Goode Intelligence names five key drivers of biometrics adoption for financial services

Goode Intelligence has published its Biometrics for Financial Services analyst report series, which among other things identifies the top five trends that are driving the adoption of biometrics for financial services. The biometrics for financial services market is growing at an alarming rate, with Goode Intelligence projecting the market to be worth over US$11 billion by 2020. Leading the five key trends is the expectation that biometrics will eventually replace PINs for ATM security in different scenarios, including cardless using

Top trends affecting global iris recognition market through 2020: report

Technavio has published a new report that analyzes key trends expected to affect the global iris recognition market from 2016 through 2020. Based on Technavio’s projections, the global iris recognition market is expected to grow at a CAGR of over 21% to reach nearly US$5 billion by 2020. In the report, Technavio’s ICT industry research analysts identify the top three trends as iris recognition technology’s introduction into multimodal biometrics, its adoption in the BFSI sector, and its use in the

Biometrics-as-a-Service: Making Identity Fraud Prevention Truly Globally Accessible

Some form of identity theft is at the heart of most financially-motivated fraud. Identity fraud and its derivative crimes cost banks, retailers, healthcare providers, governments, and ultimately consumers and taxpayers around the globe hundreds of billions of dollars every year This whitepaper can be downloaded — free of charge — and the reader can learn more about cloud-based biometric identity proofing and authentication services for mass markets.

SayPay provides voice biometrics solution for Varam Capital

Varam Capital, an Indian micro-finance institution, has selected SayPay Technologies voice biometrics solution to authenticate its clients. Varam supplies loans, savings and other financial services to lower income households. Varam spokesperson Latha Pandiarajan commented, “customer authentication and transaction authentication happens many times during a loan cycle at Varam and with SayPay, we hope that becomes a lot easier and safer.” Integrating SayPay’s biometric authentication solutions into the exchange process reduces cash-based risk for Varam and provides a basis for transaction

KPMG Matchi fintech challenge wants to see biometric access control solutions

The KPMG Fintech Innovation Challenge, operated by Matchi, opened December 15, 2015 and will close on January 7, 2016. The challenge’s goal is to find six innovative fintech solutions to match with financial institutions and insurance companies at the FinTech Innovation Summit to be held in London on February 10 and 11, 2016. The organizers are inviting fintech firms and innovators from around the world to enter the challenge and compete for an opportunity to demonstrate to all participating banks

Former Aadhaar Chairman says India will experience banking transformation

Nandan Nilekani, former chairman of the Unique Identification Authority of India (UIDAI), the government agency in charge of Aadhaar, recently gave an interview where he claimed that India is now on the cusp of transformation in banking and payments due to the expansion of the biometric database. Aadhaar, recognized as the world’s largest universal Civil ID program and biometric database, is used by the Indian government to provide social services. To date, Aadhaar has issued over 900 million Aadhaar numbers,

Rising security concerns driving global biometrics market growth: report

Persistence Market Research released its own report entitled “Next Generation Biometric Market – PMR Market Insight Report 2015 to 2021”, in which the biometrics market is expected to grow at a significant growth rate. According to the report, this explosive growth rate can be attributed to the increasing occurances of terrorism and the theft of crucial data and information, which have raised concerns about national and personal security. The report covers a number of key topics, including market segmentation according

Biometrics-as-a-Service is making robust identity fraud prevention truly globally accessible

This is a guest post by David Benini, Vice President of Marketing at Aware, Inc. Some form of identity theft is at the heart of most financially-motivated fraud. Synthetic identity fraud, based on skillful creation of fictional identities, is a significant and fast-growing source of losses to fraud. Identity fraud and its derivative crimes cost banks, retailers, healthcare providers, governments, and ultimately consumers and taxpayers around the globe hundreds of billions of dollars every year, and this figure continues to

Mountain America Credit Union provides dual-biometric authentication option for members

Mountain America Credit Union is the first financial institution in the US to offer a dual-biometric authentication solution for its members. Members can login to the mobile app using Apple’s Touch ID and Eyeprint ID from EyeVerify. Eyeprint ID technology uses a mobile device’s camera to image and then pattern match the blood vessels in the whites of a user’s eyes, providing highly accurate, fast and convenient mobile authentication. Mountain America CU launched their dual biometric login with Eyeprint ID

MasterCard survey suggests growing adoption of biometric authentication among shoppers

MasterCard recently conducted a global survey that found that advances in biometric authentication technology is slowly shifting consumers away from using passwords for authenticating online purchases, according to a podcast by Secure ID News. These emerging biometric authentication technologies include the MasterCard Identity Check, the credit card issuer’s new payments system that enables consumers to make online purchases using facial or fingerprint recognition technologies. In a survey of approximately 10,000 consumers, Mastercard found that 53% of shoppers said they forget