Invisible authentication in digital finance

Reduction in use of passwords can hamper implementation of digital finance activities that customers perform online. Even though the prospect of removing passwords sounds challenging, it is practically achievable. The secret to solving this challenge is invisible authentication. Invisible authentication refers to the concept of getting to really know your users and their interaction with your applications.

Passwords are inherently vulnerable, as they are constantly used for authentication and can often be discovered or interpreted via social media or other means, thereby rendering the consumer subject to fraudulent transactions in digital finance.

Researchers have recently developed an invisible authentication system that aims to tackle privacy issues by reducing the reliance on passwords, which are today the primary means of verifying identity. Instead of passwords, participants will be able to identify themselves with one-time passwords or fingerprint biometrics, rather than committing static passwords to memory. Experts are also piloting commercial tests for facial and voice recognition apps for authenticating cardholders, and conducting trials of a wristband that can authenticate a participant through their unique cardiac rhythm.

Working with invisible authentication in digital finance

Behavioral Profiling

Behavioral profiling aids your digital channel by automatically learning each of your users. This includes devices that each customer uses, login times, login locations, in-app activity, and navigation patterns. Moreover, this process also includes understanding the authentication steps each customer takes and how it impacts their experience. Based on the customer’s behavioral profile, the software can make smart decisions for minimizing friction. It also monitors customer activity inside applications and disables the need for interactive authentication as long as that customer remains within safe boundaries. If the customer steps out of these boundaries, primary or secondary authentication processes are triggered.

REST APIs

REST APIs in invisible authentication systems are able to connect any channel application with invisible authentication and other state of the art authentication techniques. By integrating this API into your application, you can put your customers first and establish a proactive authentication process. REST APIs facilitate the connection of an authentication process to a central brain that understands the best way to reduce friction and improves the experience of each of your customers.

Once your applications are connected to invisible authentication platform, you can go ahead and build the desired user experience from a central interface. Through this interface, you can decide which applications can use invisible authentication, when, and how, and based on which conditions.