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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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.

If this sounds a bit ‘Brave New World’ to you, you are probably not alone but there are many benefits to the utilisation of biometric technology. Firstly, biometric technology can protect your identify and keep you safe from fraud, wrongful accusation of a crime, and identify theft, just to name a few.

Here ‘s a quick list of how biometric technology protects you and your identity on a daily basis:

 Positive and accurate Identification-since biometrics relies on two different types of characteristics for identification, physical and behavioral, it provides the most accurate identification means possible for things like driver’s licenses, passports and other government issued ID’s.

Because biometrics relies on physical and behavioral characteristics of the individual, they cannot be duplicated, forged, or replicated, thus giving you, the consumer and individual, protection against fraud, identity theft and more.

If you live in the UK for example, and you are preparing to apply for your driving license, you will have to firstly, prepare for your testing, and once you pass through all the requirements you will be issued a drivers’ license that contains biometric technology.

Top Tests is an online preparatory site dedicated to ensuring that anyone setting up for a license in the UK is aware of all the necessary requirements to become legally licensed to drive across the UK. Once you pass through the requirements and are officially legal your driver’s license will contain biometric data that is specific to you and only you.

 Highest level of security-biometric technology offers the highest levels of security and safety to the public through protecting individual identifies, passwords, security clearance and access levels with regard to employment, and more.

If you live in the UK or you are planning a visit to the UK for longer than a 6 month period, you will be required to apply for a biometric residence permit. Not only will your biometric residence permit confirm your identity but it clearly delineates your ability to work legally in the UK, and it also guarantees access to any government benefits that may be available to you.

The advent of biometric technology and identification purposes in our daily lives is something that is clearly beneficial to ensure accuracy and protection for individuals across the world.
As we continue to see the internet boom, technology must continually adapt to ward off would be identify thief’s hackers, and people who are intent on stealing people’s identities for their own benefit and worse yet, to destroy and attack others.

James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics. jdwrites93@gmail.com 

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.

The Rise of Mobile Biometrics

Mobile biometrics has been on the market since 2007, when Toshiba introduced fingerprint scanning for the G500 and G900. It hit the mainstream in 2013, when Apple introduced Touch ID for the 5s. Since then, fingerprint recognition has become standard issue for security on mobile phones. Today’s leading contemporary smartphones like the Apple iPhone 7 include fingerprint recognition and increasingly support other biometrics identification methods.

Biometrics identification now encompasses a growing array of methods, including fingerprint recognition, vein recognition, hand and finger geometry readers, handwriting recognition, iris scanning, voiceprint reading, electrocardiogram recognition and DNA scanning. While these methods vary, they all follow a common pattern. First, a sensor is used to input the user’s identifying information. Next, a computer analyzes the information and translates it into a code or graph for storage. This stored information is then compared with the identifying information of users attempting to log in to authenticate or reject them.

Fingerprint recognition is the most popular form of biometric identification, and will remain so for the foreseeable future, Juniper Research anticipates. But voice recognition and iris scanning are also becoming important, and the future will see new forms of biometric identification. Researchers are currently trying to develop biometrics systems based on electroencephalogram reading.

Why Biometrics Is Booming

Security needs are driving demand for biometric identification systems. Following the 9/11 terrorist attacks, Congress mandated the use of biometrics in U.S. visas, setting the stage for travel and immigration to become today’s biggest application area for biometrics. The threat of identity theft has also led the financial and healthcare industries to adopt biometrics as an authentication method. For instance, financial institutions are adopting biometrics as an authentication tool for transactions in order to prevent identity theft and fraud. Similarly, hospitals are adopting biometrics as a safeguard to prevent unauthorized access when nurses log into computer systems to access patient records.

How Biometrics Secures Your Mobile Device

In the consumer sector, biometrics is being used to prevent identity theft and fraud by securing mobile devices from unauthorized access. As hacking software has grown more sophisticated, passwords have become outdated as a sole means of securing devices. Security experts now recommend that passwords should be supplemented by other means of securing devices, such as a PIN number, an approach known as two-factor or multi-factor authentication. Biometrics are one way to implement multi-factor authentication.

