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

Continue reading →

The Benefits of Biometric Technology & How It Protects Your Identity

biometric technology expanding across the world

Biometric technology is rapidly expanding as a trusted, secure means of personal identification. (Photo courtesy of pexels.com)

The following guest post on biometric technology was submitted by James Daniels.

The utilisation of biometric technology to identify individuals has been in use for years all over the world. As technology continues to advance, biometric technology is also advancing.
Biometric technology refers to the ability to identify an individual based on their unique physical characteristic, behaviors and patterns. Most often biometrics can identify an individual through their fingerprints, the physical structure and characteristics of their face, thru the utilisation of iris and retina scans, and more.

Continue reading →

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

Source: Pixabay

2016 biometric year in review

Continue reading →

The Latest On Home Security and Biometrics Technology

The following is a guest post submitted to M2SYS by Philip Masterson

Studies show that it takes less than 10 minutes for intruders to complete a burglary. The FBI warns in its latest annual crime report that 73.2% of all burglary offenses in the US involved residential properties.  Technology is enabling criminals to boost their operations, even making it possible to conduct massive heists off-site. For a household, installing a home alarm system is not the end of the story. It’s imperative to do regular assessments, customizations, and upgrades to ensure the infallibility of home security.

The introduction of biometrics technology was a game-changer in the security system industry. Over the past decade, companies are boosting their product lines that incorporate biometrics into various devices. Here’s a quick rundown of biometric trends you should know.

Two-factor authentication

tfa

Photo Courtesy of Dominique Feldwick-Davis via Pexels

The strong authentication capability of biometrics is the primary reason why more businesses opt to shift to this security technology. Mary Chaney, a security specialist at GE Capital Americas, said: “If you use dynamic/behavioral biometric measure, like keystroke dynamics, you can gain advantage of two-factor authentication.” Continue reading →

Biometric Technology – the Future of eCommerce Strategy

The following is a guest post submitted to M2SYS by Paul Simmons.

Biometric Technology in eCommerce

Biometric Technology has a particular significance in eCommerce of the future

Ecommerce has successfully penetrated into the daily routine of the common man for getting them access to reliable and cost effective products in comparison to those available in the local markets. The ease and comfort of online shopping has facilitated people to get products at home, whereas merchants have also explored these channels to endorse their products to revenue maximization.

Despite the benefits, the eCommerce industry has brought several insecurities to the table regarding the personal and confidential information of customers. The buyers are interested in placing orders online, but the fear of fraud often prevents them from doing so.

Continue reading →

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

 

Continue reading →

The Top 5 Uses of Biometrics Across the Globe

Uses of biometrics across the globe is on the rise.

From border and immigration control to identifying criminals to time and attendance in workforce management, the practical uses of biometrics are growing rapidly. Source: Pixabay

Over the years, we have seen steady upward growth of biometric technology across the globe for myriad reasons but mostly due to the fact that personal identification and authentication is considered more and more important. From border and immigration control to identifying criminals to time and attendance in workforce management, the practical uses of biometrics are growing rapidly.

Many businesses consider biometrics to be applicable for government use only but they are quickly learning that the applications of biometrics extend far beyond the government use exclusively. In this post, we will discuss the top 5 uses of biometric technology across the globe — places where the technology is used to create more security and convenience for everyday citizens.

Continue reading →

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

Continue reading →

Infographics: The Impact of Biometrics in Banking

As global financial entities become more digitally-based, banks are piloting new technologies to improve customer and employee identity management in an effort to combat fraud, increase transaction security, and enhance customer convenience. One cutting edge technology increasingly used at many of the world’s top financial institutions is biometrics. In today’s post, we have identified the factors that drive demand for biometrics and the impact it’s generating, especially in the context of identity management in the banking sector. Continue reading →

The Top Seven Advantages of a Biometric Identification Management System

In April 2014, we published a blog post on The Advantages of a Biometric Identification Management System. Since then, biometric technology has rapidly evolved and we believe it’s time to revisit and update the advantages of this technology.

Advantages of a biometric identification management system in 2016

biometric-identificaton

What are the advantages of biometric identification management technology? Source: Pixabay 

It today’s technology based society, traditional individual authentication methods are gradually becoming obsolete. Biometric authentication is taking over traditional passwords or ID card based authentication due to numerous advantages. Let’s examine the advantages of a biometric identification management system (which relies on “who you are”) vs. traditional authentication methods that rely on “what you have” or “what you know.” Continue reading →