Is Biometric Technology The “Go To” Solution To Prevent Bank Fraud?

Introduction

Data breaches in banking have become commonplace all over the world. Most banks and financial institutions continue to rely on historical password based security systems which are increasingly susceptible to cyber breaches and no longer able to reliably secure data or to prevent bank fraud.

Continuous data breaches in the banking industry clearly demonstrates how antiquated existing identification security is, and something has to change. Due to the challenges that passwords, personal identification numbers (PINs) and physical ID cards present, the banking industry is searching for new technologies which can provide stronger data protection from hackers and they are now considering biometric solutions to solve the problem.

Banking Data

Is biometric identification management technology the answer to improving bank security and creating an indisputable, concrete audit trail of transactions? Image Source: Pexels.com

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Why is Iris Recognition Biometrics Becoming Dominant?

Iris recognition is a biometric modality which captures a photo of the eye pattern, converts the photo to a binary template and then saves the data to a server for future matching. Iris cameras are used to recognize an individual’s unique identity by analyzing the random, unique patterns which visibly appear inside their eye from a certain distance. It utilizes multiple technologies including optics, statistical conclusions, pattern recognition, and computer vision.

Iris recognition biometrics is widely considered to be the most accurate biometric modality among those currently available in the market. A recent Twitter poll we conducted asked what the public feels is the most reliable biometric modality and results indicated that most people trust the reliability and accuracy of iris recognition technology over any other biometric alternative.

IRIS Camera

IRIS

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2016 Biometric Industry Year-End Review

2016 will be remembered as a prolific year for the biometric industry. More countries have started integrating biometric identification checks for government services including:

Private companies are also leaping into the world of biometrics. 2016 brought a surge of private investment into the use of biometrics to help:

At the end of 2016 we can safely say that the biometric industry shows continued strong growth potential and is now, perhaps used more than ever around the globe and well positioned to continue its spread to additional industries in the near future.

2016 biometric year in review

2016 biometric year in review

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Recruitment vs increasing employee productivity: Which one is better?

There are two easy ways to improve workforce productivity: increase working hours by hiring new employees which increases production, or increase current workforce productivity. Both ways improve productivity, but which one is more efficient?

Recruiting new employees is typical for companies that grow and expand. Fresher employers can also provide previously unknown new ideas and perspectives.

However, at some point companies need to think about better capitalizing on the experience level of their current workforce. What is often discovered when evaluating staff experience is that progress remained stagnant because proper procedures were never established that address employee motivation.

 

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5 Factors to Consider in Choosing the Best Biometric Modality

The success of a biometric system often depends on choosing the right biometric modality, but it isn’t easy. Careful research that includes rigorous comparisons of modality strengths and weaknesses is an important element to help select the right hardware. Factors to consider in the comparison may include: specifications, convenience, usability, acceptability, effectiveness, and budget.

biometric modalities

Choose the right biometric modality

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Which is The Most Reliable Biometric Modality?

We recently conducted a Twitter poll: “What is considered to be the most accurate biometric modality among the following options?

We received a large number of responses from our community reflecting the following results:

  • 58% chose iris recognition
  • 32% chose fingerprint
  • Palm vein and facial recognition both got 5% of the votes

It’s interesting that people immediately gravitate towards iris recognition as the most accurate biometric than other modalities, with only fingerprint as a distant second. What is the reason behind the result?

best biometric modality

The best and most practical biometric modalities for individual identification

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Why We Love Biometrics (And You Should, Too!)

As biometric technology deployments continue to spread around the world, we are witnessing a historic shift change in how individuals identify themselves in a variety of settings. We are entering a digital era where the use of passwords to provide access to and security for a host of services has become intertwined in everyone’s lives. However, relying on passwords to secure our identities is increasingly becoming a security risk whereas biometrics has proven to be a more secure and convenient way of self-identification to secure our information without memorizing truckloads of numbers and characters. Biometrics also offers additional benefits such as improving workforce management, more secure online banking, more efficient and equitable government service distribution, and increasing patient safety in healthcare – all examples of why you should embrace the use of the technology to protect your individual identity.

Top 25 terms in biometrics explained

25 popular biometric terms

 

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5 Advantages of Efficient Workforce Management

The world is rapidly evolving fueled by new technologies that exist to create efficiencies never thought possible. In workforce management, many companies are considering the adoption of new technologies such as biometrics to create efficiencies and save money.

For example, fingerprint, finger vein, iris, and palm vein biometrics are common modalities garnering more attention around the world as viable solutions that can be used for individual identification in different areas such as identity management, employee time and attendance, point of sale (POS) access, and more. The use of biometrics to create workforce management efficiencies is a growing trend to increase identification accuracy and security as well as to boost employee accountability, productivity, and business profits.

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Infographic: How A Biometric Time Clock Improves Workforce Management

Employers all over the world are constantly seeking software solutions which can eliminate employee time theft to increase payroll savings, boost productivity, and create more accountability. Employee time theft costs U.S. companies alone billions of dollars each year simply because a proper workforce management system is not in place.

A biometric time clock is a viable solution to eliminate time theft and improve workforce management. The following Infographic demonstrates why biometric time clock deployments are increasing and what benefits employers can expect to see post implementation.

 

Biometric Time Clock Improves Workforce Management

 

 

Biometric Integration

Biometric Integration

How Biometrics on Smartphones is Changing our Lives

There are nearly 7 billion mobile subscriptions worldwide, estimates The International Telecommunication Union which is equivalent to 95.5 percent of the world population. The world is more connected than ever before and every smartphone user wants to be sure about personal data security in the digital age. For years, the password was the only secured way of authentication, but times have changed and passwords are now much easier to hack and harder to remember as they increase in complexity. Alternatively, we have seen a precipitous rise in the use of biometrics to replace passwords because the technology has proven to be much more convenient and less time-consuming than passwords. Mobile phones and biometrics are a winning combination in the mass market, allowing the technology to become much more widely accepted.

Biometrics on Smartphones

Biometrics on Smartphones

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