CrucialTec partners with smart card firm to develop biometric credit card

Fingerprint technology company CrucialTec and smart card firm Kona-I have developed a smart card fitted with a fingerprint module to improve the security of financial transactions, according to a report by The Korea Herald. Cardholders will verify their identity by scanning their fingerprints on the fingerprint module embedded in the 0.84-millimeter plastic card. According to CrucialTec, the card can be used more than 1,000 times with a full charge, but that is expected to increase when it goes into mass

Credit union leveraging Crossmatch’s strong authentication platform

In an effort to secure access to all internal applications and eliminate costly password resets, the El Paso Area Teachers Federal Credit Union (TFCU) is deploying the Crossmatch DigitalPersona Altus strong authentication solution throughout its branch locations. TFCU needed an authentication solution that eliminated the need for its employees to remember and manage multiple passwords and considered a variety of solutions, including password vaults, but chose the DigitalPersona Altus offering, which is based on non-repudiable biometric credentials. “The DigitalPersona Altus

Government biometrics market to see 11% CAGR growth until 2020: Technavio

Technavio has released a new research report titled ‘Global Biometrics Market in the Government Sector 2016-2020‘, which forecasts that the global biometrics market in the government sector will grow at a CAGR of over 11% until 2020. The report identifies the major end-users of this market as the defense department (military, aerospace and federal organizations), the department of homeland security (civil security organizations and ministries, including transportation and identity documentation), and others, including government spending on biometric solutions for healthcare

Facebanx biometric solution designed to prevent phishing fraud

Facebanx’s new anti-fraud technology solution integrates live streaming capabilities with face biometrics to protect organizations from phishing scams. The release comes as both the Federal Bureau of Investigation (FBI) and the Financial Fraud Action UK (FFFA) recently revealed a rising surge in phishing scams, in which fraudsters spoof an email message from the boss in an effort to trick a company employee into making a payment to the fraudster. The FBI estimates that these scams have cost organizations over £2

Daon establishes strategic partnership with Korea Smart Authentication Corp

Biometric authentication firm Daon announced that the Korea Smart Authentication Corp (KoSAC) has become Daon’s strategic partner for Korea. In a statement, the company explains that government regulation changes related to online authentication requirements for financial services, and Korea’s pro-FinTech stance, make this a high potential market for mobile biometric authentication. Additionally, KoSAC believes the most important ingredient for a growing digital economy is strong personal authentication and, as a result KoSAC will now be the official Korean partner to

Alibaba division Ant Financial raises $4.5B in private funding round

Ant Financial (its official name is Zhejiang Ant Small & Micro Financial Services Group), the financial division of Alibaba that owns Alipay, recently raised $4.5 billion private funding round, according to a report by CNBC. Credited as the world’s largest single private funding round for an internet company, the deal gives Ant Financial a valuation of $60 billion. This positions Ant just behind U.S. ride-sharing app Uber ($62 billion), and ahead of Chinese smartphone maker Xiaomi ($45 billion). The funding

Biometrics Research Group publishes report on biometrics and banking

A new Special Report from Biometrics Research Group, Inc. on “Biometrics and Banking” postulates that the financial services sector has emerged as a primary end-user market for biometrics technology worldwide. Biometric Update Special Reports provide analysis and competitive industry intelligence for the global biometrics industry including market size, multiple industry segments, venture capital and other business opportunities, along with in-depth profiles on the best emerging companies and solutions. The firm’s ‘Special Reports’ are sponsored by leading firms within the biometrics

Special Report: Biometrics and banking

This report by Biometrics Research Group, Inc. provides an updated overview and market synopsis of biometrics for the global financial sector. Biometrics Research Group, Inc. believes that the financial services sector has emerged as a primary end-user market for biometrics technology worldwide. By the end of 2016, we believe that revenue will continue to increase to US$2.2 billion and we further estimate that the financial biometrics market will eventually account for almost a third of total biometrics market revenues globally

OCBC Group adds fingerprint authentication to mobile trading app

Singaporean financial institution OCBC Group has developed the OneTouch fingerprint authentication feature and applied the technology to multiple mobile applications for banking and stockbroking. Launched in March 2015, the OCBC Mobile Banking app for iPhones was the first banking app in Singapore to allow customers to access their balances and transaction histories across their bank accounts, credit cards and investments by swiping their fingerprint on their device. The bank has now expanded the OneTouch technology to include brokerage services. OCBC

Chinese app developer releases facial recognition based lending platform

Chinese application developer PING AN TianXiaTong (PING AN) has released facial recognition technology that it will incorporate its wealth management solutions and other services in an effort to create the fastest lending platform in China, requiring only six minutes to complete a loan application. The PING AN technology is based on a complex neural network which allows computers to act like the human brain, thus achieving facial recognition with even greater accuracy than the human eye. The application also compensates