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Mobile banking (mbanking) has quietly emerged as a critical and inevitable weapon in the ongoing battle to retain customers and reduce expenses. Mobile transactional costs are lower than desktop transactions and represent the fastest growing portion of the consumer financial service business. In fact, many customers will willingly switch allegiances to financial service institutions that offer the convenience and speed of mobile banking versus brick and mortar transactions only. However, the precipitous rise in mobile financial service applications comes at a cost. Many consumers are skeptical that mobile platforms and mbanking applications are equipped with the proper security measures to turn their phone into a strong authentication device. As younger generations demand expanded mobile financial service applications, the need for the industry to demonstrate a commitment to increasing the security of these transactions is rising rapidly.
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mVerify™
mVerify™ is an innovative mobile banking solution, built
with our uTrinsic™ Identity Management Platform
technology created to understand and identify bank
customers by targeted credentials in different
environments. mVerify™ supports multi-modal mobile
identification of biometric credentials such as fingerprint,
finger vein, palm vein, iris, voice biometrics, and smart
cards.
Secure Authentication for Mobile Banking Customers
www.m2sys.com © 2014
The Rise of Mobile Banking
$670 billion in mobile payment transactions by 2015 [Source – Juniper Research]
22.47% CAGR mobile banking market growth by 2012-2016 [Source - Companiesandmarkets Report]
1 Billion worldwide mobile banking subscribers by 2017
12% of mobile phone owners make payments via their devices [Source - Federal Reserve Report ]
400 million people performed mobile banking in 2013 [Source – Juniper Research]
(Source – Juniper Research)
www.m2sys.com © 2014
The Rise of Mobile Banking
[Source – Pew Research]
[Source – EYGM]
www.m2sys.com © 2014
Threats to Mobile Banking
614% increase in mobile malware in 2013 [Source – Bullguard Statistics]
5.6 million potentially malicious Android files in 2013 [Source – APWG Report]
9% of the $1.744 billion in 2012 financial fraud losses from
online/mobile banking was in the USA [Source – ABA Survey]
72% of UK mobile users believe mobile banking is insecure due to
privacy and fraud concerns [Source – Juniper Research]
[Source – Empathica Research]
www.m2sys.com © 2014
Benefits of Using mVerify™
Allows financial firms to leverage strong customer
authentication
Provides tight OTP and challenge/response
security enabling strong remote authentication
Permits end users to utilize several different
devices and/or login credentials
Supports a broad portfolio of end user devices
and applications simultaneously
Offers more sophisticated and stronger layers of
authentication against cyber crime
Supports multi-modal biometric authentication
www.m2sys.com © 2014
Mobile banking has quietly emerged as a critical and inevitable weapon in the ongoing
effort to retain customers and reduce expenses. mVerify™ allows financial service firms to
use one or a combination of biometric identity credentials to establish a higher level of
authentication environment for any mobile phone or smart device peripheral.
M2-FuseID™ Smart Finger Reader
M2-FuseID™
M2-FuseID™ is a next-generation fingerprint reader delivering optimal security and reliability
with advanced finger imaging and liveness detection that is specially designed for high
security environments such as banking and financial services.
M2-FuseID™ Key Features
Capture fingerprint and finger vein in a single touch Liveness detection technology to prevent spoofing FBI-compliant 500 DPI fingerprint image resolution The only device to perform both 1:N and 1:1 matching High-level encrypted data transfer across USB
www.m2sys.com © 2014
Corporate Headquarters:
1050 Crown Pointe Pkwy. Suite 850
Atlanta, GA 30338 USA
Asia Office:
House-279, Road-19, Mohakhali DOHS,
Dhaka 1216 Bangladesh
E-mail: [email protected] Phone: +1 (770) 393 0986 Website: www.m2sys.com
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Contact Us
www.m2sys.com © 2014
