Adoption of biometric authentication can be the solution to curbing rampant online fraud that has dogged the financial sector.
According to Luqman Balogun a director at Daon a financial IT service provider, use of finger prints, facial recognition are much safer security option compared to security codes that have been frequently hacked, with some financial intuitions losing millions of shillings in the process.
Latest statistics from Communications Authority of Kenya indicate that its incident response centre detected growing cases of malware, web application attacks, system misconfiguration and online abuse.
As such CA issued 14,078 cyber threat advisories to the affected organizations, in the first half of 2019. This is in line with tech firm, serianu’s latest report that warned of increased cyber threats especially in the financial sector.
The report further indicates that Kenya lost 29.5 billion shillings to cybercrimes in 2018. To this end experts in the digital space are calling for adoption of biometric authentication for identity assurance.
Combination of Biometric and identity capabilities such as facial recognition, on boarding checks is expected to deter fraud as well as increase service delivery through seamless account recognition processes.
With the ever growing cyber threats especially in the financial sector many firms have opted to invest massively in cybercrime protection strategies in the process creating job opportunities for software developers in the country.