Secure Authentication for Mobile Banking Customers with mVerify™
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Secure Authentication for Mobile Banking Customers with mVerify™

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Mobile banking (mbanking) has quietly emerged as a critical and inevitable weapon in the ongoing battle to retain customers and reduce expenses. Mobile transactional costs are lower than desktop ...

Mobile banking (mbanking) has quietly emerged as a critical and inevitable weapon in the ongoing battle to retain customers and reduce expenses. Mobile transactional costs are lower than desktop transactions and represent the fastest growing portion of the consumer financial
service business. In fact, many customers will willingly switch allegiances to financial service institutions that offer the convenience and speed of mobile banking versus brick and mortar transactions only.

However, the precipitous rise in mobile financial service applications comes at a cost. Many consumers are skeptical that mobile platforms and mbanking applications are equipped with the proper security measures to turn their phone into a strong authentication device. As
younger generations demand expanded mobile financial service applications, the need for the industry to demonstrate a commitment to increasing the security of these transactions is rising rapidly.

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Secure Authentication for Mobile Banking Customers with mVerify™ Secure Authentication for Mobile Banking Customers with mVerify™ Presentation Transcript

  • mVerify™ mVerify™ is an innovative mobile banking solution, built with our uTrinsic™ Identity Management Platform technology created to understand and identify bank customers by targeted credentials in different environments. mVerify™ supports multi-modal mobile identification of biometric credentials such as fingerprint, finger vein, palm vein, iris, voice biometrics, and smart cards. Secure Authentication for Mobile Banking Customers www.m2sys.com© 2014
  • The Rise of Mobile Banking $670 billion in mobile payment transactions by 2015 [Source – Juniper Research] 22.47% CAGR mobile banking market growth by 2012-2016 [Source - Companiesandmarkets Report] 1 Billion worldwide mobile banking subscribers by 2017 12% of mobile phone owners make payments via their devices [Source - Federal Reserve Report ] 400 million people performed mobile banking in 2013 [Source – Juniper Research] (Source – Juniper Research) www.m2sys.com© 2014
  • The Rise of Mobile Banking [Source – Pew Research] [Source – EYGM] www.m2sys.com© 2014
  • Threats to Mobile Banking  614% increase in mobile malware in 2013 [Source – Bullguard Statistics]  5.6 million potentially malicious Android files in 2013 [Source – APWG Report]  9% of the $1.744 billion in 2012 financial fraud losses from online/mobile banking was in the USA [Source – ABA Survey]  72% of UK mobile users believe mobile banking is insecure due to privacy and fraud concerns [Source – Juniper Research] [Source – Empathica Research] www.m2sys.com© 2014
  • Benefits of Using mVerify™  Allows financial firms to leverage strong customer authentication  Provides tight OTP and challenge/response security enabling strong remote authentication  Permits end users to utilize several different devices and/or login credentials  Supports a broad portfolio of end user devices and applications simultaneously  Offers more sophisticated and stronger layers of authentication against cyber crime  Supports multi-modal biometric authentication www.m2sys.com© 2014
  • Mobile banking has quietly emerged as a critical and inevitable weapon in the ongoing effort to retain customers and reduce expenses. mVerify™ allows financial service firms to use one or a combination of biometric identity credentials to establish a higher level of authentication environment for any mobile phone or smart device peripheral. M2-FuseID™ Smart Finger Reader M2-FuseID™ M2-FuseID™ is a next-generation fingerprint reader delivering optimal security and reliability with advanced finger imaging and liveness detection that is specially designed for high security environments such as banking and financial services. M2-FuseID™ Key Features  Capture fingerprint and finger vein in a single touch  Liveness detection technology to prevent spoofing  FBI-compliant 500 DPI fingerprint image resolution  The only device to perform both 1:N and 1:1 matching  High-level encrypted data transfer across USB www.m2sys.com© 2014
  • Corporate Headquarters: 1050 Crown Pointe Pkwy. Suite 850 Atlanta, GA 30338 USA Asia Office: House-279, Road-19, Mohakhali DOHS, Dhaka 1216 Bangladesh E-mail: info@m2sys.com Phone: +1 (770) 393 0986 Website: www.m2sys.com Get Social: Facebook: https://www.facebook.com/m2sys Twitter: @M2SYS LinkedIn: http://www.linkedin.com/company/m2sys-technology Blog: blog.m2sys.com YouTube: http://www.youtube.com/m2sys Google+: https://plus.google.com/M2SYS Contact Us www.m2sys.com© 2014