Does the rising use of biometrics on mobile devices require a higher level of security?
The following is a guest post submitted to M2SYS.
When it comes to an organization’s information security systems, passwords are possibly the weakest link. This is why many inroads are being made in the field of biometric authentication technologies. Take a look at the rate of website breaches, and you can make the discernment whether or not biometrics and mobile biometrics are necessary. Companies can force users to come up with long and complex passwords. Yet, many will then write these passwords down somewhere simply because they are difficult to remember. In this regard, biometric authentication can be a foolproof approach—especially when using mobile devices that are the increasing method people use for accessing their accounts. Now the question remains, do mobile device biometrics need more security? Continue reading →
Biometrics in Banking
Smartphones are powerful tools, and when used for authentication purposes in banking, they can become even more so.
The rising demand to more effectively secure online and mobile banking and financial services transactions through accurate customer identification to prevent identity theft and banking fraud has sparked an interest in the use of biometric identification technology.
Biometric identification solutions provide quick and accurate customer authentication by using unique physiological characteristics (who you are) for identification instead of PINs (what you know) or ID cards (what you have).
Biometric identification technology is difficult if not nearly impossible to forge, meaning that through the use of biometrics, the banking and financial services sector can drastically reduce or even completely eliminate losses incurred by customer identity theft and fraud. A lot of banks around the world are already using biometric technology for customer identification, and a lot more are following suit.
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The growing need for superior levels of security giving birth of new trends in biometric technology
Biometric technology is constantly evolving in today’s digital security world and as we reach mid-year 2015, it is time to take a look at the previous months of this year and identify the top 3 trends in biometrics security technology thus far.
In today’s technological world – communicating, banking, travelling, doing business online, using government services, accessing the cloud or benefiting from the Internet of Things (IoT) – consumers utilize digital security technology every day. In many of these markets, biometric security technology is precipitously increasing as a more secure technology to protect data access than passwords or personal identification numbers (PINs). If you are planning to adopt biometric technology in 2015, here’s a look at the latest industry trends. Continue reading →
Picture 1: Cab-hailing companies are changing the way many people getting around cities all over the world.
Transportation services / networks such as Uber, the online cab-hailing company, are changing the way many people travel around cities all over the world. But the question is, how safe are the cab drivers or who are taking you for a ride? Legislators in some countries are addressing the issue to improve passenger safety following reports of assault and sexual violence in recent months.
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Recent trends in biometric technology trends suggest more secure and convenient ways of identification and authentication.
With the pace of rapid innovation in today’s biometric technology field, new uses are appearing to make the process of authentication more convenient and secure. These innovative and useful processes of human identification are increasing in frequency with every year. As these uses are increasing, they are also creating some trends and reshaping the way we identify humans. Continue reading →
New developments in biometric identification management technology now allow access control on the fly.
The following guest post was submitted by Sarah Smith on behalf of The Real Estate Academy of Australia. Sarah is a small business owner, and is currently learning about marketing and using the internet. Aside from working on her own business, she likes to use social media, and read travel books.
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Mobile payments and cloud adoption are on the rise in the banking industry, and mobile biometrics technology can help the industry to effectively secure mobile device transactions through the cloud bringing convenience to customers.
The global world of retail payments is rapidly advancing technologically, giving rise to many future possibilities to authenticate transactions and more efficiently allowing the banking industry to securely attract and connect with customers. It is now possible for an individual to make payments on the move via mobile devices, enjoy access to multiple payment methods and currency options, and feel secure in the knowledge that their sensitive data is protected due to new sophisticated technologies like cloud and mobile biometrics, which were developed to combat fraudulent activity.
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A recent court ruling on the legality of submitting individual biometric credentials to unlock a smartphone favors the legal system.
The following guest post was submitted by The Carter Capner Group, a law firm serving Queensland and the Australian city of Brisbane.
Many people such as personal injury and compensation lawyers Carter Capner have confidential information on their smartphones. Thanks to advances in technology, people no longer need to rely on a password to protect their sensitive data. It is now possible to lock a cell phone with the owner’s fingerprint. This eliminates the possibility of a hacker figuring out the password to access the contents of the phone. It is this exact fingerprint technology that was the subject of a case in Virginia criminal court last November. In this case, a key ruling was made that will now make it easier for law enforcement officials to gather evidence that is contained on a smartphone. The judge ruled that criminal defendants can now be legally compelled to open their phone for police if it has been locked using a fingerprint recognition program. One would imagine this ruling will also carry over and apply to other devices such as tablets, laptops and PCs.
