Less Time Outdoors Means More Time Online
While COVID-19 continues to spread, people continue to spend less time outdoors and are making fewer trips to shops in order to curb transmission. To circumvent outings, many have opted to conduct transactions online from home – things like online banking, mobile banking, and online shopping have all seen increases. There has been a 30-40% annual growth in people’s online transactions since the outbreak, which is significant in its wider implications.
Public health management awareness has increased due to COVID-19 and in order to reduce the number of outbreaks, banks have actively marketed digital access services such as more feature-rich online and mobile banking options. Multi-factor authentication instruments and systems in financial applications solve time & location restrictions and are also cashless. They can also help us avoid potentially dangerous contact and greatly increase the frequency of public use. However, this pandemic has changed life and our transactional patterns, causing some banks to focus on internet banking while closing some physical branches.
Online Transaction Security
As the public’s demand for online transactions has greatly increased, the importance of internet transaction security mechanisms has become more clear. Traditional verification mechanisms are still mainly based on password input, and are matched via mobile phone text messages or email dynamic password verification. However, the security of these users’ information is still at a very high risk of being cracked and obtained for misappropriation.
While fingerprints have been used as a type of multi-factor authentication, the hardware needed for transportable mass adoption is not available. Fortunately, there is another biometric technology available in our smartphones. Combining the camera and some edge AI software, we can use facial recognition as a secure and reliable second layer of authentication in order to access files, systems, or even make financial transactions.
Facial recognition used as a dynamic and secure form of verification treats each face as a unique access key password. Users can be effectively protected through using this unique biometric (their face) and a deep learning recognition engine. With FR-MOTP from Gorilla Technology, each time you need to access a system or make a transaction, your password is the first line of defense and your face is the second and more unique key to making secure transactions.
Considering the importance and frequency of the many online transactions we make, it’s apparent that multi-factor authentication should be used whenever possible. When facial recognition multi-factor authentication is used regularly, every transaction is made safe and the overall security level of digital transactions on the internet is improved.