Consider for a moment how different this approach is when compared with how banks and other financial organisations have, throughout most of history, relied on a customer’s signature to establish their identity. Sure, for fans of history (and Game of Thrones) there was also the option of a wax seal and royal or house sigil.
Over time, we’ve added additional layers, such as photos for passports, passwords and encryption (of course, the latter two predate computing by a long way).
With the advent of computing banking has developed additional defences and firewall, antivirus and anti-malware protection have continued to provide critical first line defence.
And, we’ve continued to rely on customers’ signatures; the advances and easy availability of new biometrics technology mean we’ve moved quickly to incorpoate these as additional layers of protection.
Together with other industries and sectors, financial services is committed to working together and sharing real-time information as another way to foil fraudsters, speed up our responses when we are attacked and ensure information remains in the right hands.
Scott Collary is ANZ’s chief information officer.
This article makes reference to portions of his Big Data and Cyber Security presentation at the Crawford Australian Leadership Forum Policy Briefing Breakfast in June.