Biometrics and banking, authentication, cybersecurity and Rapid DNA trending this week
Here is a recap of the most popular biometrics industry news that appeared on BiometricUpdate.com this past week.
Biometrics and banking
Iris ID has entered into an agreement with South Korea’s Woori Bank on a pilot project to enhance financial security. The bank will use Iris ID’s iris recognition technology to authenticate clients at ATMs, safety deposit boxes and for access control and if the project is successful, Woori Bank’s 20 million customers will be able to register to use the biometric authentication system.
Netherlands based ABN Amro Bank is letting customers sign up for a new account using their smartphone. For initial ID confirmation the bank requests photos of the consumer’s identity card or passport, a selfie portrait pic, and a payment transfer of €0.01. After registering, the banks mobile app clients can confirm their identity with a selfie.
More than 33 million banking customers around the world are protected with BioCatch’s behavioral biometric technology. The authentication and malware detection firm currently monitors over one billion transactions per month to detect behavioral anomalies and continuously authenticates users throughout an online banking session by analyzing more than 500 parameters.
A recent industry report explains that the explosive growth rate of the biometrics market can be attributed to the increasing occurances of terrorism and theft of crucial data and information, which have raised concerns about national and personal security. The report also singles out the high cost of systems and fear of privacy intrusion as potentially hindering the growth of the market.
The International Biometrics & Identification Association (IBIA) said that it strongly supports Congressional action to reform the Visa Waiver Program (VWP) and congratulates the House for its work on H.R. 158, Visa Waiver Improvement Act of 2015. The IBIA also said that the country must plan further improvements so all VWP travelers undergo biometric screening prior to boarding all planes to the U.S.
Major initiatives have been launched in the last week focused on enhancing cybersecurity in Canada, the United States and the United Kingdom. “Strong international partnerships (are) at the heart of our efforts to combat the most serious cybercrime threats … We have demonstrated that, just as the criminals can work across national borders, so can law enforcement.”
A recent study by VTT Technical Research Centre of Finland about user attitudes to personal identification methods found that the most popular authentication methods were internet banking access codes, passwords and fingerprints. Most important to users, however, was to feel in control of their own information and who else gets to access it.
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. In the survey of about 10,000 consumers, Mastercard found that 53% of shoppers said they forget their passwords on more than one occasion per week.
Researchers at Yahoo! Labs have developed a new biometric method of authentication for touchscreen devices. In a research paper, Christian Holz and Marius Knaust outlined their new technique of coupling biometric sensors and low-data-rate transmitters in a wearable wristband to communicate to touchscreen devices through electrical conductivity.
In a guest post, Ryan Wilk, vice president of customer success at NuData Security, discusses how behavioral biometrics is the method of fraud detection and prevention that enables merchants to more fully know and understand their users, whether good or bad, with the least friction possible.
Morpho introduced SecureIdentity, a digital identity service for British citizens and residents to access online government services offered through the UK government’s new GOV.UK Verify program that protects the privacy of their personal data. Scheduled to go live in early 2016, SecureIdentity is a mobile application for citizens to authenticate and protect their identities online.
FBI Director James Comey met with members of the U.S. Senate Judiciary Committee last week to discuss the FBI’s programs and priorities for the upcoming year and during the hearing, Comey congratulated Sen. Orrin Hatch for introducing a bill that would allow law enforcement officials to obtain results from Rapid DNA during criminal investigations.
HID Global has received an order to redesign, manufacture and supply the U.S. Government Permanent Resident Card, or “Green Card”. The $88.3 million contract is the company’s largest government contract to date and includes the manufacture and supply of additional government documents that will be enhanced with RFID technology for improved fraud protection.
BiometricUpdate.com had the opportunity to interview VKANSEE President Jason Chaiki, in which he shares his own predictions and thoughts on emerging trends for the biometrics market in 2016. VKANSEE develops fingerprint sensors for mobile devices, boasting an ultra-thin (1.5mm) optical fingerprint sensor.
Mobile capture and identity verification firm Mitek recently conducted a study of the impact Millennials have on the mobile banking and commerce industries and also spoke with leading financial institutions and mobile payment providers about recent changes in the mobile landscape and developed four major predictions for 2016.
banking | BioCatch | biometric authentication | biometrics | cybersecurity | FBI | HID Global | IBIA | Iris ID | Mastercard | Mitek | morpho | NuData Security | Rapid DNA | visa waiver program | Vkansee | Yahoo