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.

Is Your Home Security System Smart or Dumb?

using biometrics to secure your home

Home security has rapidly evolved beyond padlocks and deadbolts. Learn more about new technologies now available to better secure your place of residence.

Remember the times, when you used to buy those giant locks with massive keys to secure your houses? Or do you know how that was replaced by one central door key, which was too big to be kept inside your pocket? It’s true that time flies, but the other side is also true that it flies with a lot of changes. Today, security systems have become less complex and more technology based.

With huge technological advancements in recent years, life has become simpler and less of a painstaking journey. One of the best advancements is the ease in security systems provided by the invention of biometrics. This has become bliss for many businessmen and professionals cautious about their belongings.

However, do you think the usage of biometrics is limited for the business purposes only? Do you think the sophistication introduced in security systems is limited only for the people who can afford it? Be it a businessman or a homeowner, anyone can use a biometric security system at a low price and save their personal content from intruders. Besides being inexpensive, the setup is convenient to use as well.

If you are still doubting biometric security systems, let’s talk about some advanced biometric techniques to help you decide whether your security system is already smart or, requires an upgrade.

1) DNA Biometric system

Each person is different, clearly explained by their DNA. Each individual’s DNA is different than any other person in the whole world. For recognising the DNA of each person, the technology goes through extensive steps.

First, the system collects references through physical parts like hair, nail, blood or saliva. Afterwards, these samples are broken into small steps which consist of VNTR. Eventually, each fragment is sorted before getting compared to different samples. Due to these exhausting steps and processes, DNA biometric systems are not used widely like other biometric systems.

2) Vein Recognition

Vein recognition (vascular biometrics) is one of the latest inventions in biometric security systems. We know veins help carry blood to the heart. This biometric technique is unique as veins are inside the human body and this system works by transmitting near-infrared light via fingers and afterwards the camera records the vein patterns. The method makes use of pattern recognition to verify the authenticity of a user.

3) 2-D Barcode Scanner

2-D barcode is used to identify different products or items rather than humans. However, an amalgamation of biometric systems with 2-D barcode scanners helps in creating better and higher-level security level for identifying human beings.

This is widely used in scanning valid IDs like passports, voting cards and more with the individual’s fingerprints on them. The device is low in weight and installation is not complicated.

4) Facial Recognition

The name is good enough to tell you about this technology. This technology is widely used because of the ability to recognize an individual without them having any physical contact with a hardware device. Cameras put on the doors scan your face and match that with the database. Besides, the hardware involved is not expensive. The technology also synchronizes well with iris recognition and fingerprint identification systems. 3-D facial recognition is an rising trend where the system analyzes the relative body organs for a better authentication procedure.

5) Voice Recognition

Voice tract and accent are two factors that make every person’s voice unique. This technology is widely used in home security systems. These systems are less expensive and don’t demand heavy equipment.

Now the question that might pop up in your mind is about recording one’s voice and using it again and again. Well, these systems are smart and ask individuals to repeat few phrases to check if the voice is the same or not.

Information technology engineering has shown further growth by leaps and bounds and there are no second thoughts about it. Taking advantage of the same is the move that you should be making right now. More advancements lead to more ways to corrupt them, thus clinging to the latest and the trusted is the best and the only option left. So, what action will you take now? Is your smart home security system smart enough or rather dumb?

Author Bio: Samar Sood is a professional Content Writer and is currently working with Sharda University. The engineer loves to blog about technology.

 

How Financial Services Are Becoming More Secure

biometrics for financial services security

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.

End-to-end Encryption

End-to-end encryption has been in place within financial services for some time now. Its purpose is to keep important personal information, such as credit card details, private. Whenever a user sends their information to a website, such as by entering their payment details online, they are vulnerable to cybercrime. Once the information has been sent out, the user has no control over it. Encryption scrambles the information, making it illegible should it be accessed by anyone other than the intended recipient. End-to-end encryption makes sure the data is only readable by the sender and the recipient.

Biometric Security

In the future, we could see biometric security being used widely throughout the financial service industry. Biometric security involves using an individual’s biological traits to identify them, for example fingerprint or iris recognition. This technology could be highly beneficial for the financial service industry because it is more secure than a password or PIN code and it could also potentially cut costs by reducing the need for two-step verification via SMS message.

