RightAccount™ Biometric Customer Identification for Banks and the Financial Services Industry


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Offering the convenience of choosing from five different biometric modalities – fingerprint, finger vein,
palm vein, iris, or voice recognition, RightAccount™ offers fast, accurate customer identification, even for
large databases containing millions of records. It establishes a concrete audit trail for customer
transactions, helps reduce identity fraud at the point of service, protects customer identities and
improves customer service and brand sentiment.

Published in: Economy & Finance
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RightAccount™ Biometric Customer Identification for Banks and the Financial Services Industry

  1. 1. Positively Authenticate Customer Identities with RightAccount™ Fast, accurate, and secure bank customer identification Protect your customers and your institution Financial services customers need to feel safe and secure knowing that their identities are protected for each and every transaction. In a world where fraud and identity theft are increasing security concerns, bank patrons expect that their financial service institutions are investing in modern technology that can quickly, accurately, and securely verify their identities and protect their assets. What is RightAccount™? Our RightAccount™ multimodal biometric identification solution is built with our award- winning Bio-Plugin™ identification management software and helps to safeguard against the rise in identity theft and fraud by positively authenticating customer identities directly at the point of service. RightAccount™ www.m2sys.com© 2014
  2. 2. The number one reason behind bank fraud is the customer identity theft. • An approximate 10 million people are victims of identity theft every year. • There are 19 new victims every minute of every day. • Bank ID theft is increasing at an alarming rate and is affecting millions of people. • The majority of identity theft incidents (85%) involved the fraudulent use of existing account information, such as credit card or bank account information. • Victims who had personal information used to open a new account or for other fraudulent purposes were more likely than victims of existing account fraud to experience financial, credit, and relationship problems and severe emotional distress. Source: Identity Theft - Facts and Figures Identity Theft & Bank Fraud Facts and Stats Fraud and ID Theft A Rising Concern www.m2sys.com© 2014
  3. 3. • Financial institutions incurred $955 million in losses due to debit card fraud in 2010 – a 21% increase from the $788 million in losses incurred during 2008. • In 2011, 59% of the more than 37 billion debit card transactions that were made were verified by signature, 85% of all fraudulent debit card transactions involved signature “verification,” and $1.15 billion of the total $1.35 billion in debt card fraud losses (85%) stemmed from signature debit card transactions. • Identity theft is a form of fraud that often results in unauthorized credit card and debit card transactions. There were 13% more cases of identity theft in 2011 than in 2010, yet the costs incurred by consumers actually represented a 44% decrease over the course of the previous eight years. Source: Credit Card & Debit Card Fraud Statistics Bank Fraud Statistics The Negative Effects of Bank Fraud www.m2sys.com© 2014
  4. 4. Seamless integration into existing banking software Establishes a concrete audit trail for customer financial transactions Eliminates risk associated with password or signature based security Improves customer service and brand sentiment Features of RightAccount™ RightAccount™ Helps to Prevent Fraud www.m2sys.com© 2014
  5. 5. RightAccount™ enrolls customer based on fingerprint + finger vein pattern (when used with M2-FuseID™ device) Customer scans a finger Employee opens the new customer account opening screen Bank employee logs into the core banking application RightAccount™ prompts for customer finger scan – locks all other operations New account opening screen continues Audit trail created Customer enters the bank and is directed to bank employees for account transactions We recommend our M2- FuseID™ “smart” finger scanner as the biometric modality. RightAccount™ Workflow www.m2sys.com© 2014
  6. 6. Step 1 • Customer enters bank and is directed to bank employees for secure transaction. Step 2 • Bank employee logs into the core banking application. Step 3 • Employee navigates to inter-bank fund transfer screen. Step 4 • RightAccount™ prompts for customer biometric scan – locks all other operations. Step 4 • Customer scans a biometric. Step 5 • RightAccount™ authenticates the customer based on biometrics, creates audit trail. Step 6 • Inter-bank fund transfer operation continues. How Does RightAccount™ Authentication Secure Bank Transactions? www.m2sys.com© 2014
  7. 7. Here are some benefits of using RightAccount™ for customer authentication: • Establish safe and secure transactions by protecting customer identities with their unique biometric features like fingerprints and finger vein patterns. • Improve customer service by eliminating the risk of sharing personal information over unsecured telephone lines with the use of voice biometric for customer authentication. • Reduce identity fraud at the point of service by providing biometric authentication on mobile phones. Why Adopt RightAccount™? www.m2sys.com© 2014
  8. 8. 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