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Start / B / Bank Technology News / November 01, 2003 / The Rise Of Biometrics: The factor that will push more U.S. financial firms into adopting biometrics is fraud and ID theft. "Biometrics is a no-braine

The Rise Of Biometrics: The factor that will push more U.S. financial firms into adopting biometrics is fraud and ID theft. "Biometrics is a no-brainer," says Richard Norton of the National Biometric Project.(Industry Overview)



Bank Technology News; November 01, 2003; Krebsbach, Karen

Krebsbach, Karen

Bank Technology News

November 01, 2003


Tom Cruise's portrayal of a renegade cop who foils an iris ID scanner didn't do the biometrics industry any favors by implying that a Minority Report-type world exists only in the faraway future. For banks, the future is closer than they think: By 2008, TouchCredit Financial Services founder James Uberti predicts every U.S. financial services firm will use biometrics to authenticate employees doing wire transfers, vault incursions and securities trading. But the final frontier-customer authentication-remains light years away.
"Biometric authentication has been the Holy Grail of security for quite a while," says Jeff Guilfoyle, vp and founding partner of Omaha, NE-based Solutionary, a managed security-service provider. "Some are more intrusive, some are less precise, some are prohibitively expensive. All the technologies continue to have issues and what we're recommending is that firms should look at the technologies that make the most sense. We would love

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Read Bank Technology News: The Rise Of Biometrics: The factor that will push more U.S. financial firms into adopting biometrics is fraud and ID theft.

 

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