What are financial biometrics?
Among the most popular and mainstream applications of biometric technology, financial identification, verification, and authentication in commerce is helping make banking, shopping, and account managing more safe, convenient, and accountable. In the financial space, biometrics solutions help ensure that a customer is who she claims to be when accessing sensitive financial data by capturing her unique biometric characteristics and comparing them to a template, stored either on the device being used or on a secure server. Banking and payments solutions available today utilize a wide range of biometric modalities: fingerprint, iris, voice, face, eyeprint, palm vein pattern, behavioral and other types of biometric recognition are all used, either on their own or combined in a multi-factor system, to lock down accounts and crack down on fraud.
Where can I find financial biometrics?
Mobile wallets such as Apple Pay and Samsung Pay, which allow users to make credit card payments online and at physical points of sale, use biometric authentication for security. Apple Pay leverages the iPhone’s Touch ID fingerprint sensor to ensure a payment is being made by the authorized user, for instance, while Samsung Pay gives users the option to shop by scanning their irises.
Banking apps use biometric authentication for login procedures. The matching method and modalities used vary from institution to institution, but face, voice, and fingerprint recognition are common among mobile banking applications. USAA was a pioneer in this respect, leveraging face, voice, and fingerprint biometrics for convenient security, and giving users the power to choose their preferred login method.
Call centers used for phone banking are increasingly turning to voiceprint security to mitigate fraud. By matching the unique characteristics of a caller’s voice to a template as she speaks to a customer service agent or IVR system, banks can verify her identity without resorting to belaboring security questions.
ATMs are being outfitted with biometric sensors—most commonly fingerprint and face recognition—enabling customers to conveniently do away with card and PIN transactions.
Points of sale around the world are on the verge of embracing Naked Payments solutions, which leverage biometric sensors at retail checkouts that allow customers to simply pay by being themselves.
How are financial biometrics making a difference?
Facial recognition security is used on the Humaniq digital banking platform, which aims to promote financial inclusion using blockchain technology, cryptocurrency, and mobility.
Biometrics are set to enable tourists visiting Tokyo for the 2020 Olympic Games to pay for goods and services with nothing by the touch of a finger.
New initiatives from biometric vendors and their partner financial institutions are paving the way for credit cards with embedded biometric sensors, promising stronger-than-PIN security with the convenience and familiarity of paying with plastic.
Read on to meet the leading providers of Financial solutions.
Princeton Identity is the identity management company that makes security more convenient, accurate and reliable than ever before. Using iris recognition and other biometric technology, Princeton Identity enables businesses, global organizations and borders to simplify identity management, resulting in improved safety and protection. Formerly a division within SRI International, Princeton Identity spun out as an independent venture in August 2016. Products & Services: Iris Recognition, Biometric Security, Border/Airport Control, Physical Access, Healthcare, Financial, Mobile
BioCatch is a cybersecurity company that delivers behavioral biometrics, analyzing human-device interactions to protect users and data. Banks and other enterprises use BioCatch to reduce online fraud and protect against a variety of cyber threats, without compromising the user experience. Products & Services: Behavioral Biometrics, Middleware/Software, Mobile Biometrics, Financial
StoneLock is a global leader in designing and manufacturing secure biometric access control solutions. Utilizing Near-Infrared (NIR) technology, StoneLock technology offers rapid and reliable verification of identity without the use of images – even in total darkness. Our best-in-class solutions will never store personal identifiable information and guarantee ease of use for both users and security professionals. Products & Services: Biometric Security, Financial, Border Control/Airports, Facial Recognition
BIO-key International (OTC Bulletin Board: BKYI), provides biometric identification solutions that scale to any size application. Our superior matching technology is compatible with EVERY major fingerprint reader manufacturer. BIO-key application engineers are available to assist in identifying the most appropriate fingerprint reader(s) to meet you application needs. Partnering with vertical solution providers, OEMs, and integrators, BIO-key delivers convenient, cost-effective and easy-to-deploy solutions to identify and authenticate individuals. BIO-key’s strong authentication is the ideal choice to satisfy industry regulations including HIPAA and FSTC, or to establish user identities as part of an audit trail. NIST ranks BIO-key in the top tier of MINEX and SDK performers. Products & services: Fingerprint Readers, Logical Access Control, HealthCare Biometrics, Border Control / Airports, Financial and Transactional, Mobile Biometrics.
SecuGen is a world-leading designer and developer of high quality, accurate, rugged, and affordable optical fingerprint recognition technology. We offer FBI- and STQC-certified fingerprint sensors, including the Hamster™ line of fingerprint readers, as well as MINEX-compliant biometric algorithms and developer kits for a wide range of applications. Products and Services: Border/Airport Control, Financial & Transactional, Logical Access, Physical Access, Mobile, Fingerprint Readers.
