Securing and Enabling the New Digital Banking
The old economy is made up of transactions - the exchange of value between two trusted parties. It's a question of trusting the person you're transacting with. It is facilitated by a physical trust ecosystem - bank branches, cheque books, EMV credit cards, cash and KYC processes that depend on a signature and a face-to-face check. The new digital economy has led to a shift in the payments process. Newer technologies such as digital banks, payment wallets and tokenized credit cards have enabled faster, cheaper and more convenient transactions. But they are having difficulties ensuring that the real identity behind the digital identity is authentic and not that of a threat actor.
Establishing trust in this new digital economy first requires security - a secure root that is worthy of trust. With a secure root of trust, digital identities can then be established more safely, with far greater convenience and much higher accuracy, all while reducing total cost of ownership.
The session will discuss:
- How a secure foundation can increase business opportunities;
- Use cases for the digital secure ecosystem that aren't possible on a physical smart chip;
- Security through device-based biometrics, universal digital identities, and micro-risk engines that are embedded directly within the mobile app, reducing 95 percent of the load on cloud-based fraud engines.
Additional Summit Insight:
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