A World With No Data Breaches: Is It Even Possible?
On July 6, Marriott, the multinational hotel franchise, announced a second staggering data breach since just the beginning of this year....
ANONYBIT FOR BANKS & CREDIT UNIONS
Current methods of authentication are ineffective at stopping fraud or degrade the customer experience.
No matter how much is being spent on bank security and fraud prevention, attackers still manage to get through. The root of the problem begins with how personal data is stored and managed. Personal data is stored in central honeypots and that data gets used for account access. From setting up an account with social security numbers, to retrieving funds and conducting transactions with usernames and passwords — the circle of identity is broken. Implementing privacy-preserving biometric fraud detection ensures that people are who they claim to be.
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"The ability to leverage Anonybit’s Decentralized Biometrics Cloud for our deployments means that our clients can rest assured knowing that their customers’ sensitive data is not vulnerable to data breaches. With so many providers going to the market with antiquated approaches, Anonybit helps us cement our market leadership position in the region."
Discover how Banks & Credit Unions use Anonybit
Blocklist Checks
Using the Anonybit decentralized biometric fraud detection backend, search existing records to ensure that someone is not already in the system under another name and maximize bank security.
Authentication
Invoke Anonybit to ensure someone is who they claim to be through biometric fraud detection at any point in the user journey - login, step up, wire verification, help desk and more.
Account Recovery
Instead of passwords, security questions, OTPs that can be easily circumvented or authenticator apps and tokens that are cumbersome, Anonybit provides biometric fraud detection for quick and easy account resets.
The Anonybit Genie closes the circle of identity for banks & credit unions
Easy IDV integrations
Anonybit easily works with existing Identity Verification providers to ingest images captured during the digital onboarding process. If there is no IDV in the workflow, Anonybit provides an intuitive selfie capture interface that checks for liveness, deepfakes and injection attacks for increased bank security.
Prevent duplicates, synthetics and blocklisted users from enrolling
Today’s fraudsters know how to get around today’s KYC and IDV protocols. The one thing they cannot hide is their face. The digital onboarding module runs a search against the existing biometric profiles to give you a clean, trusted biometric directory that you can rely on for all your identity management needs.
Patent-pending backend based on multi-party computation
Biometrics are sharded and stored across a multi-party cloud environment such that no party has access or knowledge of the data held by another party at any time. Each component of the system is encrypted with its own cryptographic key, which is not accessible by any administrator, eliminating the even insider threats.
Link any attribute to the decentralized biometric profile
Connect credentials, tokens, FIDO PassKeys and more to a trusted biometric profile to create the foundation for strong, two factor biometrics downstream.
Identity validation based on “something you are”
Leveraging state of the art NIST tested algorithms with built-in liveness detection, Anonybit significantly improves bank security with reliable, strong authentication regardless of device or channel – digital, physical, chat, call center.
Streamlines account reset
Anonybit neutralizes this attack vector, while reducing authentication time by 70%, lowering fraud and improving the user experience, with the savings going straight to your bottom line.
INTEGRATIONS
Anonybit works with your existing tech stack
Because of privacy and data concerns, the one data point that can ensure a person is who they claim to be, that is, a biometric, is often not utilized. In addition, identity management processes are completely disjointed, and this is what hackers exploit. With our numerous integrations and industry partners, Anonybit fits easily into your existing tech stack, bringing privacy, security and end to end user convenience.
Looking for a different integration?
Talk to our solutions team today.
Why Banks & Credit Unions love Anonybit
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Less fraud
Leverages biometrics to eliminate the gaps exploited by fraudsters. Works across devices. Not susceptible to device takeover, unlike traditional solutions that fall back to PINs, and KBA.
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Streamlined UX
Same user experience across all service channels with no one-time passwords, emails or SMS that disrupt the user experience.
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Privacy compliant
Enhances compliance posture with GDPR, CPRA, etc. and reduces concerns around storing and managing biometrics and other sensitive data.
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Multiple use cases
From consumer use cases in the branch, online or in the help desk, to workforce use cases for remote and privileged employees, Anonybit serves as your biometric system of record, enabling strong authentication from anywhere and at any time.
RESOURCES
Stay current on the latest in identity, biometrics, fraud prevention and privacy compliance.
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Blog4 Ways to Safeguard Your Credit Union Members From Fraud
Credit unions, with their member-focused approach and community-oriented services, have become increasingly popular. However, they face unique challenges when it comes...
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Blog
Minimizing Risk in The Rush to Passwordless Authentication
In recent years, banks and financial institutions have been shifting towards passwordless authentication as a means to enhance security and meet...
Are you ready to eliminate the risk of data breaches and account takeover fraud?
Get rid of central honeypots of data. Embrace biometrics across the user lifecycle.