FaceTec has developed ZoOm®, a Universal Biometric Selfie Login SDK for Android/iOS smartphones, a 100% software solution that can be easily added to any app. ZoOm meets the convenience needs of end users, and the banking-level security demands of app publishers with TrueLiveness™ detection and FIDO certification. For more information visit https://zoomlogin.com/#revolutionary Products & Services: Facial Recognition, Financial, Healthcare, Mobile
Griaule’s cutting edge solutions helps banks and other companies to prevent identity fraud and speed up biometric authentication process. Today, the Caixa Econômica Federal (Brazil’s largest bank in number of financial operations) uses Griaule’s intelligence to authenticate millions of financial transactions. Security for the bank and the customer. Products & Services: Facial Recognition, Financial, Fingerprint Readers, Law Enforcement, Iris Recognition, Voice Recognition
At FST, we believe that security should not interfere with the pace of life. Our identity management solutions ensure a highly secured environment for banks and other financial institutions that is easy to implement and use on a day-to-day basis. FST’s product line ensures upmost security for your organization without the need for employees and customers to stop what they are doing and present a card, key or even a fingerprint. Furthermore, our solutions allow organizations to define different security credentials for different areas. For more information, please read our white paper Improve your Bottom Line with the Right Identity Management Solution. Products & Services: Financial, Healthcare, Physical Access, Facial Recognition, Multimodal Biometrics
Aware provides COTS, standards-based biometrics software for law enforcement, border management, defense, credentialing, and access control. Each product provides granular functionality and is available a la carte:
- SDKs for fingerprint, face, and iris
- Capture device hardware abstraction
- Image quality assurance
- Standard-compliant data formatting and validation
- BioComponents™ enrollment applets and controls
- URC™ .NET biometric enrollment application
- WebEnroll™ browser-based biometric enrollment
- Biometric Services Platform (BioSP™)
- Nexa™ fingerprint, face, and iris search and match SDKs
- INQUIRE™ identity data analytics SDK
Products & services: Fingerprint Readers, Middleware / Software, Justice / Law Enforcement, Facial Recognition
Nok Nok Labs is the leading provider of strong, FIDO-based authentication to organizations with internet-scale mobile and web applications requiring improved user engagement and security. Nok Nok Labs’ S3 Suite software allows organizations to rapidly deliver multifactor authentication that improves user engagement while reducing fraud and deployment complexity. Products & Services: Financial, Mobile Biometrics, Facial Recognition, Fingerprint Readers, Voice and Speech Recognition
NuData Security is an award winning behavioral biometrics company. Our flagship product, NuDetect, continuously verifies a users’ online identity by authenticating the user based on their natural interactions online – behavior that can’t be mimicked or replicated by a third party. The solution harnesses powerful behavioral and passive biometric analysis to help clients predict fraud and risk. Products & Services: Behavioral, Financial, Healthcare, Mobility
Aerendir Mobile Inc. is the pioneer provider of a novel physiologic biometric authentication technology called Neuro-Finger Print™ (NFP). This identification technology, called “Touch Technology™” captures signals from the individual’s unique proprioceptive neurophysiology. These unique Neuro-Finger Print™ (NFP) signals can be sensed by hardware that already exists in smartphones and tablets.
MorphoTrak provides the technology and performance trusted by FBI NGI for 10-print, latent, and RISC fast-ID matching and 50% of U.S. State Law Enforcement. Reporting to Morpho, MorphoTrak is part of the world’s largest biometric company. Morpho is a leading innovator of interoperable biometric identification systems as well as finger/palm/vein, facial and iris recognition. With 40 years’ experience, Morpho technology serves more than 450 government agencies in over 100 countries and is consistently ranked #1 by NIST for enrollment and matching accuracy. For more information, visit www.morpho.com/USA
Products & services: Biometric Sensors and Detectors, Facial Recognition, Fingerprint Readers, Iris Scanners & Recognition, Smart Cards, Border Control / Airports, Consumer / Residential Biometrics, Justice / Law Enforcement, Logical Access Control, Mobile Biometrics, Other Uses of Biometrics, Physical Access Control, Time and Attendance, Hand Readers & Finger Scanners, Middleware/Software, Vein Recognition.
