Online banking allows a bank or financial institution’s customers to conduct transactions electronically via the internet. These transactions may include viewing the status of accounts and transaction history, transfer funds, pay bills and make other financially-oriented requests.
In the online banking space, customers expect that the financial institution will provide the highest levels of security, ensuring that personal information, funds and other relevant documents remain secure and private.
To address security and privacy concerns, most financial institutions have implemented additional security controls. These controls are typically designed to be relatively easy for the customer to use while providing the level of security and privacy that is demanded.
Financial institutions may utilize a variety of solutions to secure online banking including:
- Replacing user name and password with strong identity-based two-factor authentication
- Using digital push authentication that allows customers to authenticate access requests and transactions with their mobile devices
In the dynamic and fast-paced world of finance, banks and other financial institutions will constantly seek to keep pace and implement advanced secure identity solutions. IdenTrust and HID Global can help!