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VWN Printer Friendly News: Barclays taps vein biometrics in bank fraud fight

 Barclays taps vein biometrics in bank fraud fight
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Date posted: 10/09/2014
Posted by: Site Administration
This story is from the category
Business

Barclays is launching a finger scanner for corporate clients and will roll out voice recognition for millions of retail clients next year as it steps up use of biometric recognition technology to combat banking fraud.

The British bank said it has teamed up with Japanese technology firm Hitachi to develop a biometric reader that scans a finger and identifies unique vein patterns to access accounts, instead of using a password or PIN.

Vein recognition technology is used by some banks in Japan and elsewhere at ATM machines, but Barclays said it is the first bank globally to use it for significant account transactions.

Barclays said it is the start of a ramp up in its use of biometrics to provide safer verification systems that cut fraud risks from customers sharing or choosing obvious passwords, or forgetting PINs.

“Biometrics is the way to go in the future. We have no doubt about that, we are committed to it,” said Ashok Vaswani, chief executive of Barclays personal and corporate banking.

Vaswani said Barclays was improving technology and security, but criminals were also getting more sophisticated.

“You can’t let these guys create a breach in the dam. You’ve got to constantly stay ahead of the game,” he told Reuters.

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