A crucial part (perhaps THE CRUCIAL PART) of mobile banking security does not take place on the device side but on the bank or financial services providers side...
Nicosia, Cyprus (PRWEB) August 04, 2013
Banking goes mobile. With it is the Online ID and authentication applications market. According to the recently released ABI Research forecast, software applications will account for 81% of the total market in 2018, as compared to a mere 22% in 2012. (http://www.marketwatch.com/story/anywhereanytime-access-to-online-banking-solutions-driving-increased-uptake-of-mobile-platforms-says-abi-research-2013-07-26)
However, this interesting research looks at only at “Mobile device security” while it is evident that a crucial part (perhaps THE CRUCIAL PART) of mobile banking security does not take place on the device side but on the bank or financial services providers’ side…
Customer acquisition and onboarding as well as other financial services and actions require, by KYC regulations, the verification of customer identity and personal data based on a government issued ID document. In the mobile space, this means examining the authenticity and verifying and screening personal data based not on the customer’s original ID document. In the online space, banks and financial services providers are required to do both authentication and data extraction and screening based on an image of the alleged document that has been produces by the customer himself using common devices such as a smartphone camera or office scanner and submitted online. For obvious technical as well as security and privacy reasons, these processes cannot be carried out by the mobile device alone.
AU10TIX, a subsidiary of ICTS International N.V., is a forerunner of multi-channel ID authentication and record generation. AU10TIX is a forerunner of bridging the gaps of ID image authentication and conversion via advanced image processing and decision analytics. The company’s BOS (Back Office Service) has been specifically designed to meet the challenges of processing images of ID documents provided by customers via online channels. Any online banking and financial services providers is well aware of the challenge of handling images of every conceivable quality and quality a quite a lot of “garbage”. Among the most important advantages of AU10TIX BOS are its ability to pre-screen unusable files, improve the quality of images of marginal quality, and adapt test sets to the document type and image condition. AU10TIX BOS is already deployed in various types of online financial services, reducing the dependence of slow, costly and often inefficient manual handling.
“Identity documents and customer data are a sensitive thing”, says Ron Atzmon, MD of AU10TIX: “You want to get it right and adhere privacy and security regulations, but at the same time be able to respond to customer requests as quickly and accurately as possible. Till recently, your main option was a costly back-end operation that had to go through every single image, where it is indeed a workable image of a genuine ID document or a nice picture of a sunflower in the field… What AU10TIX BOS does is take much of that load off your team. It enables the team to react faster and more efficiently on viable customers, reduce data entry errors and benefit from another layer of security checks. These benefits cannot be underestimated by any online service provider, let alone in the banking and financial services markets.”
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents, including: Passports, identity cards, driving licenses and other complementary identifying documents. The company specialises in implementing hardware & software based applications used for scanning, identifying and acquiring identity documents, authenticating them and their owners, in real-time. The company's products drastically reduce identity and document based fraud in organisations, reducing the costs associated with processing clients, improving compliance competence and effectiveness with related regulations, while making the sales and support operations more efficient. For more information, visit http://www.au10tix.com.
About ICTS International N.V.
ICTS specialises in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customised training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process. For more information, visit http://www.icts-int.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company’s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s expectations or future events.
Ofer Friedman, Director of Marketing
Tel.: +972-50-4 71 71 50
ICTS International NV
Alon Raich + 00-972-974-47770