Is Mastercard bridging the gap from passwords to biometrics?

This is a guest post by Thomas Yohannan, a mentor at Alchemist Accelerator. MasterCard rolled out an interesting initiative a few weeks back in South Africa. The company developed cards with an additional layer of security to counteract fraud — a biometric fingerprint sensor. By combining chip technology with your fingerprint, the company can now verify the cardholder’s identity for in-store purchases. The process is quite simple in that you stick your card into the terminal during payment. The biometric

Visa study finds Australians prefer biometrics over PINs for payment authentication

Visa released its sponsored YouGov study that found that Australians are slowly accepting the idea of making payments via Internet of Things (IoT), as long as they can use biometrics for authentication, according to a report by ZDNet. The report states that 29 percent of Australians are comfortable with the idea of using internet-connected devices, such as a virtual assistants or smart fridges, to make payments. The figure, which more than doubles the 12 percent reported in September 2016, is

Study finds Americans support biometrics-based payment systems

Viewpost released the results of a new survey covering American consumers’ perceptions about “futuristic” payments technologies and currencies, including biometric solutions such as fingerprinting, facial recognition, retinal scanning and voice control. After surveying 1,000 U.S. consumers, Viewpost found that 80 percent of Americans are in support of biometrics-enabled payments technologies and currencies. The study found that 52 percent of respondents believe that payments between companies and customers will be exchanged via mobile app in the future. Based on the survey

Ping An to provide AI technologies to Chinese financial services firms

Ping An Insurance (Group) plans to offer its latest artificial intelligence technologies to other financial services providers throughout mainland China, even before providing them to the company’s own subsidiaries, according to a report by South China Morning Post. Jessica Tan, chief operating officer at Ping An, said that the strategy would help “level the playing field” by enabling smaller financial services firms to compete against the country’s internet giants. Following a pilot testing at Ping An-backed peer-to-peer lender Lufax, and

HSBC, Barclays join EU project aimed at testing digital ID standards for cross-border banking

HSBC and Barclays have joined a new EU group comprised of private and public sector organizations testing the use of a citizen’s national digital identity from France to open a bank account in the UK, according to a report by Finextra. The Project, which is co-financed by the European Union’s Connecting Europe Facility, will also include the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK). The organizations will test the use of public sector

Viewpost study finds US consumers looking forward to face, voice recognition payments

Online invoicing and payment firm Viewpost has released the results of a new survey that finds that people are looking forward to paying companies with mobile apps and technologies such as face and voice recognition, according to a report by International Business Times. The survey, which is based on the responses of 1,000 U.S consumers, finds that more than half of American believe that payments between companies and customers will soon be conducted through mobile apps. Additionally, only 11 percent

UN using IrisGuard ethereum blockchain payment platform for refugees

The United Nations High Commissioner of Refugees (UNHCR) is using IrisGuard’s private Ethereum blockchain technology to enable streamlined payment services for thousands of Syrian refugees seeking humanitarian aid, according to a report by ETH News. After refugees are registered through UNHCR, other humanitarian organizations including the World Food Programme (WFP), the United Nations Children’s Fund (UNICEF) and the International Organization for Migration (IOM) can further assist them through resettlement programs, international remittance, healthcare services and microfinance to promote a better

ICBC deploys FacePhi technology for mobile banking authentication

FacePhi announced a new contract this week with the Industrial and Commercial Bank of China (ICBC). ICBC will deploy FacePhi’s facial recognition technology, Selphi, to authenticate clients using the Chinese multinational banking company’s mobile app. ICBC Argentina will be the first bank in the country to implement facial biometrics in mobile banking. As of February 2017, ICBC is the largest bank in the world by total assets and the most valuable bank in the world by market capitalization. Earlier this

SmartMetric completes development of its self-powered fingerprint credit card

SmartMetric has completed development of its new credit card, embedded with a super thin, self-powered fingerprint scanner. The biometric credit card is a culmination of years of research and development, which the company started developing in 2002. According to a company statement, Chaya Hendrick, president and CEO at SmartMetric, insisted that the credit card had to be self-powered with a rechargeable battery so that the card could be used before being inserted into ATM’s and other types of EMC chip

Biometric banking

This is a guest post by Paul Sheldon Foote, of the Department of Accounting at California State University, Fullerton. Many banks around the world, large and small, continue to experience major security failures. At this year’s Kaspersky Security Analyst Summit (April 2 – 6, 2017), Kaspersky Lab analysts explained their investigation of the takeover of a bank for several hours in Brazil by cybercriminals. The takeover of the bank started with a spear phishing attack. Next, the cybercriminals used a