Biometrics in Banking: Central Database To Blacklist Fraudsters

Data breaches in banking has seemingly become a regular occurrence all over the world. Till most recently a majority of banks and financial institutions relied on old password based security systems which make things effortless for fraudsters to breach banking data. Banks have already lost millions and are now looking for a stable solution against the data breach problem.

Biometrics in Banking

Biometrics in Banking Pixabay

The United States has faced all-time record high of 1,093 data breaches in banks this past year alone. This is an increase of 40% in 2016 from last year, reported by the Identity Theft Resource Center (ITRC). You may have heard of Tesco, a British retail bank that was affected by a massive data breach of their 40,000 accounts and even had money fraudulently withdrawn from 20,000 accounts.

Another notable incident was JPMorgan Chase’s case in 2014 where personal information from 76 million households and 7 million small businesses were affected which ultimately ended up costing them over $1 billion. Cybercrime in commercial banking is rapidly increasing in Nigeria, card fraud has increased by 13% reported by South African banking industry, which had costed 25.3 million U.S. dollars in 2015 and up to 28.6 million dollars in 2016. Bangladesh’s banks are also facing hi-tech ATM fraud hacking. This is just the tip of the iceberg, there are reportedly hundreds of incidents of data breaches in banking alone.

Investors and executives are taking several steps in order to ensure these persistent attacks do not occur as frequent as they have. The Bankers Committee of Nigeria has noted that they will implement a central e-fraud database to blacklist suspected fraudsters. To do this, every bank checks against a central biometrics database before opening an account. Nigerian banks also agreed to implement such technology in order to streamline this process.

Mr. Herbert Wigwe, the Managing Director/Chief Executive of Access Bank Plc, said:

“Part of the deliberation was that there is need to create a central depositary which is a database of suspected fraud through the system.”

“Once that data base is set up and there is suspected case going through the system we can have ways of ensuring there is strong deterrent for people who are known as fraudsters within the system”, he added.

CloudScnr

CloudScnr

M2SYS Technology has also provided biometric technology to combat fraud in banking. Arig Bank of Mongolia is using finger vein technology to authenticate more than 400,000 customers. Unibank of Haiti has also implemented fingerprint biometrics from M2SYS to tighten their security. Costa Rican conglomerate, Grupo Monge deployed M2SYS’s Biometric banking solution for customer identification in their micro credit loan system.

It is already proven that biometric solution is the most promising solution to prevent bank fraud. Financial organizations can protect branch banking, online banking, ATM networks, and mobile banking through biometric solution. To gain the customer trust banks should grab the most secure biometric solutions at the same time it has to be convenient too.

Hamad International Airport Reveals Biometrics Plan

Don’t be surprised if your passport remain unused when passing through the Hamad International Airport (HIA) boarding, because they are going to adopt biometric face verification soon on the platform.

Biometrics in Airport

Biometrics in Airport Pexels

Hamad International Airport (HIA), the international airport of Qatar has planned to implement biometric and other emerging technologies including robots, blockchain, augmented reality (AR) and virtual reality (VR) etc. to achieve their vision of “Smart Airport”.

Based on what public knows, HIA’s key plan is to advance HIA’s initiative to implement seamless biometric identity management across all key passenger service points. More specifically, the HIA has a desire to completely upgrade the passengers experience in airport by reducing the lengthy verification process. We really hope this changes everything and make passenger flow becomes like CLEAR program in USA.

Suhail Kadri, the Vice President Information Technology, Hamad International Airport said that the implementation of biometric technology will help to enable us to become a fully digital airport. Today, passengers departing from HIA have to show their boarding pass and/or passport at multiple touch-points but the use of facial recognition technology will remove the need to present physical documents. – If HIA select wrong vendor or implement wrong process, this project will be doomed like many other before them – Please don’t mess up.

Kadri added that, “Once you’ve registered the first contact at the airport, from then onwards all you need to do is show your face at check-in, self-bag drop, pre-border control, immigration and ultimately at the boarding gate”. – sounds like our RightPatient, the biometric patient ID initiative. With RightPatient, once patients are registered, they will never have to show any ID for admission or any procedure in the hospital. AWESOME.

