BioConnect integrates FacePhi face authentication into biometric ID platform

BioConnect has integrated FacePhi’s SelPhi face recognition system into the company’s agnostic biometric identification platform, BioConnect ID. The joint solution will deliver facial recognition and a range of biometric-based identity methods to FacePhi’s banking customers and prospective partners in the banking industry. The two companies have combined their expertise in a way that empowers a truly seamless and secure identification and authentication experience in both the physical and digital world leveraging biometric technology. “This is an opportunity for both companies

Selfie payments firm accepted into FCA’s ‘regulatory sandbox’

Two firms utilizing facial recognition in their solutions are among the 24 fintech companies selected to test their products on actual customers in the UK, according to a report by Banking Technology. The Financial Conduct Authority (FCA) accepted 24 firms including German face recognition payments firm Saffe and Swiss artificial intelligence firm nViso into its so-called “regulatory sandbox”. The program allows businesses with innovative technology to run trials with UK consumers that are strictly supervised by the FCA. Saffe provides

Mastercard and Oxford University unveil framework for mobile biometric banking

Despite a strong consensus among consumers and banks that biometrics should replace passwords for access to financial accounts, knowledge gaps are slowing the transition, according to the report “Mobile Biometrics in Financial Services: A Five Factor Framework,” released Tuesday by researchers from Oxford University and Mastercard. Since 93 percent of consumers prefer biometrics to passwords, according to researchers, and 92 percent of banks want to adopt biometric technology, its adoption should be advancing rapidly. Only 13 percent have deployed biometrics,

Korea Internet & Security Agency developing biometric authentication for mobile banking

South Korean government-run Korea Internet & Security Agency is developing biometric authentication for mobile banking with plans to commercialize the technology by late 2018, according to a report by The Korean Herald. “We are developing an algorithm for authenticating mobile banking with a combination of a fingerprint, heart rate and (an) electrocardiogram,” said Jason Kim, chief of KISA’s security technology dissemination team. “The technology is expected to be much safer than existing biometrics including iris sensors, fingerprint scanners and facial

Diebold Nixdorf, Samsung SDS to showcase biometric ATM

Diebold Nixdorf and Samsung SDS America have partnered to showcase how integrating mobile biometric technology and the self-service channel can help improve security and the overall consumer experience. The companies will jointly demonstrate the mobile-based biometric authentication method at the Digital Banking conference in Austin, Texas on June 12-14. The mobile-based transaction combines Samsung SDS Nexsign, a FIDO compliant biometric authentication platform that includes facial recognition technology combined with the ATM to complete a secure cardless cash withdrawal in seconds.

Digital payments will boost demand for mobile biometric security

Transparency Market Research has published a new research report that shows that the global mobile biometric security and services market has made consistent progress in the last few years due to the increasing demand for smartphones and the rising acknowledgment of the benefits presented by biometric technology. “Mobile Biometric Security and Services Market: Professional Market Research Report and Forecasts, 2017 – 2025” finds that the main driver for the demand from the mobile biometric security and services market is the

EyeVerify details PSD2 and how payment providers can comply with SCA requirements

In a new company blog post, EyeVerify solutions engineer Ryan Schroeder details the essential aspects of the Revised Payment Services Directive (commonly referred to as PSD2) and what payment service providers will need to do in order to be compliant with the law’s strong customer authentication (SCA) requirements. PSD2, which will go into effect in January, is designed to make it more convenient, faster, less expensive and more secure for consumers to make digital payments, as well as to develop

Hong Kong considering using facial or fingerprint recognition in ATMs

The Hong Kong Monetary Authority is considering using facial recognition or fingerprint technology in the city’s ATMs to increase financial security, according to a report by South China Morning Post. The announcement follows a recent report that local banks may be forced to increase ATM security to combat financial crime and money laundering, following the lead of Macau. The authority said it would research the use of facial recognition to determine whether it is “reliable and useful”. “We have just

Eazy, NCR to launch fingerprint payment service in Bahrain

Eazy Financial Services will launch the United Arab Emirates’ first biometric-enabled payment network powered by NCR Corporation in Bahrain, according to a report by TradeArabia. NCR has partnered with Eazy to develop a biometric payment infrastructure to serve participating financial institutions in Bahrain. The network will eventually be expanded to target the entire Middle East region. Customers will enroll through participating financial institutions by registering their fingerprints, allowing them to make payments with a touch of their fingertip. The payment

Will biometrics improve payment card security?

This is a guest post by Kayla Matthews, a biometrics and technology writer. Most of us are familiar with the concept of biometrics — the science of using fingerprints and other unique identifiers to increase security. Many smartphones are already equipped with fingerprint scanners that people can use instead of entering a password or PIN to secure their phone. Could this biometric technology be used to secure other things we use every day, like debit and credit cards? Biometrics and