Tag: biometrics technology

Recent research reveals that biometrics will be essential for speeding up mobile payments adoption.

A study conducted by Lux Research has concluded that biometrics security technologies will play a vital role in the growth of smartphone payments and that current mobile payment system will need to include biometrics to hasten adoption and meet expectations of huge growth rates. According to Tiffany Huang – a Lux Research analyst and author of the 50-page report, “Securing Mobile Payments with Biometric Authentication” – in order to be successful in the future, developers of payment software and smartphone vendors need to consider a variety of new biometric techniques and the multimodal approach.

Biometrics technologies could make mobile payments more appealing to smartphone users.

According to a US Federal Reserve survey published back in 2015, 75% of the 2,137 people surveyed said that they didn’t use mobile payments because they felt it was easier to pay with credit/debit cards or cash. Meanwhile, 59% refrained from paying with their mobile device because they were worried about privacy and security, reported Computerworld.

“Once biometrics are adopted to assure users [and banks] of security, it will help drive mobile payment adoption,” said Huang.

Essentially, until American consumers see the value in using a mobile device to make payments instead of a credit card, and view it as safe, m-payments adoption will never take off on a large scale. However, biometrics could change that.

Huang stated in an interview that “Biometrics are needed to improve mobile payment usage,” adding that “It’s hard to see one biometric usage winning in the medium-to-far-term.”

Different biometric approaches would be needed depending on the smartphone payments.

Huang researched many companies in the mobile payments ecosystem, such as credit companies and banks as well as software and hardware designers, and evaluated new biometrics technologies based on cost, security and ease of use. Among the technologies examined were fingerprint scans and scans of palm veins, irises, eyeprints, electrocardiograms (ECGs), faces and voices.

What was found was that different biometric approaches are required depending on the type of mobile transaction. For instance, the vast majority of customers wouldn’t want to pose for a few seconds for a voice or facial scan in front of other customers waiting behind them in line. On the other hand, while palm vein sensors would be a far more ideal in-store point-of-sale biometrics technology, the cost of such authentication technology is far too high to be considered a practical option.

In her report Huang noted that as new smartphone payment platforms are introduced by companies like Walmart, it becomes harder for a single biometric approach to dominate. Nevertheless, she believes that the mobile payments industry will play a role in shaping which biometrics technology gains popularity.

(OTCQB: NXTD) Discuss Recent Hacking of Apple’s (AAPL) Touch ID Fingerprint Technology and the Future of Biometrics

Point Roberts, WA, NEW YORK, NY – October 2, 2013 (Investorideas.com biometrics/ defense stocks newswire) Mobile Security Biometrics Alert: Investorideas.com, an investor research portal specializing in investor research in leading sectors, issues a follow up to its recent article , Analysts and Industry Participants Share Insight Into the Future of Mobile Security and Biometrics, following the recent reports of Apple’s Touch ID Fingerprint Technology being attacked by professional hackers. Alan Goode, Managing Director of GoodeIntelligence.com, Isabelle Moeller, Chief Executive at Biometrics Institute and Mr. Gino Pereira, Chief Executive Officer of NXT-ID, Inc (OTCQB:NXTD) share insight on the security of Apple’s (AAPL) Touch ID and the future trends in biometrics.

Apple bought its technology for $365 million from AuthenTec a year ago and in spite of hacking headlines, most analyst agree the biometric technology is very safe and secure for most users and the wave of biometric technology implementation will continue.

Alan Goode, Managing Director of GoodeIntelligence.com, who has been predicting the implementation of biometrics in smartphones for some time said “There is no doubting that Apple’s Touch ID can be fooled into accepting fake (lifted) prints but it does take a relatively high level of forensic and material sciences skills which will be outside the skills of most people. There is always a trade-off between security and convenience and I feel that for the one-touch capability of unlocking a mobile device, Touch ID does a very good job. Apple may need to review security measures if it wants to extend the functionality of Touch ID to enterprise and commercial applications. I
always maintain that two or multi-factor authentication is required to validate identity for high risk tasks such as making a financial payment. Apple may want to include a second or third factor for this type of function.”

Mr. Gino Pereira, Chief Executive Officer of NXT-ID, Inc. http://www.nxt-id.com/, who has over 30 years of executive, operational and financial experience with technology companies in the United States, Europe and the Far East agrees with Mr. Goode saying, ” there are varying degrees of security that are effective depending on the application. Password hacking can be done anonymously from a long distance, whereas hacking fingerprints requires a more complex personal attack. It requires more effort, equipment and personal access to the actual person; and because it’s so much more complex the payoff has to be worth the effort. Apple should be applauded for bringing innovative biometric technology to the consumer. ”

He also went on to say that using multimodal identification at the same time, such as password and fingerprint recognition creates a higher level of security.

His company is launching its innovative MobileBio™ suite of biometric solutions, starting with the Wocket™ an advanced secure electronic wallet that will use voice biometrics, later this year.

His company’s subsidiary, 3D-ID LLC deploys 3D facial biometric identification and has 22 licensed patents.

Isabelle Moeller, Chief Executive at Biometrics Institute released the following news earlier today addressing the iPhone fingerprint technology attack. They noted the group claiming success, known as the Chaos Computer Club from Germany has been involved in similar biometric attacks.

“The BVAEG – a subcommittee of the independent Biometrics Institute – consists of many of the most experienced experts in this area from around the world,” says Isabelle Moeller, Chief Executive of the Biometrics Institute, “the BVAEG mission is to raise awareness of the need for vulnerability detection to be included with biometric devices, to promote standards, enhance privacy protection, performance measures and testing, and to help facilitate the dissemination of new research or findings in this area.”

Their press release also quoted Tsutomu Matsumoto from Yokohama National University, a member of BVAEG, as saying “the current attack requires the lifting and processing of a high quality latent fingerprint at high resolution in order to make a successful spoof. These factors should be considered when assessing this attack’s impact
under realistic usage scenarios.”

The Biometrics Institute encourages manufacturers of equipment that include biometrics sensors to be proactive in adopting spoof detection technology to maximise the chance of successfully rejecting a biometric spoof, and also recommends government agencies and top-level decision makers be aware of the need for appropriate biometric vulnerability testing and certification as they consider both the risk and the convenience of the security mechanism(s).

In terms of the future most analyst see biometrics going mainstream and that Apple’s Touch ID has paved the way. Gino Pereira sees a future down the road where we will be wearing a device that will monitor us biometrically to provide access to everything we need.

Original Sept 16 th article:

Analysts and Industry Participants Share Insight Into the Future of Mobile Security and Biometrics

http://www.marketwired.com/press-release/analysts-industry-participants-share-insight-into-future-mobile-security-biometrics-1830861.htm

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