tracking, and bias.?
To minimize these risks and ensure that all users have access to these systems, it's essential to understand the underlying technology and take appropriate steps to mitigate potential issues.?
Mobile check deposit and how it works
Mobile check deposit is a service offered by banks that allows customers to deposit checks directly into their accounts using their mobile devices.?
This process involves scanning the checks and submitting them electronically for verification and approval.?
By using advanced fraud detection tools such as machine learning and artificial intelligence, financial institutions can better protect against potential mobile check deposit scams, forged checks, and theft.
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Digital identity across generations
With digital technologies consistently progressing and appearing more frequently in our everyday lives, businesses must comprehend the different generations' inclinations and habits concerning their online identity.
Understanding the needs of Baby Boomers, Millennials, Gen Z, or Gen Alpha will help you build a strong foundation for a lasting digital relationship with your customers.
Find out how to best meet the needs of each generation and improve your digital identity management practices.
The cost of identity theft
"The level of fraud in the UK is such that it is now a national security threat. The banking sector cannot solve this on its own - there must be a coordinated approach adopted across every sector if this is to be tackled effectively.
- UK Finance, 2021 Half Year Fraud Update"
Identity theft is a costly and growing problem, with millions of people falling victim every year. While many companies rely on traditional passwords and two-factor authentication to secure their users' accounts, these methods are often ineffective and leave customers vulnerable to attacks like SIM card swaps, social engineering, or stolen devices.
To address these security risks, Mitek has developed a passwordless authentication solution called MiPass that combines multi-modal biometric authentication (face and voice) to help organizations maintain the highest level of digital security available today.