Leading Mexican financial institutions select Integrated Biometrics fingerprint scanners to secure accounts
On the heels of signing up Santander Mexico for its fingerprint scanners, Integrated Biometrics has announced that the majority of the country’s largest financial institutions have selected its products to comply with their legal obligations for fraud prevention and privacy assurance.
Scotiabank, Principal Afore, MetLife Afore, Banco Azteca, Sura, and PENSIONISSSTE have all adopted Integrated Biometrics scanners, among more than 20 of the largest national and global financial institutions in Mexico. Santander purchased Kojak scanners, though which particular units have been adopted by the other institutions is not specified.
Mexico’s Comisión Nacional Bancaria y de Valores’ (CNBV), an independent body within the Secretariat of Finance and Public Credit, stood up a law in 2018 requiring financial services organizations in the country to use multifactor biometric authentication for new accounts, including credit cards and loans. The purpose of the requirement is to prevent identity theft, fraud, money laundering and other criminal activities, while protecting customer privacy. The country has also used biometric fingerprint scanners in its voter registration processes for years, Integrated Biometrics points out in the announcement.
Biometrica Aplicada is an Integrated Biometrics partner and one of Mexico’s leading distributors of biometric identification systems.
“While FSOs in Mexico understood the need to work quickly to meet the mandate’s requirements, they also were aware of how much their customers could benefit from the increased security provided by those measures,” said Miguel Loera Marin, Business Development Manager for Biometria Aplicada. “The combination of capabilities IB’s fingerprint scanners provide—mobility, reliability, durability, low power consumption, and ease of use—has led nearly all major financial organizations in our nation to implement them.”
Once accounts are registered, all future access to accounts is enabled with fingerprint recognition, also via the Integrated Biometrics scanner.
“Mexico is one of the largest emerging economies in the world and has acted decisively to protect customer privacy and prevent identity theft, fraud, and money laundering,” said Jim Bell, VP for Latin America for Integrated Biometrics. “To meet the requirements of the law and the needs of their customers, FSOs needed mobile, tough, compact, biometric fingerprint scanners. The list of banks we are working with is clear evidence that IB fingerprint scanners have become the de facto standard for the entire nation.”