FST Biometrics has raised $40 million and is developing a solution for facial recognition that detects your identity while you are in motion; the biometric technology presents a new solution for security identification; by detecting your identity it can be used to unlock doors and provide various other types of security access. Source
Biometric authentication is becoming increasingly utilized; a few factors could help it become more integrated into mainstream technologies; an American Banker article suggests that devices need to be more compatible, consumers would need to be more accepting, multiple options need to be offered and the recognition needs to be simple; big strides have been made in 2016 however barriers to mainstream use still remain. Source
The LendIt team is excited to return to China for our second annual Lang Di Fintech conference on July 15...
Biometrics testing and utilization increased substantially in 2016; Eyeprint ID provides market implementation details from 2016 on fingerprint, face recognition, voice recognition, eyeprint and multi-biometric strategies; the firm predicts biometrics will go beyond mobile in 2017 with use in a broader range of banking activities; also predicts improved security and user experience from biometric authentication. Source
As more and more countries begin implementing biometric technology at their borders, banks are also beginning to use fingerprint analysis and retina scans to verify identities; Canada has used their NEXUS program to track travelers and India has used the Aadhaar program to identify their population; banks have begun testing out these technologies to see what fits their customer best: fingerprints, retina or facial recognition; with the new technology still comes age old issues of theft; stealing a fingerprint then changing it can happen just like the changing of a password; banks are still trying to figure out how to address the new technology and learning lessons from border patrol is one way for them to ensure the best solution. Source
Last week there was a call from 40 consumer advocacy groups that facial recognition technology should be banned, starting with...
As consumers reel from yet another massive data hack, this time of Equifax, fintech leaders are looking to solve the problem to prevent future hacks from happening; Chris Skinner offers up a couple of solutions that corporates and financial services firms should implement; biometrics & touchID, though these are not hack proof, and blockchain technology; he points out the power and security of the blockchain in helping to keep personal data secure. Source.
Lloyds Bank is testing biometric authentication technology for its online banking customers; the development is centered around the use of Microsoft's Windows Hello which has fingerprint and facial recognition capabilities and can be used with Windows 10 devices. Source
As rigid, password-based systems lead to more security breaches, they are quickly replaced by real-time biometrics, leading to a passwordless future.