Gardevant’s Top 5 Biometric Blogs

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The biometric system market is projected to increase to $32.73 Billion by 2022, and 62% of consumers said they are comfortable using biometrics.

Biometrics is being integrated into everyday life. Australia is considering using biometric recognition for border processing and eliminate the use of passenger cards and physical tickets. Some banks in the U.K. replaced the pin with biometric voice recognition, and hospitals in India are using biometric authentication to identify and clock in employees.

Stay informed of the latest news and trends in biometrics. These are some of Gardevant’s favorite blogs.

Biometric Update

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Whether you want breaking news about the different companies in biometrics, or whitepapers and reports on biometric markets, Biometric Update has it all. Readers can find daily news, opinion pieces and in depth-informative articles on this biometric focused website.

Audience members who have intermediate knowledge about the biometric market and are interested in integrating biometric technology into their company will benefit from this publication.

 

M2SYS Blog on Biometric Technology 

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From biometrics being used for access control to in-depth posts about different types of biometric authentication, the M2SYS Blog has it all.

M2SYS frequently features guest writers and the opinions from leaders who are in the biometric industry. Readers who are interested in learning what industries biometrics is currently being integrated into will benefit from this publication.

 

Find Biometrics

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Regarded as one of the industry’s leading resource for information, Find Biometrics has been reporting on biometric news for more than 10 years.

News articles, press releases with the latest scoop on companies, webinars, and video interviews with leaders in the industry can all be found at Find Biometrics. Both readers with no background in biometrics as well as readers who work in the field can benefit and learn from this blog.

 

Planet Biometrics 

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Planet Biometrics is the perfect site for readers who are interested in biometrics but have no previous knowledge or background. With videos, articles, case histories, white papers and cartoons that explain and breakdown the latest use and discoveries of biometrics.

Planet Biometrics is the perfect site for readers that want their news succinct and straight to the point.

Gardevant

Gardevant is a biometric blog that specializes in biometrics and the financial services industry.

Through our Gardevant blog we share:

  • The latest news on biometrics used among consumers
  • The latest reports on credit card fraud and identity fraud
  • The latest news on biometrics being implemented in banks around the world
  • The latest news about The Gardevant Card 

 

For more information on Gardevant and our mission, visit our website and connect with us on Twitter and Facebook.

Biometric Security Trends by the Numbers

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By 2022, the global biometric sensor market is expected to reach $1.5 billion. This new technology will soon be incorporated in the government sector, commercial retailers, banks, hospitals and other industries.

Why should you care? Because biometrics will become an everyday part of your life.See by the numbers what the latest trends for biometrics are.

The New Password

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 The number of people’s private information that was stolen in the multiple data breaches in 2016. The password is proven to be a faulty security method, and different industries including banks, mobile phone manufactures, airlines and more are looking into using biometrics to authenticate and verify people’s identity.

 

Biometric Healthcare

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Is the estimated amount researchers believe world healthcare biometrics will reach by 2019. In 2016 the University Health Care System implemented a biometric patient identification platform to prevent negative experiences and complications due to patient misidentification. India is also implementing staff biometric identification among government hospitals. Starting February 15 all doctors and healthcare staff at Rajasthan government hospitals will have mark attendance with biometric verification.

 

Facial Recognition Security

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Is The Homeland Security Advanced Research Projects Administration’s new budget for their biometric database. Under Trump’s new leadership, publications believe that facial recognition will be used to prevent and stop terrorist threats. A portion of this budget will be used to explore facial recognition surveillance methods.

Biometric Banks

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Of U.S. millennials said they would use fingerprints for bank account access, and 25% of UK consumers believe that banks should have higher security measures that better protect user’s finances.

Banks and other industries that are interested in using biometrics for verification and security can depend on Gardevant.

The Gardevant Card is a multimodal biometric card, and no type of purchase is authorized without the authentication of the user’s fingerprint. In addition to biometric verification, the Gardevant Card is encrypted to protect all funds in the case of a security breach.

For more information, visit our website and contact us at info@gardevant.com to learn more.

 

 

 

 

What Cyber Security Moves Banks Will Make in 2017

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Cyber Security was listed as #6 in PwC’s “Top financial services issues for 2017”.

The financial services firms are hit by security breach 300 times more than businesses in other industries.

Besides valuable customer data, each security breach incident can cost financial service organizations thousands in revenue loss. One-fifth of financial service organizations reported that they lost more than one million dollars in hourly revenues due to a distributed denial of service (DDoS) attack. A DDoS attack is just one of the common cyber attacks that criminals use to steal funds from financial service organizations.

The financial services firms can’t afford another security breach. Make these three moves this year to protect yourself.

 

  1. Cyber Security + Anti-Fraud

In 2016 identity fraud was at its second highest level in the past six years, and fraudsters stole $112 billion from banks. These next upcoming years banks will integrate cyber security solutions like biometric authentication that confront two types of fraud: Online fraud and new account fraud.

Online fraud is projected to rise and iovation / Aite Group estimate that hackers will steal $7.2 billion with the use of stolen credit card numbers online and in mobile channels.