SecuredTouch is the leader in behavioral biometrics for online transactions, delivering continuous authentication technologies to strengthen security and reduce fraud while improving customers digital experience. The online and mobile-optimized solutions require no enrollment, they are easy to implement, and provide real time alerts when suspicious activity is detected from login to logout. Products & Services: Behavioral, Financial
Sensory, Inc. creates a safer and superior UX through vision and voice technologies. Sensory’s technology is widely deployed in consumer electronics applications including mobile phones, automotive, wearables, toys, IoT and various home electronics. With its TrulyHandsfree™ voice control, Sensory has set the standard for mobile handset platforms’ ultra-low power “always listening” touchless control. Sensory’s TrulySecure™ is changing the authentication landscape with highly accurate voice and facial biometric fusion. To date, Sensory’s technologies have shipped in over half a billion units of leading consumer products. Visit Sensory at www.sensory.com
Enabled by its patented NEXT Active Thermal principle, NEXT Biometrics (www.nextbiometrics.com) offers high quality area fingerprint sensors at a fraction of the prices of comparable competitors. A wide range of product formats including Smartphones, Tablets, PC’s, Doors, Time registration systems, Wearables, Payment terminals, Flashdrives, USB-tokens, Key fobs and many more are targeted. Products & Services: Financial, Mobile Biometrics, Physical Access Control, Biometric Sensors & Detectors, Fingerprint Readers, Smart Cards
IDEX develops and sells advanced fingerprint sensor technology and products. The company’s technology is used in a range of biometrically enabled applications within three core markets: Mobile, Smart Cards and Internet of Things (IoT). IDEX’s addressable market represents a fast-growing multi-billion unit opportunity. IDEX’s technology includes both the conventional silicon sensor and a unique off-chip technology, which means that the company can offer its partners solutions which are flexible and cost efficient. Products and Services: Fingerprint, Smart Cards, Financial, Mobile.
NEC has been at the forefront of defining leading-edge biometric identification solutions for over 40 years. NEC’s identification technologies include finger/palm print, DNA and face recognition solutions. NEC has developed some of the world’s largest and most complex identification infrastructure projects for government and law enforcement. Our mission is to help government and businesses use technology to build a safer environment for life and work. Products & Services: Fingerprint Readers, Mobile Biometrics, Facial Recognition, Justice/Law Enforcement, Financial and Transactional, Border Control/Airports, Healthcare Biometrics, Multi-modal Biometrics, Logical Access Control, Physical Access Control
Safran Identity & Security (formerly Morpho) is a global leader in identity and security solutions, deploying solutions in more than 100 countries. Backed by more than 40 years of experience in biometrics, we develop innovative technologies for a wide range of markets and applications for people, governments and business. For more information visit: www.safran-identity-security.com
Crossmatch Technologies is a leading global provider of biometric identity management systems, applications and enabling technologies to governments, law enforcement agencies and businesses around the world. Offerings include biometric technologies capable of wireless, mobile or stationary use that encompass fingerprint, palm and full-hand scanners, facial recognition systems, iris scanning technology, document readers, biometric software, and related services. Products & Services: Border Control, Facial Recognition, Financial/Transactional, Fingerprint Readers, Hand Readers, Healthcare, Iris Scanners, Justice/Law Enforcement, Middleware Software, Mobile Biometrics, Other.
Precise Biometrics is a market leading supplier of solutions for convenient and secure authentication of people’s identity. We develop and sell fingerprint software and mobile smart card readers that provide the market’s best user experience and security. Our solutions are used hundreds of millions of times every day by people all over the world. Products & Services: Fingerprint, Mobility, Smart Cards, Financial, Middleware/Software
Lumidigm is now HID Biometrics! Lumidigm® multispectral imaging technology revolutionized the biometrics industry by addressing common, real-world performance problems head-on to enable convenient, secure and reliable authentication solutions. The Lumidigm platform also delivers state-of-the art, field-updatable liveness detection. HID Biometrics offers Lumidigm® solutions to markets such as healthcare, banking, citizen ID, time & attendance, and access control. Products & Services: Border Control/Airports, Financial, Healthcare, Justice/Law Enforcement, Physical Access Control, Biometric Sensors & Detectors
Iris ID has been the key developer and driver of the commercialization of iris recognition technology since 1997. IrisAccess, now in a 4th generation, is the world’s leading deployed iris recognition platform. Found on 6 continents, in thousands of locations, authenticating the identities of millions and millions of persons, more people in more places authenticate with IrisAccess than with all other iris recognition products combined. Products & Services: Iris Scanners & Recognition, Physical Access Control, Time and Attendance, Border Control/Airports, Financial and Transactional
Fingerprints is the world leading biometric company. We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in millions of devices and applications and are used billions of times every day, providing safe and convenient identification and authentication with a human touch. www.fingerprints.com Products & services: Financial, Mobile, Fingerprint, Sensors and Detectors, Multimodal.
TOC is a company specialized in the development of identity verification technology and applications which uses biometrics, founded in 2010. Our company relies on a multidisciplinary team comprised of Systems Engineers, Electronic Engineers, Industrial Engineers, Lawyers, Developers, Advertising Agents and Designers, all dedicated to the development and integration of biometric technology systems.
Biocryptology® is a disruptive biometric-based authentication technology. The name references this platform’s high-quality encryption algorithm, which is combined with unique biometric identification and (in the case of the Swipe ID device) anti-tampering mechanisms to keep all ID verification and electronic transactions completely secure. Products & Services: Fingerprint, Financial, Logical Access, Mobile, Physical Access