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The use of biometrics in banking is increasing as more consumers understand its potential and become more familiar with the technology.
The Deloitte Center for Financial Services released a report that indicates eroding consumer confidence in the security of mobile financial service applications has forced the industry to take a closer look at incorporating technologies such as biometrics to help alleviate fears and insecurities. The report seems right on cue following our post last week about the need for the financial services and banking industries to more closely assess the use of biometrics for customer and employee ID and to better secure mobile devices while engaging in transactions.
A link to the full report can be found here and it presents some very interesting statistical data culled from a recent survey Deloitte launched to ask consumers about their comfort level with using mobile banking apps. A few of the highlights:
- Many (banking customers) are hesitant to use mobile services due to concerns over security, privacy, and ease of use.
- Mobile is increasingly becoming the primary method of interaction with their financial services providers.
- Should the at-home mobile experience that financial services companies offer be different from out-of-home experiences, where there is perhaps greater concern about security and privacy?
- (Consumers) placed a much higher value on the ability to interact using mobile devices with their banks than with other financial providers.
- For many consumers, when it comes to conducting financial services over mobile devices, the advantages and conveniences offered by smartphones and tablets are being trumped by more negative considerations about the devices themselves and data security.
- 61% of those who do not regularly use mobile devices for financial services cited security issues as the prime reason.
- 3 in 10 respondents said that security issues had prompted them to severely restrict the use of mobile devices for financial services.
- 72% would appreciate the use of biometric identification in banking (such as fingerprints or eye scans) to enable a device for financial services transactions.
- Biometrics is another mobile device capability that financial services companies could leverage to make customer interactions easier and more secure.
- Nearly 2/3 of smartphone users said they would find it valuable to use biometric identification (fingerprint, voice scan, or iris scan) on mobile devices for ATM transactions and payments.
It is clear that the proliferation of biometric identification capabilities on smart devices has brought the technology more into the mainstream helping consumers to develop a higher comfort level to use it and more importantly, understanding why and how biometrics in banking is a natural evolution of securing online transactions. However, there is still trust to be built in using biometrics in banking on mobile devices to secure transactions. The report states:
“However, the comfort level with biometric security and encryption decreases as the amount of the transaction increases. For instance, the proportion of consumers who are comfortable with this technology drops from 26 percent for a transaction size of $1,000 to only 11 percent for a transaction worth $10,000. This finding illustrates that biometric solutions may be more successful for smaller transactions. As consumers gain experience with biometrics, they might then be more willing to use them for larger payments.”
What’s clear is that not only is biometrics in banking an opportunity for the industry to leverage existing smart device capabilities to boost security, but the use of biometrics is also an opportunity to better engage consumers and build trust – two critical pillars of quality service, customer retention, and spreading positive word of mouth.
Thanks to the staff at the Deloitte Center for Financial Services for their research and reporting. Extremely interesting insight into the rising use of biometrics in banking and an opportunity to truly understand consumer sentiment when it comes to their perceptions of whether mobile banking is appropriate for their use.
Do you feel that biometrics in banking has a place to help increase security and build trust with consumers?
The need to protect a nation’s borders requires investments in biometric identification management border control solutions.
Implementing tighter security systems to protect a nation’s borders has increasingly found itself in the cross hairs of many countries around the world. Marked increases in cross-border terrorist and criminal activity has prompted many governments to assess the strengths and weaknesses of their existing internal control systems and forced some to seek more sophisticated, modern border control systems that leverage the use of biometric identification.
Protecting a nation’s borders from the illegal movement of weapons, drugs, contraband, and people, while promoting lawful entry and exit, is essential to national security, economic prosperity, and national sovereignty. The dynamics of the world we live in today requires the deployment of sophisticated technology to match pace with the amount of illegal activity that threatens the security and freedom of countries around the world. The ability to adopt and implement a salient border control system that can quickly and accurately confirm traveler identity to confirm someone is who they claim to be is an essential element of national security.
M2SYS designed and built our SecuredPass™ border control biometric identificaton management solution to offer user-friendly dashboard navigation and provide a multi-tasking environment to maximize employee productivity. Border management agencies can use the M2SYS SecuredPASS™ identification to quickly and accurately confirm traveler identity to verify that someone is who they claim to be. SecuredPass features an intuitive, user-friendly dashboard navigation that can be customized to meet the unique needs of any deployment including country specific standards and provides end users the ability to easily multitask. Plus, it offers high powered searching capability in a one to many environment, and unlimited possibilities for system expansion.
Take a look at the video below for more details.