ISO Promotes Biometric Standard for Financial Firms
With the aim of boosting security in the financial services industry, ISO, the world’s largest developer of international standards, has issued a new biometric standard for financial firms.
Biometrics include technologies such as voice identification —authenticating the identity of a person based on their voice —as well as fingerprinting, iris scanning and facial recognition.
ISO said the proliferation of electronic transactions —and the security risk inherent in these transactions — led the organization to promote biometrics in the financial industry and suggest it become an integral part of a company’s overall information security management program.
“Trillions of dollars in funds and securities are transferred daily on payment and other financial systems through telephone, wire services and other electronic communication mechanisms,” ISO said.
“…The sheer volume and value of such transactions exposes the financial community and its customers to severe risks from accidental or deliberate alteration, substitution or destruction of data. There is therefore a strong need for an ironclad authentication method,” the organization added.
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