What impact has biometric identification had on the global banking industry? (Photo courtesy of pixabay)
The followin guest post on biometric identification in banking was submitted by Vin Boris.
BIMT (Biometric Identification Management Technology) has been in use for decades. This form of technology has proven its metal and has entirely changed the way security practices are conducted in every field of our life.
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.
Is biometric identification management technology the answer to improving bank security and creating an indisputable, concrete audit trail of transactions? Image Source: Pexels.com