February 18, 2015 -
Hoyos Labs announced it will demonstrate its new biometrics-based ATM app that replaces ATM cards and PINs, at this week’s ATMIA conference in Las Vegas.
Banks are able to embed the Hoyos Labs software into their mobile banking apps to enable their customers to use their biometrics – facial, periocular, fingerprint, iris – to access their bank accounts and withdraw money by looking at their smartphones to authenticate their identities.
Built on the HoyosID identity assertion platform, the ATM app is able to run without using Near Field Communications, which drastically reduces the chances of a user’s financial data from being stolen via proximity attacks.
Additionally, the app ensures that no PINs, passwords or bank card numbers are stored on the smartphone at any time, eliminating the risk of financial information theft.
The app links to the ATM with bank accounts, all without any extra hardware. The HoyosID-enabled ATM software does not require banks to alter ATMs in any way, and facilitates a secure two-way SSL communication between the ATM and Biometric Open Protocol Standard-compliant bank server.
Developed by Hoyos Labs, BOPS is an IEEE standard that serves as a set of guidelines for communications among various client devices including mobile phones, desktop computers and ATMs, as well as a trusted server managing the collection and manipulation of biometric data captured by those devices.
“Our technology will change the way that banks service customers, because people will no longer have to carry their bank cards or remember their PINs to safeguard their financial material and access their accounts,” said Hector Hoyos, CEO of Hoyos Labs. “Every time that bank customers use ATMs, they are at risk to be skimmed, as 50 percent of ATM fraud now originates from cards that are skimmed at bank-owned ATMs. That figure is rising every year, and our new mobile app allows people to access their bank accounts and withdraw money by doing nothing more than taking a selfie to authenticate their identities.”
Customers are able to access the ATM by using the app to scan the QR code displayed on the ATM screen that effectively links the ATM with the smartphone and authenticate their identities.
Once their identity has been verified, customers are then able to access their accounts to withdraw money or automatically receive an amount of cash that they pre-selected via the app.
The app also uses a unique “liveness” detection system that is able to differentiate a real person from an image or video, whether it is in high-definition or standard.
Previously reported, Hoyos Labs recently began offering its 1U mobile app free of charge.