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. Continue reading →
The financial services industry has adopted new technologies to protect sensitive customer information. (Photo credit to Google Images)
The following guest post on improving financial services security was submitted by Damien Troy.
As technology improves and continually evolves, security becomes increasingly important. While new technologies being used in businesses and services is generally a positive, it can also leave them vulnerable to the latest cybercrime, such as hacking and identity theft. For services dealing with sensitive personal information, this is particularly important. Financial services such as banks, advisors and short term loan companies, like loanpig.co.uk, all have a responsibility to keep their customers information secure. Here’s how financial services are improving their security. Continue reading →
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.
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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
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