Know Your Customer (KYC) is only the beginning; to prevent fraud, fight money laundering, and secure accounts, proven identities backed with biometric authentication are the future.
Average Total Cost of A Data Breach
Costs from data breaches are on the rise.
Losses aren’t just due to ransomware demands or outright theft. The true cost of a data breach is in repairing the breached systems and, of more concern, the customer churn. According to the IBM Cost of a Data Breach report for 2020, lost business accounted for nearly 40% of the average total cost of a data breach.
Alarmingly, most data breaches weren’t to steal intellectual property, corporate data, or employee PII. Most data breaches instead stole customer PII, or personally identifiable information. This theft of personal information means that knowledge-based authentication (KBA) on its own is no longer effective as a second factor of authentication.
The best cure is prevention.
Prevent fraudulent transactions.
Multiple factors of verification prevent fraudulent identities.
A key element of anti-money laundering is KYC, or know your customer. By using the Q5id patented enrollment process, you know exactly who your customers are because their identities were proven before ever entering your system.
For more details on how an identity can be proven, and how this can match up with your existing AML procedures, please get in touch by emailing contact@Q5id.com.
Costly in terms of time, money, and productivity.
41% of malicious attacks could be stopped by using better authentication.
Compromised credentials alone made up 19% of malicious attacks that contributed to data breaches, with a further 22% being the result of social engineering, phishing, or business email becoming compromised.
41% of malicious attacks could be stopped by using a form of authentication that cannot be spoofed or compromised, such as biometrics.
When any significant or sensitive action is gated by a biometric authentication, fraud and malicious access are prevented.
Guard against hackers, poor passwords, and more.
Biometric authentication implemented seamlessly into your system makes it easy.
Zero trust is designed to operate in a way to ensure that no one can spoof credentials or identity to get around security protocols. When you trust no one in the system, you are better prepared to guard against hackers who have successfully broken through the initial perimeter, either through third party vendors or cloud services that have been misconfigured.
Instead of worrying about every aspect of your online presence being perfectly setup, rely on the safeguard of proven identities.
Implement Zero Trust philosophies at every stage of access, but depend on a Q5id identity to ensure that those who do gain access can be trusted to be exactly who they claim to be.
White Glove Service
Banks and financial services often have complex, siloed systems that don’t operate the same way other enterprises do. If you need to find out more about our integrations or documentation, please click the button below to set up time with our team.
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