{"id":7574,"date":"2017-10-19T09:11:19","date_gmt":"2017-10-19T13:11:19","guid":{"rendered":"https:\/\/www.m2sys.com\/blog\/?p=7574"},"modified":"2022-06-22T05:06:53","modified_gmt":"2022-06-22T09:06:53","slug":"biometrics-banking-fraudsters","status":"publish","type":"post","link":"https:\/\/www.m2sys.com\/blog\/biometric-resources\/biometrics-banking-fraudsters\/","title":{"rendered":"Biometrics in Banking: Central Database To Blacklist Fraudsters"},"content":{"rendered":"

Data breaches in banking has seemingly become a regular occurrence all over the world. Till most recently a majority of banks and financial institutions relied on old password based security systems which make things effortless for fraudsters to breach banking data. Banks have already lost millions and are now looking for a stable solution against the data breach problem.<\/p>\n

\"Biometrics
Biometrics in Banking Pixabay<\/a><\/figcaption><\/figure>\n

The United States has faced all-time record high of 1,093 data breaches in banks this past year alone. This is an increase of 40% in 2016 from last year, reported by the<\/span> Identity Theft Resource Center (ITRC)<\/span> . You may have heard of Tesco, a British retail bank that was affected by a<\/span> massive data breach<\/span><\/a> of their 40,000 accounts and even had money fraudulently withdrawn from 20,000 accounts.<\/span><\/p>\n

Another notable incident was<\/span> JPMorgan Chase\u2019s case<\/span><\/a> in 2014 where personal information from 76 million households and 7 million small businesses were affected which ultimately ended up costing them over <\/span>$1 billion<\/b>. Cybercrime in commercial banking is<\/span> rapidly increasing in Nigeria<\/span> , card fraud has increased by <\/span>13%<\/b> reported by<\/span>South African banking industry<\/span>, which had costed 25.3 million U.S. dollars in 2015 and up to 28.6 million dollars in 2016. Bangladesh\u2019s banks are also facing<\/span> hi-tech ATM fraud<\/span><\/a> hacking. This is just the tip of the iceberg, there are reportedly hundreds of incidents of data breaches in banking alone.<\/span><\/p>\n