BSGI Benefits to the Financial Industry

Regulatory pressures from sources such as the 2005 Federal Financial Examination Council (FFIEC) Guidelines, Sarbanes-Oxley, and the Basel II Accord are responsible in part for the increasing demand for secure authentication of banking accounts, stronger employee audit trails, and risk mitigation.  Although the regulations do not endorse any specific technology, Biometrics has emerged as a favored approach owing to its capability to accurately link any transaction with an individual’s unique identity.

The dramatic increase in recent years in identity theft is also increasing the adoption of Biometric security technology by financial institutions.  Identity theft is the number one crime in the US.  Last year over 10 million Americans had their identity stolen resulting in losses of over $53 billion.  Additionally, the financial industry has significant exposure to financial losses and reputation risk resulting from data or security breaches.  Over 65% of all IT security breaches result from exposure to internal threats.  Strong identification and authentication are essential to address these exposures.

BSGI Biometric solutions address all three major areas of security concerns within the financial industry – Physical Access Controls, Logical Access Controls (IT networks, resources, and applications), and Transactional Authentication.

With BSGI Biometric Security solutions, financial institutions are able to provide more value and security to their customers and better comply with regulations and risk management guidelines; thereby gaining competitive advantage while experiencing a positive ROI on their security investments through reduced costs and increased productivity.

Contact BSGI today to find out how we can help you gain a competitive edge, lower your exposure to risk, and improve your bottom line.