Bank of Cyprus Adopts Biometric Payment Cards for Clients
Bank of Cyprus became the first bank to adopt biometric EMV payment cards in the country of Cyprus. The provider of the card said that it is already compatible with all the payment terminals across the country. Other banks across the country are expected to follow the lead of Bank of Cyprus to adopt similar biometric technology.
The biometric sensor card is fully powered by the payment terminal itself and it does not require any additional power source to operate. Now customers of the bank will no longer have to type in PINs and passwords. During the process of payment, customers will have to put their finger on the sensor as they are holding the card and the system will automatically scan the holders fingerprint and match it with the fingerprint stored on the card. This technology will massively enhance the use of cards as a payment method.
Also to prevent any sort of customer biometric data infringement and provide total protection, customers will be required to get their cards from the bank in person. In the branches, customer’s fingerprint data will be taken through a fingerprint device on a tablet, and then it will be stored in the issued card only. This is to prevent the hacking of any biometric data during any transaction. In near future biometric data will be stored in the card by holders themselves, by a self-service kiosk or smartphones.
M2SYS Technology came up with Bio-SnapOn™, which is a complete biometric software that can easily attach with any windows or web software and it does not require any code development. It offers any financial institure or banks to biometric customer and employee identification solution to help prevent fraud, protect assets, and establish a concrete audit trail of transactions. With this unique biometric software, banks can have the on-sight utility of account holder identification, non account holder identification and employee single sign on facilities. Biometric solutions like this will allow users to no longer use PINs and passwords which will make customer’s data more accessible and more secure.
Bio-SnapOn™, with M2SYS Hybrid Biometric Platform™, can be used for multimodal biometric data such as fingerprint, finger vein or even iris scanner. This unique system truly makes a secured and easy experience for both the consumers and the employees of any financial organization.
Source: Finextra
