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.

Since credit cards are one of the most popular methods of payments, an increase in security measures is absolutely necessary. Even though online banking has revolutionized the banking industry, the release of new technology requires stronger methods of authentication to ensure that consumer financial information is not compromised. For the past few years, researchers have been developing and releasing innovative biometric technology that has lead to a more secure financial industry.

Current Use of Biometrics

In February of 2015, RBS and NatWest were the first two banks in the United Kingdom to enable bankers to access their accounts using fingerprint login. Not only will fingerprint login promote secure financial transactions, but the feature will provide a stronger customer experience. A report from Visa Europe concluded that approximately three-quarters of millennials support the use of biometrics to make secure payments on their smartphones. Many of the young participants in this study stated that biometric security would ultimately be more convenient than passwords, thus making the feature the preferred solution.

The advancement of technology has enabled biometrics to be used on a variety of different mediums including smartphones, iPads, and wearables. Perhaps the most popular device where people can use biometric technology is their smartphone. In today’s society, most people’s phones are at their fingertips, so using biometric authentication is quick and easy. In addition, many of the most recent Apple iPads are equipped with biometric technology called Touch ID. Touch ID is a revolutionary feature that can scan the fingertips for identification purposes. Biometric technology can also be seen on a new product referred to as wearables. Typically worn on the wrist, this innovative wristband can enable users to complete financial transactions with the assistance of biometric security.

Voice, Face, and Iris Recognition Technology

Touch ID was one of the first companies to begin offering voice verification biometric in 2015. Voice recognition adds another layer of account security and saves the user a lot of time. Despite its many practical benefits, this biometric may be not be as effective when people’s voice change due to illness and mood. Another factor that can affect the accuracy in voice verification is background noise.

Facial recognition technology can be used in many industries including banking and law enforcement. In the financial sector, passwords and PINs will eventually be replaced with a facial recognition biometric that can identify bankers on their phone, tablet, or laptop. In fact, a recent article in the Financial Times reported that customers of Lloyds Banking Group in the United Kingdom will be able to use this biometric to access their bank accounts soon. Although much progress has been made in the financial industry, many bank executives have voiced their concerns about the lack of headway in law enforcement as customer biometric information is not currently included in one of the FBI’s private databases, known as Next Generation Identification. If customers give the banks permission to release their facial biometrics to law enforcement, the authorities may have a better chance of solving cybercrimes.

Iris recognition technology is another effective biometric that can be employed by many financial institutions. Contrary to facial recognition that is not always accurate, this technology delivers positive results almost all of the time. Iris recognition technology simply snaps a picture of the customer’s iris for authentication purposes. There are many advantages to using iris recognition technology such as a fast search speed and a user-friendly interface. The biometric is also ideal for handling large databases. Since the feature involves one eye, there are only a few people who will not be able to use this technology. In some cases, iris recognition has even been successful for blind users.

Biometric Tech of the Future

Many corporate and academic labs are continually researching new ways to identify people with accuracy. A few years ago, a couple of scientists from New Delhi developed a digital image processor using gabor fillers to scan ears. According to a survey of ear biometric research, this new invention was only effective 92 to 96.9 percent of the time. Similarly, a few professionals from the Technical Support Working Group sought to invent a biometric that would successfully collect and store human odors for military canines. Other sources of biometric information that are being considered are heartbeat, sweat, and gait.

The future of biometric tech is extremely promising. In a few years, almost everyone will be using these features for authentication and this tech will continue to develop and better themselves in order to provide the best security possible for both consumers and business owners.

Author bio:

Maricel Tabalba is a freelance contributor for Credit.com who is interested in writing about personal finance advice for Millennials and college students. She earned her Bachelor of Arts in English with a minor in Communication from the University of Illinois at Chicago.

Should Schools Be Using Biometric Technology? Pros & Cons

biometrics in schools

The rise of biometric identification in schools has many questioning the merits and privacy implications to students. (Photo courtesy of pixabay)

The following guest post on the use of biometrics in schools was submitted by Gloria Kopp.

