In March, 2022, Research & Markets, the self-proclaimed largest market research store, managing and analyzing data from a whole host of the world’s most recognizable brands – published a report that indicated banks all over the planet are adopting biometrics, largely wrought by the Covid lockdowns and social distancing that was implemented in 2020.
The group forecasts that the market for biometrics in the banking sector will reach $8.9 Billion by 2026, maturing by 12.8% compound annual growth rate (CAGR). The group added in their assessment:
One of the measures being actively pursued by banks is biometrics, since the technology assists in the creation of secure banking environment by reducing instances of identity fraud, establishing audit trail of transactions, and protecting financial data. The shift towards biometrics is also being driven by the inability of traditional security measures such as PINs, passwords and tokens to effectively offer protection, particularly against the growing sophistication of intruder attacks.
The growing realization among banking customers about inadequacies of PINs and passwords in offering protection against sophisticated bank frauds and online threats is leading to high demand for strong security solutions such as those involving biometrics.
Further, steady increase in the number of password hacks in recent times reflects inadequate security associated with the use of passwords as access method. Driven by the growing need to offer protection against the rising instances of fraudulent transactions and identity thefts along with the ever-widening scale of frauds, banks are opting to invest into strong authentication measures.
Face Biometrics utilizes unique facial characteristics to recognize and identify individuals. Face recognition is the most successful form of human surveillance and it includes the measurement of eyes, nose, mouth, and other facial features. Commercialization of face recognition systems increased owing to an upsurge in the usage of multimedia video technology.
This technology is generally used for applications such as surveillance, screening, criminal and law enforcement that include kiosks and booking stations. It could be also used in passport issuance applications, driver`s licensing and registration of voters.
More recently a biometrics company corroborated with this assessment. HID, a global biometrics firm that creates a variety digital verification solutions and identification, explained in a blog post that banks are rapidly increasing their integration of biometrics.
Vito Fabbrizio, Managing Director at HID, wrote in his article: “Biometrics are used by banks to onboard customers and authenticate them after onboarding when conducting transactions, such as at ATMs. Biometric authentication can help ensure that transactions are not fraudulent — and are less time-consuming than the traditional ways that banks reach a high level of assurance that the right person is accessing the account. Banks are also using biometrics as an internal control, securing staff access to sensitive data and restricted areas.”
Fabbrizio adds that “the security and compliance benefits of biometrics are significant drivers of the technology’s adoption among financial institutions.”
All banks are subject to know your customer (KYC) and anti-money laundering (AML) regulations that involve identity verification to a high level of assurance for new customers.
Biometrics are one of the few ways of meeting the identity assurance standard these regulations require. An in-person fingerprint scan is the same method of identity verification the U.S. federal government uses to perform background checks.
As an emerging technology, fingerprint biometrics can also help to build the brand of organizations that adopt them. The use of advanced technology creates confidence in many customers and demonstrates the bank is not stuck in the past.
Multispectral fingerprint scanners have been proven effective for use cases where security, consistency and accuracy are important.
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The WinePress has been reporting on a variety of financial institutions and governments around the world that are implementing biometrics as the only means of completing a transaction, or at least plan to roll them out:
The U.S. superbank JP Morgan-Chase announced earlier this year they are piloting a facial recognition and palm-reading payment system, which they plan to release commercially in 2024 and perhaps license the technology to other banks and businesses.
The list of examples goes on, such as Japan and South Korea unveiling facial recognition ATM’s; or with Sweden debuting a new digital ID that can ubiquitously be used at banks, in order to eliminate tangible IDs and paperwork; and similarly with countries such as Ethiopia actually mandating the use of digital IDs for banking transactions. Norway has also integrated an international biometric ID system to access the banking systems.
Countries like Australia are also rapidly advancing the digital ID schemes in a bid to phase-out physical documents, while their country’s banks are now making it harder to withdrawal physical cash as the nation rapidly moves to become a cashless society.
AUTHOR COMMENTARY
I mention these reports because it further demonstrates the move towards a cashless society; and since so many people are deeply reliant upon government services and the banks to function, whether they like biometrics or not, they will ultimately accept them in order to live everyday life.
If you want control then go after people’s money. They’ll comply in a heartbeat.
A feast is made for laughter, and wine maketh merry: but money answereth all things.
Ecclesiastes 10:19
And of course these actions are bringing us one step closer to the mark of the beast system.
[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six. Revelation 13:16-18
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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“And of course these actions are bringing us one step closer to the mark of the beast system.”
And, closer to going Home!