CIOTechOutlook Team | Thursday, 13 March 2025, 03:15 IST
The banking industry, facing unprecedented levels of fraud, is losing six to seven figures of revenue annually. Many attacks leverage social engineering tactics to exploit traditional security through the use of passwords and two-factor authentication.
The Smart Eye Technology product in biometric authentication guarantees continuous user verification for safe digital transactions while disposing of the risks in credential theft or session hijacking. Smart Eye Technology provides facial recognition and multi-biometric security to continuously authenticate the user throughout their banking sessions.
Smart Eye adds another layer of security for bank employees who access digital banking platforms, especially when it comes to high-risk functions, like wire transfers, ACH payments, and Zelle transactions.
The community banks could have biometric authentication installed by Smart Eye for internal uses by the employees via bank-issued devices.
"The Smart Eye product is a game-changer for banks looking to enhance their security posture," said Dexter Caffey, Smart Eye Technology. "We are excited to work with Finov8r to bring this advanced fraud prevention solution to community banks nationwide."
"Community banks are in need of effective fraud prevention solutions," said Allan Rayson, Finov8r. "By integrating Smart Eye’s technology, we’re introducing a highly secure authentication method that will protect banks and their customers from unauthorized transactions."