Ransomware Protection

The threat from ransomware is continually increasing, as new schemes are online every day. These attacks are becoming far more sophisticated than a generic phishing email and have the potential to steal large amounts of customers’ personal data. Some examples of more sophisticated ransomware include programs which are able to offer online helpdesks to their victims to gather information. In order to protect themselves from this threat, financial service providers need to be able to identify threats and have a recovery plan in place. In addition, computers need to be kept updated with appropriate security software which is vital for reducing the risk of Trojans and ransomware. Some banks have even gone as far as offering their customers free security software, to help protect their information.

Moving Away From Passwords

Many financial service providers still rely upon generic passwords, such as mother’s maiden name, place of birth. All of this personal information is easily available on social media. Some banks are already moving away from this type of password and instead using one-time only passwords which are sent directly to the customer’s phone each time they want to access their bank or loan provider. The movement towards one-time passwords is a positive step to improving security, but it will take a long time to fully implement them across all the financial service sectors. Some clever marketing strategies will also be required to get customers on board with the process.

Author bio:

Damien Troy is an experienced business man with many years working within the financial sector of business. He has helped many struggling businesses overcome financial difficulty and create success where it looked least likely.

Why Biometrics A Perfect Fit For Home Security

biometrics is a good strategy to improve home security

Is biometric identification management a good fit for home security? (Image courtesy of pixabay)

Biometric technology has empowered the security systems at major corporations, office buildings and government organizations for years, but now this innovation has finally trickled down to the consumer level. In addition to all the other features home security can offer, biometrics can now track individual physical characteristics for safety.

The biometric security systems for home integrate an innovative feature that allows individuals to enter a complex once a biometric scanning unit has identified that individual through the means of specific genetic attribute, such as a fingerprint, palm print. Controlling access to homes or office buildings and particular rooms is the key application of biometrics.

Biometric locks eliminate the need for a key and operate with the touch of a finger. Often referred to as a ‘keyless entry’, the door unlocks when an “approved” finger is swiped across a scanner. Moreover, losing your keys, forgetting to lock the door, and worrying about picked locks all become the things of the past. All you need is a thumb-sized scanner somewhere on the handle.

These locks are available in a variety of shapes and sizes to fit any type of door. When biometric fingerprint readers first came to the market, they had limited designs, but the market responded quickly and today you can find dozens of door-fingerprint combinations. Most of the locks are designed for front doors or garage doors and have a metallic look. Some have locks or deadbolts that lift up into secret scanner compartments if you really want to hide how your door works.

Personalized protection is another most advanced feature of biometric safety system, it permits only you and the other select people whom you have registered in the system to access your house or valuables. The scanners attached can store dozens of fingerprints, and grant temporary access to the home for contractors, or restricted access to the home for housekeepers and babysitters.

Today, even some biometric security companies offer several different kinds of wireless scanners. They fit in your hand like a remote control, read your fingerprint, and send a signal to your door to pop it open. This feature allows you to open the door from inside the house without moving from your place and manually unlock it.

Undoubtedly, biometrics represents the cutting edge of home security technology. With home
security the most crucial part of our lives, it’s time to start looking at the most advanced ways you can protect your family and home and learn to embrace the protection and convenience biometric system offers.

Author bio:

Keira is Digital Marketer at https://www.elitegaragewa.us/. She has a good sense of content marketing and loves to write. She has been writing a lot of stuff lately, covering varied topics. She is an avid learner who is passionate, curious, and creative. An explorer at heart, she loves to try on whatever tickles her fancy.

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.

How Biometrics Will Transform the World of IT Security

The following gust post on biometrics increasing IT security was submitted by James Daniels.

It is a fact that passwords can no longer provide sufficient security for your data. The problem with the use of passwords and usernames for security is that they can easily be bypassed by hackers and rogue employees. Due to these obvious flaws related to use of passwords as security measures, biometrics are fast becoming the norm when trying to guard access to critical data. Here are some of the reasons why biometrics are the future of data security.

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Offshore Development Companies Are Bringing Biometric Identification Management Technology in Banking Sector

use biometrics to identify customers and employees in banking

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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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.

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How Body Guards Use Biometric Technology on the Job

biometric technology for bodyguards

What are some of the most common uses of biometric technology by bodyguards?

The following guest post on the use of biometric technology by body guards was submitted by Jason Mueller.

The idea for biometric scanners and biometric technology has been around for decades and people have been recording fingerprints for more than a century, but this technology has advanced dramatically in the past 20 years along with the advent of computers and more capable electronics. Today biometrics are used for computer access, to screen employees, to secure buildings and for many other purposes. They’re highly reliable, and cost-effective to use. Even personal body guards are putting biometric technology to use during their jobs.

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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:

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