Biometrics are the biological measurements that all people have and that are specific to them alone. Biometric data includes your height, your iris, and your fingerprint, all aspects of yourself that are perfectly visible, but that most people can’t really differentiate on sight. A high-resolution image is required to be able to use an algorithm and compare fingerprints, and truly identify a person. A lot of people can see the benefits of using biometrics in schools to monitor attendance and make entrances more secure, however using data of minors could also be risky. The old adage that you can’t fight progress is incredibly relevant here, as there’s no doubt that biometrics in schools will one day become the norm, the issue is figuring out how it will be implemented in a safe and responsible way.

Pros:

Security

Schools need added security, as the risk of people entering and having unfettered access to minors are significant. Being able to control exactly who comes in and out of a school can create a much more protective environment. “Using biometrics in schools for staff can also make sure that everyone who works at the school is completely honest about their qualifications and history. Everyone wants to make sure that kids are kept safe, and using biometric date for teachers at first and students later could be one way of achieving that goal in schools”, says Amber Coburn, a Data Security Analyst at Academized.

Honesty

If students had to check into an exam using their biometric data, then any concerns about someone taking a paper under someone else’s name, or sending a friend or sibling to do a test for them would be completely eradicated. There would be no choice but to turn up and do your work yourself. This would make everyone’s college application a lot more secure, and there would be less of a need for invigilators or inquests into exam processes or procedure.

Password Protection

More and more student data is stored online and many teenagers often forget their passwords and spend hours wasting time to remember it. Bethanie Wise, an Operation Manager at Paperfellows commented: “There’s also a risk that someone will figure out their password and sabotage their data, or steal their results which will affect their college applications. If a student used biometric data to log in and out of school computer systems then they can’t forget their password, and all of their details are completely confidential and secure. This makes using biometric data doubly efficient”.

Cons:

There has been some backlash towards using biometrics in schools, largely due to privacy concerns. The following are the main arguments against using biometrics in schools.

A Computer Glitch Could Have Serious Consequences

If your child’s data is in anyway confused with someone else’s, they could end up on no fly lists or even wanted lists. It would only take a data entry error to make this happen. “However, the reality of this situation is actually less dramatic than it seems, as a computer error can be easily rectified, and your child’s data can be modified to show who they really are”, – Thomas Green, a Data analyst at Ukwritings, shares his opinion.

Unable To Escape Childish Mistakes

If a school uses biometric data, then they may record every indiscretion, and your child may be haunted by their childish mistakes. The truth is that, with the rise of social media, this is already the case, and employers are generally uninterested in what their staff did as teenagers.
Overall, it seems that biometrics data will eventually be introduced in schools, it’s now just a matter of making sure it’s done responsibly, legally, and morally.

Author Bio:

Gloria Kopp is an educator and an elearning consultant from Manville city. Now she works as a content manager at Big Assignments company. Besides, she is a regular contributor to such websites as Engadget, Huffingtonpost, Boomessays, etc. Read her Studydemic blog.

Secugen and M2SYS Partner on CloudABIS Biometrics Suite

cloud biometric identification

Secugen and M2SYS Technology announce a partnership designed to advance the adoption of the CloudABIS suite of biometric identification management solutions.

Today we announced a new partnership with Secugen to help customers using their fingerprint readers to accelerate their projects through the adoption of CloudABIS – a new suite of cloud-based biometric identification management tools designed to help lower the costs and remove the friction for authentication projects around the world.

If you haven’t heard about the CloudABIS suite, we have some exciting news to share. As longstanding pioneers in the biometrics industry with a strong track record of designing and developing innovative biometric identity management solutions that lower the costs and speed the adoption of this technology, M2SYS is pleased to now offer the CloudABIS suite that enables anyone in the world to quickly develop and deploy a highly scalable solution that avoids the risk, cost, and burden of the development time and maintenance so often required for these types of projects.

