Unsecure password-only authentication is a thing of the past. With users having to remember so many passwords for their different online accounts, passwords have become increasingly predictable, leaving you vulnerable to identity theft and fraud.

NBF is now moving beyond using passwords for protection to a new form of state-of-the-art biometric authorisation - a quicker, simpler and safer means of verifying your identity on online banking.

Biometrics are automated methods of recognising individuals through their biological characteristics and traits such as fingerprints and facial recognition. Biometric characteristics are unique and therefore difficult to forge.

Introduction to password replacement technology

Through the introduction of the NBF Corporate Access mobile app, we have enabled password-less verification - a form of multi-factor authentication that replaces your password with a secure alternative.

This type of authentication requires two or more verification factors to sign in that are secured through encryption.

Users have the option to either sign in directly via biometric recognition - such as a fingerprint scan, facial recognition or with a PIN that’s locked and secured on the device.

The benefits of biometric log in:

  • You no longer need to remember or change passwords
  • You can securely access your online banking at anytime and anywhere via your mobile, tablet or PC/laptop
  • Real-time detection and prevention from most types of online fraud for example phishing
  • Enhanced user experience for quicker digital banking
  • Flexible business workflows – the authoriser can conveniently approve transactions from their mobile phone
  • An advanced machine learning capability to understand your patterns of usage and provide you with a more intuitive service
  • The establishment of secure employee authentication, accountability and a concrete audit trail of each transaction

Common misconceptions

Isn’t a PIN the same as a password?

A PIN looks much like a password, which may lead people to equate them. However, it’s not the structure of the PIN that makes it better, but rather how it works. A PIN is tied to the specific hardware device it was set up on. Without the device, the PIN is useless. If someone stole your PIN and wanted to sign in to your account, they’d need your physical device too.

 Can’t a biometric access system get hacked?

NBF understands how critical it is to protect your biometric data from theft. For this reason, your “biometric signature” is secured locally on the device and shared with no one but you. Plus, your signature is only used to unlock your device and never to authenticate you over the network. As it just stores biometric or PIN identification data on the device, there’s no single collection point an attacker can compromise to steal biometric data. While biometric authentication is not 100% foolproof, it is the strongest protection that exists in cyber security today.