Biometrics and two-factor authentication will become more popular tactics for mitigating cyber crime risk, a British Columbia credit union executive predicts.
“I feel like I do a lot of biometrics,” said Marilyn Mauritz, chief transformation and governance officer at Vancouver-based Central 1 Credit Union, during a panel discussion at the recent Payments Canada Summit in Toronto.
An audience member asked speakers at the panel – consumer protection in the age of faster payments – what they think is the future for two-factor authentication.
“I think it’s going to grow,” Mauritz replied. “In the last year, what I saw in the banking [and] credit union space – the number of brute (force) attacks, phishing attacks – we’re going to have to do more. We have to find more security features and I think [two-factor authentication] is one of the better ones.”
One method of two-factor authentication involves a confirmation message, Rocco Galletto, a Deloitte Canada partner and cyber security expert, told Canadian Underwriter earlier in a separate interview. The way that works is a customer logs into his or her account and then gets a message on a different…