Continue reading →

What the Biometrics Boom Means for Mobile Device Security

biometrics is increasing mobile device security

Mobile security is undergoing fundamental changes with the introduction of biometrics on smart devices.

The following guest post on biometrics for mobile device security was submitted by James Daniels.

The mobile biometrics market is booming. The global biometrics system market is projected grow at a compound annual growth rate of 16.79 percent between 2016 and 2022, expanding from $10.74 billion to $32.73 billion. Demand fueling this growth will be led by the financial sector, the healthcare industry, government initiatives and law enforcement. Fingerprint recognition is currently the most popular biometric technology, finding its most widespread application in the travel and immigration sector, but other technologies such as facial and voice recognition are expected increasingly gain currency as well. Here’s a closer look at the biometrics boom and what it means for your mobile device security and lifestyle.

Continue reading →

8 Benefits of Cloud-based Biometric Identification Management

using biometric identification in the cloud

Does the cloud offer distinct advantages when using biometric identification solutions?

Cloud computing allows you to get on-demand, convenient, ubiquitous network access to shared configurable computing resources such as storage, networks, servers, services, and applications. More and more businesses are moving and integrating their biometric identification management systems to cloud platforms because of the many benefits this brings. These include:

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.”

 

Biometric authentication is taking over traditional passwords or ID card based authentication. Click To Tweet Continue reading →

The Impact of Mobile Biometrics in Banking

Biometrics in Banking

The acceptability of mobile biometrics in banking is on the rise

Smartphones are powerful tools, and when used for authentication purposes in banking, they can become even more so. Source

The rising demand to more effectively secure online and mobile banking and financial services transactions through accurate customer identification to prevent identity theft and banking fraud has sparked an interest in the use of biometric identification technology.

Biometric identification solutions provide quick and accurate customer authentication by using unique physiological characteristics (who you are) for identification instead of PINs (what you know) or ID cards (what you have).

Biometric identification technology is difficult if not nearly impossible to forge, meaning that through the use of biometrics, the banking and financial services sector can drastically reduce or even completely eliminate losses incurred by customer identity theft and fraud. A lot of banks around the world are already using biometric technology for customer identification, and a lot more are following suit.
Continue reading →

Biometric Screening: The Future of Food Processing Technology?

biometric identification managementThis post comes from the writing team at Viking Food Solutions, Australia’s leading supplier of Butcher Shop and Meat Processing Machinery.

Foodborne Illness

We have had many unintentional foodborne illnesses transmitted to consumers this past year. For example, these have come through such companies as Chipolte’s, Wegmans, Dove candies, Trader Joe’s, and a host of others with less notoriety. Foodborne illness is a complex problem involving the producer, the land, equipment used to nurture, harves, and prepare food for transportation, processing and packaging, maintaining product integrity on its way to market, and actual consumer use of the product once received. Continue reading →

Fingerprint vs Vascular biometrics – What are the differences?

Fingerprint vs Vascular biometrics – Are they different?

fingerprint vs vascular biometrics

Fingerprint vs Vascular Biometrics – How are they different?

In biometrics, fingerprint technology is by far the most popular and widely used modality. However, due to the evolving nature of the technology, many other biometric modalities have emerged such as vascular biometrics.  Even though they both share parts of the hand for identification purposes, these biometric modalities are quite different in how they work and their effectiveness in different environments. Continue reading →

5 Ways Biometric Technology Impacts Our Everyday Life: A Statistical Representation

Impact of biometric technology in everyday life

Biometric technology has become an integral part of our everyday lives

Did you know that biometric identification management technology has been around since the 19th century when police began to use it to track criminals? The implementation of biometric technology is around us and expanding fast, quickly becoming a part of everyday life.

A number of biological characteristics such as fingerprints, finger and palm vein patterns, and iris and voice recognition have proven to be useful in the evolution of biometrics and biometric identification capabilities are now becoming standard on many devices we use each day.

Listed here are 5 ways biometric technology is impacting your everyday life:
Continue reading →