Our beloved PIN code was a way to make sure our money was secure. However, in recent years, fraudsters have defeated their efficiency by using steps to steal the code. A mini camera or another keyboard at an ATM will let them know your PIN code and basically let them have full access to your money.
Forty-seven banks (the ICO of his starts on 30 October) know it, and that’s why as part of their plan, they will take advantage of biometric identification to offer the highest level of security to their clients.
Biometric identification is a group of methods used in security and adopted by leading banks in the world that makes your fingerprint, iris, voice, photography, or even something more advanced such as vascular pattern of the palm.
Why is biometric security better for customers?
This technology ensures easier and more secure access to your bank account. This means, thanks to biometric identification, you will have fewer keywords to remember, easier service and your money will be safer.
Of course, biometric identification can not only be applied to ATMs. You can apply it to smartphone apps (both on Android and iOS). That way, using the same technology, even if the client forgets the card they will be able to use the ATM and make in-store purchases.
What about banks? What’s in it for them?
Of course, not all benefits are provided to clients. Banks and other financial institutions can also take advantage of the increased level of security afforded by this new technology. In most cases, biometric identification does not replace the existing system, but in complete harmony, act as other protection methods, along with pin code and a confirmation sms. Especially with regard to emergency cases, withdrawing large sums of funds at once and taking loans.
After the introduction of the verification, it is not possible to write the loan only with a copy of the passport in any city – the biometric data obtained at regional offices will be sent to the central office for verification.
The introduction of biometric identification by banks automatically improves their reputation and turns them into technology leaders. This move attracts new customers, a significant competitive advantage.
Mobile system
Biometric verification is already working in a number of mobile banking applications. This system was introduced so the first iPad and iPhone models with Touch ID panel out.
Now, the solution is actively used not only by foreigners, but also by Russian financial institutions. Alfa-Bank, Sberbank, Tinkoff Bank and MTS Bank have enabled smartphones equipped with biometric sensors to access applications using fingerprint. Russian banks will not stop there: Binbank will introduce voice recognition and photo identification within the next two years.
ATM, POS-terminal and branch
The future has arrived: fingerprint readers installed at ATM Diebold (one of the world’s leaders in ATM supplies).
Polish company – owner of Planet Cash – plans to arrange with the support of Japanese developers around 2,000 ATMs capable of scanning fingerprints across the country. In Russia, this innovation is planned to be introduced in the next 2-3 years.
Bank of Pennsylvania uses this system creatively: the biometric scanner is in the operating window. The person who visited this bank for the first time scanned the fingerprint and confirmed the identity with the appropriate document. During the next visit he just needs to put his finger into the reader, and his account will be identified.
Photo identification is becoming increasingly popular overseas: in early 2017, MasterCard added a user verification function using selfie and scanned fingerprints to make payments or transfers. Chinese company Tzekwan Technology in collaboration with Tsinghua University found an ATM that captured users, identified the cardholder’s face and compared it with card data.
According to the forecast of experts, the banking biometric identification system will be introduced everywhere after several years.
Forty Seven Bank will provide biometric security to its clients, following the latest and most stringent security practices.
Details Information :
Website : https://www.fortyseven.io/
Whitepaper : https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view
Facebook : https://www.facebook.com/FortySevenBank/
Twitter : https://twitter.com/47foundation
Telegram : https://t.me/thefortyseven
published by: Kontolq_Abo
My ETH: 0xb7742Bb562b6acf9FAfAFFf3368D37972F671959
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