Protecting financial organizations from cyber security threats
Prevent fraud and lost revenue
Key Steps To Prevent Cybercrime & Account Takeover Fraud in Financial Services
Strong authentication is the need of the hour for financial services institutions. Join Osterman Research and Yubico for best practices on preventing cybercrime and account takeover related fraud in the financial services industry.
Prevent cybercrime and fraud with
Yubico helps financial services organizations minimize cyber risk by providing high-assurance MFA for critical business and customer data. By offering differentiated security and the best user experience, financial service organizations can drive high employee satisfaction and new customer growth.
Protect against fraud by stopping account takeovers and targeted attacks
In 2019, the FBI received reports of over $1.7 billion in ‘email compromise’ wire-fraud schemes. Research by Google, NYU, and UCSD based on 350,000 real-world hijacking attempts has proven that secondary emails, on-device prompts, SMS codes and phone numbers aren’t as effective as a security key in preventing account takeovers and targeted attacks.
YubiKeys help financial service organizations protect against fraud by stopping account takeovers and targeted attacks, and the YubiHSM helps protect against cyber breaches by ensuring cryptographic hardware security for business-critical servers and applications.
Enhance security for all PII data and systems
Most banking infrastructures have a mix of legacy on-premises and private or public cloud-hosted services. Regardless of where your applications and data reside, you need to ensure they are protected against unauthorized access.
YubiKeys offer high-assurance MFA for employees, contractors and privileged users, so only authorized users have access to PII data and critical systems like payroll and trading. YubiKeys integrate seamlessly with existing IAM solutions such as Microsoft, Okta, Duo and Ping, and provide secure authentication for hundreds of applications and services.
Meet compliance regulations and security audits
You need to ensure compliance to various industry regulations including FFIEC, NYDFS Cybersecurity Regulation and NAIC mandates that require MFA for protected access to sensitive data.
The YubiKey enables strong MFA of users before providing access to sensitive and PII data, keeping financial services organizations compliant with existing and emerging regulations including SOX, PSD2, PCI, FIPS, and GDPR.
Grow your customer base by offering differentiated security
Some financial services organizations today have implemented low-security second factor authentication methods for web and mobile banking, while some are still using password-only authentication. Security questions, SMS codes and push notifications aren’t resistant to account takeovers and don’t offer the best security for your customers.
Show customers that you value security and privacy by offering modern and high assurance authentication such as FIDO2/WebAuthn security keys. Drive new customer acquisition and high customer retention by offering strong MFA with the YubiKey, to protect customer accounts against phishing and account takeovers.
Drive employee and customer adoption with the best user experience and convenience
Waiting for push notifications or typing in one-time passcodes from SMS and email isn’t the best user experience or security, especially when cellular signal is weak or unavailable.
Offer best in class user experience to employees and customers with the YubiKey. A single security key conveniently works across laptops, desktops, shared workstations/access terminals, mobiles and tablets, and offers a user experience that is 4 times faster than SMS. To authenticate, users simply tap/touch their security key, and no cellular connection is required.
Rapidly integrate strong authentication into your products and services
Enabling strong customer authentication with the YubiKey doesn’t require a rip and replace of your existing architectures.
With WebAuthn, developers can rapidly integrate strong authentication and support for YubiKeys into your products and services across web and mobile applications. The Yubico Developer Program provides developers with extensive FIDO U2F, and FIDO2/WebAuthn resources.
Case in point:
Large financial corporation
Large Financial Corporation specializing in credit cards, auto loans, banking, and savings accounts, and ranked in the top 10 largest banks in the United States by assets.
- Call Centers – Needed to secure global workforce with shared workstations; secure front-line to customers with sensitive PII & PCI data
- Retail Workers – Needed a fast and seamless login in order to deliver efficient customer service
- Privileged Access – Required protection for data accessed by executives, knowledge workers and other privileged users
- Ease of Use – YubiKey enables rapid login and supports response-time SLAs
- Low TCO – Supports OTP, with plans to adopt modern authentication approaches such as FIDO U2F as well as smart card PIV all with one single security key for low TCO
- IAM Integration – Support single sign-on and federation with existing IAM backend
- 140,00 total accounts secured, including 118,000 privileged accounts
- Call Center response time SLAs supported
- Reduced support incident burden on Central IT for security key registration
“We believe that by using this token we’ve raised the standard of security for our employees beyond what was commercially available.”
“Those using the YubiKey for two-factor access appreciate the quick login capabilities.”
Financial services case study
The company incorporated strong two-factor authentication to protect systems from being compromised.
Getting started with strong authentication in financial services
Best practices for implementing the YubiKey for fast, easy and strong authentication.
Essentials for Enabling Strong Authentication in Financial Services Call Centers
Call center environments can greatly benefit from a secure, yet simple approach to verification.