“This, if you imagine, will completely transform how you experience the airport today.”

“Your face becomes your passport.”CloudApper

e-gate project in Australia also were motivated by eliminating paper passports. They would be the first country who implements touchless biometric scanning at every international checking points to advance its current “Seamless Traveler” program. It’s a two step verification, at first the system will check if you are eligible or not, then facial recognition technology will be used to process passengers using ePassports.

Read How Biometric SmartGates Improve Border Security and Airport Efficiency

Biometrics in middle east is really hot! Besides many awesome projects, M2SYS also provided single sign on solution to the Dubai immigration system. Airports are the first border control solutions we are observing, but as time goes and network becomes stable, we will witness major surge of biometric adoption – can’t wait!!!

Fujitsu tablet with integrated PalmSecure sensor

Fujitsu’s ruggedized tablet comes with serious security – palm vein biometrics powered by an integrated PalmSecure sensor.

More and more tablets and mobile devices are ramping up security with biometrics – almost all major smartphones are now equipped with some kind of biometric sensor or scanner. Apple just shocked many by introducing face biometrics in place of their fingerprint scanner, the technology apple paid over $350 million for several years ago.

M2SYS_Palm_MobileWhen taken with an infrared camera, face recognition becomes a rock solid biometric modality. Tech giants switching from fingerprint to face now validates why M2SYS always believed in underlying hybrid biometric technology – each biometric modality works differently in different environments; there is no “one fits all” approach in biometrics. That’s why we invented a solution and platform that lets our partners plug in different forms of biometrics as their business and product matures, without the need to rewrite any code. Can you believe that someone thought of this approach many many years ago? That’s M2SYS.
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Cloud Biometrics: Conveniently Safeguarding Our Data For The Future

The definition of cloud computing is recognized as a model that enables ubiquitous, convenient, on-demand network access to a broad number of computing resources, such as: storage, networks, servers, services, and applications that can be provisioned quickly and released with little to no interaction from service providers and minimum management effort. Cloud computing is a field of computer networking which is presenting opportunities to use infrastructure, hardware, or application as a service. Organizations and companies are looking into cloud computing for its cost effectiveness, security options, and as a reasonable solution for their needs. It should be noted, using a third party for cloud services does raise some security concerns as well. Continue reading →

How Biometric Authentication Is Transforming the Security of Cloud Computing

cloud biometrics

The rising use of cloud based biometrics is quickly becoming an indispensable part of businesses. (Photo by Timothy Muza on Unsplash)

The following guest post on the rise of cloud biometrics was sumitted by Jackie Edwards.

When you’re in charge of information security for your organization, the idea that employees can access information anywhere might make you squeamish. Yet, cloud computing continues to grow and is now an indispensable part of any business that wants to stay mobile. So, what can you do as a CIO to keep your data protected? Biometric authentication is here to add extra security to cloud computing.

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How Biometric Tech is Beneficial to Financial Security

biometrics for financial security

A rise in data breaches is prompting many banks and financial institutions to adopt biometric identification technology for customers and staff. (Photo courtesy of flickr).

The following guest post on the use of biometric technology for individual identification in banking and financial services was submitted by Maricel Tabalba.

A significant increase in data breaches in the past few years has urged many financial institutions to consider using biometric security. The Gemalto breach level index showed that there were 1,540 credit card related data breaches in 2014. Additionally, the Consumer Sentinel Network stated that the number one complaint in their database were concerns regarding identify theft. Continue reading →

How Biometric Authentication Works

Security is an ever-present concern in today’s world. Increasingly, we are seeing how biometric
authentication, such as fingerprint identification, facial recognition, or DNA, is being used to enhance security systems.

Thanks to the prevalence of smartphones with touchscreens and high-definition cameras, it’s easier than ever before to implement these additional security protocols. The general public is embracing the technology as an easy way to prevent unauthorized access to accounts. In fact, 52% of consumers want banks to add fingerprint scans to banking apps.


