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How Saven Financial Keeps Your Savings Secure

Man drinking coffee, logs in securely to his Saven Financial account on his phone

In the digital era, proving our identity online has become a critical challenge. The traditional password system is no longer sufficient, given the advanced tactics of hackers and the alarming rate of data breaches. This reality demands a more sophisticated approach to protect our sensitive information. Saven Financial is at the forefront of addressing this issue, offering a secure yet convenient banking experience tailored to your needs.

Beyond Passwords – keeping you safe at Saven Financial

At Saven Financial, we recognize that passwords alone fall short in providing the robust security required in today's digital landscape. That's why we've transcended traditional methods to introduce a cutting-edge login system. Incorporating state-of-the-art security practices, our system ensures the safety of your accounts against contemporary online threats, all while maintaining ease of use.

Multi-Factor Authentication – like multiple locks on a door

We mentioned that traditional passwords alone aren’t enough to keep your accounts safe in today’s world. At Saven Financial, we take a more robust approach with multi-factor authentication (MFA). Think of it like having multiple locks on a safe door. The more layers of security you have, the harder it is for someone to break in and steal your valuables. In the case of online banking, your valuables are your financial information and your hard-earned money.

How does Saven do MFA?

We use a combination of factors, which include:

  • Something you have: In our case, this is your registered phone. It ensures that login attempts only come from an approved device.

  • Something you are: This includes things like your fingerprint or facial recognition. These unique traits are challenging for hackers to fake.

  • Something you know: This could be a PIN or a one-time code sent to you. Even if someone else gets your device, they need this extra knowledge.

Identity Management – it’s all about you

MFA makes it hard to pretend to be you by requiring multiple pieces of evidence. Saven Financial's identity management takes this a step further. Our system goes beyond just what you provide (passwords, fingerprints, etc.) and actively verifies who you are based on patterns and behaviours. Think of it as recognizing a friend not just by their voice, but also by their mannerisms and way of walking. Even if someone steals your phone or figures out your PIN, it's unlikely they'll be able to mimic your unique habits when interacting with the system.

How does it know it's you?

Without getting too technical, our system pays attention to things like:

  • Your usual devices: Do you typically log in from your phone or laptop? The system recognizes your "approved" devices.

  • How you interact: Your typing or scrolling habits are unique. The system creates a profile of these habits to spot anything unusual.

Why does this matter?

Let's say someone steals your phone and manages to crack your lock screen PIN. Identity management adds another layer of defence. If they're logging in from an unfamiliar location (like a different city or country) and their typing patterns don't match yours (they might type slower or make more mistakes), the system can flag the attempt as suspicious and potentially block them. This makes it much harder for thieves to use your stolen information, even if they have some pieces of it.

Zero Trust – trusting you once isn’t enough

Saven Financial's approach to login security incorporates a principle called "Zero Trust." This means that even if you initially pass the checks with things like your device and your fingerprint, it doesn't give you unlimited access forever. At an airport, even after passing through the initial security checkpoint, you might need to show your ID again at the gate before boarding.

Zero Trust at login

We take this Zero Trust approach seriously throughout the login process. Each time you confirm one of the factors - whether it's your registered device, fingerprint, or PIN - it's like re-showing your ID at an additional checkpoint. This multi-step verification makes it extremely difficult for someone to hijack your session, even if they manage to steal some of your initial information. For example, let's say a hacker gains unauthorized access to your registered device. Because Saven requires additional verification steps during login, like your fingerprint or a PIN, having the device alone won't be enough to gain access. Even if they manage to steal both your device and fingerprint, they’d still need to know your PIN to get through that additional checkpoint. This layered approach significantly reduces the risk of unauthorized access compared to a system that relies solely on a single factor, like a password.

Defence in Depth – building a fortress for your savings

Saven's layered security approach is like building a medieval castle. Just a single wall doesn't protect a castle. It has a moat, outer walls, inner walls, towers, and more! Each layer makes it harder for attackers to reach their target. Saven's multi-layered security works the same way.

  • Initial checks(MFA): These are like the outer defences of your castle – the solid walls and the moat that make it difficult to get in.

  • Identity Management: This acts like the archers and watchtowers. They look for unusual activity that suggests attackers have breached the perimeter.

  • Zero Trust: This is like having guards inside the castle, checking credentials at every gate. Even if attackers pass the first layer, they'll encounter more obstacles.

Why do layers matter?

Let's say a hacker somehow finds a secret way over your castle walls (breaking one part of your security). With multiple layers of defence, they'll likely be stopped by another layer of guards or face unexpected obstacles. In the same way, even if one layer of Saven Financial's security is compromised, the other layers continue to protect your account. Defence in depth limits how much damage a hacker can do and increases the chances of catching them.

Your Security, Our Priority

At Saven Financial, we are unwavering in our commitment to safeguarding your banking experience. By blending robust security measures with user-friendly access, we ensure that your financial assets and personal information are well-protected. While no system can guarantee absolute security, our multi-faceted defense strategy offers a level of protection far surpassing traditional methods which were reliant on mere usernames and passwords. With Saven Financial, you can bank with confidence, knowing that your security is our top priority.

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