FB pixel

Financial companies get MFA, right? Right?

Financial companies get MFA, right? Right?

If there is an industry most people would think is on top of things related to identity authentication, it probably would be finance. Apparently, that is not the case.

An authentication services vendor has published a multinational report that alleges financial firms are failing to deal with compromised credentials, an area that vendor HYPR says is the “biggest threat in cybersecurity.”

Eighty percent of financial firms said they had suffered one or more breaches caused by weak authentication in the year preceding the survey.

That is a big number, but according to the survey only one-third of the victimized service firms altered anything about their authentication policies and systems.

Decision makers in large finance IT departments in the United States, United Kingdom and Germany were queried.

The kicker is that 90 percent of those decision makers felt their authentication approaches are mostly or entirely secure.

The other other kicker: 99 percent of respondents told survey-takers that their authentication strategy is inadequate.

The report states that among the conditions making the sector ripe for picking is that too many are operating legacy technologies and systems that are not up to the task.

They’re also operating with faulty information, according to the report, not realizing that using passwords as part of multi-factor authentication strategies does not make passwords more secure. The passwords make multi-factor authentication less secure.

Article Topics

 |   |   |   |   |   |   |   | 

Latest Biometrics News


Stakeholders see digital ID advantages, but work on standards needed, reports suggest

Businesses recognize the potential for digital IDs to revolutionize customer engagement. Approximately 75 percent of respondents to a new Regula…


Footprint makes a mark on ID verification market with $13M series A round

New York-based KYC and digital identity verification startup Footprint has announced a $13 million Series A funding round led by…


Pindrop claims up to 99% accuracy detecting synthetic voice fraud plaguing call centers

Pindrop has released its 2024 Voice Intelligence and Security Report, and its conclusions will come as no surprise to anyone…


Real-time remote biometrics banned in EU with final green light for AI Act

The European Union’s Artificial Intelligence Act received a final green light allowing it to become the world’s first major regulation…


Ethiopian capital Addis Ababa unveiled as host of 2025 ID4Africa AGM

It’s not only the case with sporting events like the FIFA World Cup, or the Olympic Games. The host of…


Ryanair accused of GDPR violations with biometric passenger verification

Travel policy advocacy group eu travel tech has lodged a formal complaint with the French and Belgian Data Protection Authorities…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events