Using biometrics for multi-factor authentication has appeal as well as some drawbacks. Features such as fingerprints and iris patterns are unique and impossible to guess, unlike passwords. However, just like passwords, biometrics cannot be relied upon as a sole means of authentication. For one thing, biometrics records can be stolen and duplicated, exhibited when hackers stole over five million federal employee fingerprint records from the Office of Personnel Management. Mythbusters has demonstrated that fingerprint record scanners can be fooled by duplicated fingerprint images. Fingerprint recognition can also be thwarted by hand injuries or changes due to conditions such as arthritis. So biometrics can be used to strengthen passwords, but should not be relied upon as single-factor authentication method.

How Biometrics Will Affect Everyday Lifemobile biometrics increase smart device security

Because biometrics will become increasingly important as a second authentication method, guarding biometrics records will become as important as guarding passwords and PIN numbers. Hackers will target biometrics records databases for identity theft, and consumers and businesses will need to take steps to secure such records in order to maintain the effectiveness of biometrics identification.

Consumers and companies will also need to become educated in best practices for using biometrics, along with the limitations of the technology. For instance, a smudge can thwart a fingerprint recognition scanner. And because biometrics is not intended as a single-factor authentication tools, users will need to be trained not to rely exclusively on fingerprint recognition to secure their devices.

James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics. jdwrites93@gmail.com

Three of the Best Ways to Guard Your Business Against Cybercrime

biometric identification management technology to fight cybercrime

Learn more about why biometric identification management is an important tool to help stop the growth of cybercrimes.

The following guest post on preventing cybercrime was submitted by James Daniels.

For businesses today, cybersecurity is becoming an increasingly hot topic. As hackers and cybercriminals become more brazen, no business is safe from these online data thieves, who often have the power to tear a previously successful business apart. Since there is often no coming back from a large data breach, it is crucial for companies of all sizes to ensure that they implement only the best cybersecurity strategies and constantly update these methods in order to remain as secure as possible. We’ve listed some of the best modern and emerging new technologies for business owners and cybersecurity professionals to consider using in order to keep their business safe and secure.

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Should Biometric Technology Be Monitored?

monitoring biometric identification management technology

Should the use of biometrics for identification be monitored?

The following guest post was submitted by Katrina Manning of Build Niche Links.

Should biometric technology be monitored? To answer this, one must analyze the biometric system. To start with, what is biometrics? Biometrics is the analysis and measurement of people’s unique physical and behavioral characteristics. It’s mainly used for identification, verification and access control. Verification is a “one-to-one” matching between the person’s biometric and biometric templates in a database. Identification is a “one-to-many” matching. A person’s biometric is compared with all of the biometric templates in a database.

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The ROI of Biometric Employee Time and Attendance

Manual Time and Attendance is a Risk

roi of workforce management technology

Many businesses are still on the fence about whether to adopt biometrics for employee time and attendance. This case study may change your mind.

As more businesses evaluate the use of biometrics for employee time and attendance to replace outdated workforce management solutions, many are still on the fence and remain skeptical about the actual benefits that could be realized. After all, there is a clear distinction between implementing biometrics because it has been positioned as the most effective alternative to eliminate buddy punching, lower payroll costs, and boost employee productivity and accountability and actually realizing a positive return on investment after deployment.

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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 →

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 →

5 Ways biometric technology used in everyday life

Since the launch of biometric in iPhone, many of us believes that it has become a mainstream identification solution. Since then a lots of innovation has taken place to make this cutting edge technology even more secured and convenient. More and more devices and platforms have adopted the technology across multiple sectors, from access control to airport security. The penetration of biometric identification technology for both business and personal use is accelerating the push into our everyday life. Continue reading →

Certain Trends Push Implementations in Biometrics Industry to The Next Level

The following is a guest post submitted to M2SYS by Pranjal Mehta, Sr. Digital Marketing Engineer, with Big Market Research.

Hand-Geometry

Self – Adjusting Capabilities Keeps Global Hand Geometry Biometrics Devices Market Strong

Weakening any risk of security breach or safeguarding critical data happens to be one of several concerns that needs to be tackled with creative technological methods. Thus, biometric verification is one such solution to authentication problem. Due to tremendous innovation, in this space new entrants are emerging to offer more secure and easy verification process to customers. Research analysts at “Big Market Research” assessing the growth rate, share and size and trends outline that government bodies and different industries are planning on implementing mobile biometric, which will speed up the authentication process. The industry is likely to undergo significant change over the next five to six years owing to certain trends. Continue reading →