The Biometric Industry is poised to grow at a rate of 20 percent on the back of an increased demand from the banking industry, looking for safer alternatives to the archaic, password based security system, which has failed to protect financial data from vicious cyber attacks.
Fingerprint identification system is one of the methods that have found favor in the banking fraternity due to its ease of use and reliability. This system uses a Fingerprint Scanner to record fingerprint data, which is then digitized and stored in templates for later use. The Automated fingerprint identification system (AFIS) is a digital imaging technology that uses an advanced algorithm to obtain, store and analyze fingerprint data. The technology was first used by the FBI in criminal investigations, but, of late, it has been used by private and governmental organizations to secure its premises against unwarranted access.
Fingerprinting, as a form of personal identification has earned recognition and acceptance in the court of law and is an integral part of any law enforcement system. However, it has its takers in the world of business and commerce as well. According to business data analysts, Bloomberg, Japan was the first to invest in a biometric based security system in banks, after a regulation in 2006 made banks liable for unauthorized withdrawals, using stolen cards.
Biometric ATMs have also found its takers in parts of Asia, Europe and Africa. A study in Africa has revealed that people in rural areas prefer Biometric ATM’s because it dispenses with out the need to carry cards. This is one instance where advances in technology have improved the quality of life among the poor instead of further alienating them from the mainstream.
Poland steals a march over rest of Europe in use of Biometric technology in Banks
In Europe, Poland has stolen a march over its more illustrious neighbors in the implementation of Biometric technology in Banks. According to reports, this is because of greater assimilation of information technology at various levels of governance. Poland has invested huge sums of money in Information Technology in recent years, and people are more open newer forms of technology like Biometrics.
Therefore it was hardly surprising, when, Poland became the first country in Europe to use Biometric technology in ATMs. According to experts, the new system will also be used as collection terminals for cashing state benefits. The bank said that the earlier manual system was cumbersome and debilitating for its customers, many of whom were pensioners and old; another instance when the use of Biometric technology came to the rescue of the disadvantaged.
The Fingerprint identification system is the answer to banking systems struggling to cope with password security issues; providing a foolproof security system that is hassle free and virtually impregnable.