But biometric technology goes far beyond fingerprints and facial recognition. Currently, there is advanced research being done about new and exciting ways to confirm identity. From analysis of fingernails, earlobes, and keystroke patterns, there are endless methods that are currently being explored, and each biometric has benefits and drawbacks.
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Stay Informed About The Latest Advancements in Biometric Identification Technology

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Join the hundreds of existing subscribers to our email newsletter and stay on top of the latest news and trends in biometric identification management technology.

Advancements in biometric identification management technology are moving so fast, it’s tough to predict just how much it will potentially change the world we live in. Biometrics are fundamentally changing identification management in a host of industries and governmental entities. There is no question that biometrics now touch virtually every  corner of the world to improve security, but what is perhaps most fascinating is the benefits biometrics have established that were once unforeseen which include establishing parity in societies that have traditionally lacked class equity.

Traditional identification technologies (passwords, PINs, plastic ID cards) are no longer reliable and quickly being supplanted with biometrics. For example, the increased focus on improving internet security to fight cybercrime has opened the door for the use of biometrics as a stand-alone solution, or as part of a multi-factor authentication strategy. Continue reading →

Is Your Home Security System Smart or Dumb?

using biometrics to secure your home

Home security has rapidly evolved beyond padlocks and deadbolts. Learn more about new technologies now available to better secure your place of residence.

Remember the times, when you used to buy those giant locks with massive keys to secure your houses? Or do you know how that was replaced by one central door key, which was too big to be kept inside your pocket? It’s true that time flies, but the other side is also true that it flies with a lot of changes. Today, security systems have become less complex and more technology based.

With huge technological advancements in recent years, life has become simpler and less of a painstaking journey. One of the best advancements is the ease in security systems provided by the invention of biometrics. This has become bliss for many businessmen and professionals cautious about their belongings. Continue reading →

Philippines Biometric National ID – What Can We Expect?

With the flourishing popularity of biometric national ID programs all over the world, the government of Philippines also shows similar interests to adopt this type of biometric standard. The president of the Philippines, Rodrigo Duterte who declares war against the drug cartels of Philippines, is now concerned about the security system. He has given clearance to proceed with the project in the government’s proposed budget 2 billion Philippine pesos (almost 40 million USD) for 2018. Duterte’s hopes are that this project would help to ensure the government’s P89.4-billion conditional cash transfer program will be handed to the rightful recipients.

Duterte said in his budget message to Congress that –

“With built-in Europe, MasterCard, Visa (EMV) chips containing an individual’s personal information and biometric, the national ID will ensure the effective implementation of government services, more specifically social benefits and transfers to entitled individuals”

Duterte also insists the national ID system could address some other government applications including passport, driver’s license, Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, Home Development Mutual Fund and the National Bureau of Investigation.

CloudScnr

CloudScnr

 

The Philippines government is very sincere about their CCT (Conditional Cash Transfer) program which is aimed to reduce poverty by creating welfare programs which will provide money to people who meet certain criteria. The proposed budget for CCT program is approximately 89.4 billion pesos (US $1.8 billion) which will provide some alleviation programs including educational grants, livelihood aid, and health services to 4.4 million poor households. There will be strict fact check in order for civilians to be eligible for CCT program.

The Philippine government also urges to improve the condition of unemployment problem. They proposed P 7.1 billion dollars for employment skills training and financial assistance to help jobless Filipinos. It would be surely a wise move to help boost the economy of the country.

COMELEC (Commission on Elections) has been using biometric for registering voters in Philippines for a long time. This means the Philippine government already has access to a massive biometric database of the civilian population. This comes as a big surprise for many companies that look to bid for a spot in this type of potentially lucrative government contract. However as with any government project the chances of winning an entire government national ID could end up being very slim.

CloudABIS

CloudABIS

Michael Trader, the President of M2SYS Technology hosted an educational seminar on the biometric system to Philippines congress in 2009. Many things has happened since then and we expect government to cut inefficient bureaucracies and work with most efficient nimble international organizations.

One of the most sophisticated biometric national ID programs is successfully implemented in Turkey, and M2SYS Technology is the proud biometric matching and deduplication technology provider in that program. Each ID card contains three different forms of biometric templates which is unique and makes the system highly secured.