The document discusses biometrics as the future of authentication for banking and payments. It notes that cybercrime is a growing threat and that recent hacks have compromised banking systems and stolen hundreds of millions of dollars. Biometrics can provide simpler, faster and stronger authentication compared to traditional passwords or tokens. The future of digital banking and security is predicted to be mobile-based using biometrics for identity verification and authentication on smartphones. A cybersecurity policy framework is also outlined that focuses on identifying threats, protecting systems, detecting issues, and responding to incidents.

1. Asian Financial Services Congress 2018
BIOMETRICS
THE FUTURE OF AUTHENTICATION
- HYPE AND REALITY -
by
Tony Chew
Industry Consultant
Cybersecurity & Biometrics

2. The cybersecurity threat landscape has become
more menacing, malignant and malevolent.
Security strategy: identify, protect, detect and respond.
2
Cyber-crime is escalating and no industry,
business or institution is immune

3. FICTION & FUD
CYBER CRIME COST ESTIMATE AND PREDICTION
2009 $1 TRILLION
2015 $3 TRILLION
2021 $6 TRILLION
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4. 4

5. 5

6. HACKING SWIFT PAYMENT SYSTEMS
6

7. 7
Union Bank of India Swift Payment System
was hacked in July 2016
$171 Million
SWIFT SYSTEM VULNERABILITIES: DEFICIENT 2FA; DEFECTIVE PAYMENT ENVIRONMENTS
Far Eastern International Bank
Taiwan, October 2017
$101 million
- February 2016

8. security
8

9. Smart token
Hard token
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MOBILE &

10. 10

11. Simpler, faster and stronger
WHY WE NEED BIOMETRICS
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12. I D E N T I T Y V E R I F I C A T I O N
PATTERN / VEIN /
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13. Deployment of Biometrics in Banking
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Eye
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14. 14

15. 15
PASSWORD

16. 16

17. 17

18. Mobile Device Security
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Device Binding
Jailbreak and Root Detection
HSM Emulation
Push Notification / Secure Messaging
Geolocation Security
Face Authentication
Voice Authentication
One-Time Password
Transaction Signing
Eye Authentication
Fingerprint Authentication
MOBILE
BANKING
&
PAYMENTS
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19. The Future of Digital Security
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The future of digital banking is mobile banking based on the
omnipresent smartphone
The future of digital security for mobile banking and payments is
biometrics
Together, the smartphone and biometrics will change the way we
do banking and payments
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20. Identify internal and external threats.
Adopt protect-detect-respond security strategy.
Establish strong access and identity management controls.
Deploy business continuity and rapid recovery capabilities.
Enforce data governance and customer data privacy policies.
Fulfill all regulatory compliance and reporting requirements.
CYBERSECURITY POLICY FRAMEWORK
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Make the Chairman, CEO and EXCO jointly and severally
responsible for cybersecurity and risk management

21. BIOMETRICS
THE FUTURE OF AUTHENTICATION
HYPE AND REALITY
by
Tony Chew
Industry Consultant
Cybersecurity & Biometrics
tonychew8@me.comAsian Financial Services Congress 2018