New account fraud is another avenue thieves are using to steal from unsuspecting individuals.   Fraudsters open up multiple accounts using another’s private information and charge thousands of dollars to their name. New-account fraud makes up 20% of all fraud losses.

Next to fraud see what other cyber security challenges financial service organizations face.

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  1. Large Investments

According to the “Banking & Financial Services Cybersecurity: U.S. Market 2015-2020 Report” the U.S. financial services cyber security market will exceed $68 billion between 2016 and 2020, making it the largest non-government cyber security market.

51% of the financial service organizations PwC surveyed said they plan on spending more on cyber security in the future, on services like software, employees and more. 41% of surveyed organizations said they plan to increase spending on third-party partner security.

 

  1. Fool Proof Authentication

Authentication is vital to prevent future cyber attacks. The pin is no longer a safe form of authentication and some banks around the world have decided to use biometric authentication.

In the summer of 2016 the U.K.-based bank HSBC introduced voice recognition and touch ID services to boost their security measures after a recent online cyber attack.

Over a third of British consumers will choose a bank based on the security measures, and 26% believe that banks could have higher security measures that protect customer’s data from hackers.

Organizations who are interested in learning more about biometric authentication should check out the Gardevant Card.

With an added layer of encryption, the Gardevant Card uses biometric authentication to keep all cardholders and financial service organizations safe from theft and fraud. The Gardevant Card authenticates and verifies the cardholders’ identity with the scan of a fingerprint to make any purchase.  The Gardevant Card puts users in full control of their finances.

 

 

 

 

 

 

 

 

 

 

Why The EMV Chip isn’t Enough

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Banks introduced the use of EMV chip in the U.S. back in 2015 announcing it as the latest solution to help lower the credit card fraud incidents.

While the EMV chip is a step in the right direction, the chip alone still isn’t enough to combat fraud. As a matter of fact, banks are still losing money and their customers are still getting hacked. In spite of protection from the EMV, credit card fraud is expected to increase from $4 billion in 2016 to $10 billion in 2020 according to research from Aite Group.

Below are some of the security challenges the EMV chips have.

 

  1. Faulty Two-Factor Authentication

The EMV chip is an innovative security safeguard, designed to protect in-person / in-store purchases. Yet credit card companies paired it with a primitive type of verification: a signature.

A PIN is a higher form of verification because only one person has access to it. A signature can easily be forged and duplicated, and most stores don’t check to see if the signature matches the signature on the back of a credit card.

 

  1. Identity Fraud / New Account Fraud

Over the past six years, fraudsters have stolen $112 billion from banks with identity fraud, which equates to $35,600 per minute. With a new roadblock to faking in person purchases, thieves are using people’s information to open new credit card accounts and other forms of accounts.

In 2016, identity fraud was at its second highest level in the past six years.  New- account fraud accounts for 20% of all fraud losses and in 2015 when the EMV chip was introduced to the U.S., the loss of new account fraud rose from $2 billion to $3 billion.

 

  1. Online Fraud

A large amount of online credit card fraud is happening due to the introduction of EMV. Javelin found that the number of victims of card-not-present fraud reached 6 million in the United States in 2015, up from 4.8 million in 2014.

A study by iovation / Aite Group estimates hackers will steal $7.2 billion with the use of stolen credit card numbers online and in mobile channels.  In the first 3 years after the EMV was introduced to the UK, online fraud rose 79%.

Hackers will continue to commit online credit card fraud because there’s no safeguard and there’s a trend of online shopping. According to a survey by United Parcel Service Inc., Americans make more purchases online than in the store, which means higher rates of online credit card fraud.

Solution: Stop all forms of fraud with Gardevant

The Gardevant Card is the solution to all forms of fraud because it requires a foolproof form of authentication for in-store and online purchases.

The Gardevant Card is a multimodal biometric card, and no type of purchase is authorized without the authentication of the user’s fingerprint. In addition to biometric verification, the Gardevant Card is encrypted to protect all funds in the case of a security breach.

For more information, visit our website and contact us at info@gardevant.com to learn more.

 

 

 

 

 

 

 

 

 

American’s thoughts on Biometric Security

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Cyber security is a leading concern for the financial services industry.

There was a total of 457 data breaches in 2016, with almost 12.7 million confidential records stolen. According to Cyber Security Ventures, financial services firms are one of the main targets for cyber criminals. Businesses in the financial services are attacked 300 times more than businesses in other industries.

The government and the banks know that cyber security is a critical issue that requires a higher level of security. Biometrics is the answer.

Creating a bond of trust between biometrics and consumers isn’t an impossible or difficult feat according to a survey conducted by Consumer Technology Association. The survey shows that 90% of respondents are familiar with biometrics, 43% said they have used biometrics in the past and 62% said they were comfortable with it.

Statistics show that Americans are in favor of using biometrics for security reasons and because of the convenience factor that biometrics provide.

 

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For more information on the use of biometrics, read our latest blog post “International Biometrics”, to see how other countries are currently implementing biometrics into their security procedures.