The Students Loan Trust Fund (SLTF) is optimistic that the new “No Guarantor” policy will create access to much-needed financial aid for thousands of college students each year.

According to SLTF CEO Nana Kwaku Agyei Yeboah, the previous policy which required students to have a guarantor before accessing the loan was a significant barrier for many students who needed the loan.

“Many students begin the loan application process every academic year but are unable to complete it and get loans disbursed because they cannot find eligible guarantors to vouch for them,” he said. declared.

The new policy requires students to complete an online application process, after which they undergo biometric verification with their Ghana card.

It is expected that the removal of the guarantor requirement will lead to a significant increase in the number of students applying for the loan.

“This is a milestone in the history of student loan administration in Ghana, and it has been made possible through this government’s digitization drive. Everything the Ghanaian student needs now , it’s from a map of Ghana,” said Nana Kwaku Agyei Yeboah.

Nana Kwaku Agyei Yeboah was speaking at the launch of the SLTF No Guarantor Policy, which took place at KNUST School of Engineering Auditorium in Kumasi.

He said that due to the difficulties faced by students in finding guarantors, the Fund is able to help less than 10% of the tertiary student population.

He thanked the Vice President and the Minister of Education for their support in carrying out the policy.

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Accreditation validates that the company has implemented the highest internationally recognized standard for managing the security of its data assets

LONG BEACH, NY, June 07, 2022 (GLOBE NEWSWIRE) — authID.ai [Nasdaq: AUID]a leading provider of secure, mobile and biometric identity authentication solutions, today announced that the company is an ISO 27001:2013 certified vendor whose Information Security Management System (ISMS ) has received third-party accreditation from the International Organization for Standardization (ISO).

Obtaining this internationally recognized certification reaffirms authID’s commitment to providing its customers with the highest level of assurance that its systems operate in a secure environment. Issued by A-LIGN, an independent and accredited third-party auditor, the ISO 27001 certification is proof that authID has complied with a rigorous framework of security management standards by guaranteeing the confidentiality, integrity and availability of its platform. biometric authentication.

“With the increase in account takeover, synthetic fraud and other cybersecurity threats, businesses that take proactive steps to protect themselves reduce their risk of loss of revenue, reputation and customer trust. “said Jeremiah Mason, SVP, Product, of authID.ai. “We recognize the importance of ISO 27001:2013 certification, which validates authID’s commitment to our customers and partners that we have implemented and exceeded the highest security standards for our best-in-class verification and verification systems. ‘biometric identity authentication.’

As US security mandates become increasingly comprehensive, including the government’s official “zero trust” cybersecurity strategy, information security and risk management are a top priority for both the public and private sector. authID’s Identity-as-a-Service (IDaaS) solutions, including passwordless and FIDO2 biometric authentication, provide uncompromising security to protect against unauthorized access, without affecting comfort and ease of use and enable its users to comply with safety regulations.

“Cybercriminals are relentless when it comes to finding new ways to circumvent authentication methods to access sensitive information,” said Tom Thimot, CEO of authID.ai. “By eliminating passwords and leveraging FIDO2 authentication coupled with cloud-based identity authentication, organizations can accurately and securely verify a user’s identity, eliminating any assumption about “who” is hiding behind a device and preventing cybercriminals from infiltrating accounts and seizing assets.”

This latest ISO certification builds on authID’s rigorous security and compliance standards, following its Verified Platform achieve compliance with ISO 30107-3 Levels 1 and 2 for Presentation Attack Detection (PAD) and its previous SOC 2 compliance certificates.

About authID.ai At authID.ai (Nasdaq: AUID), We Are Digital Identity®. authID provides secure, mobile, biometric identity verification software products through Verified®, an easy-to-integrate Identity-as-a-Service (IDaaS) platform. Our suite of self-service biometric identity verification and authentication solutions frictionlessly eliminates passwords with consent-based face matching. Powered by sophisticated biometrics and artificial intelligence technologies, authID.ai aims to build security and trust between businesses and their customers. For more information, visit www.authid.ai.

Media Contact Aileen McNelis The Bliss Group/NextTech Communications [email protected]

###

Source: authID.ai

Stay up to date and leverage the latest trends in PSD2 and the Open Banking biometric authentication market with the latest edition published by AMA.

The latest published study on the Global PSD2 and Open Banking Biometric Authentication Market by AMA Research assesses the market size, trend and forecast till 2027. The PSD2 and Open Banking Biometric Authentication market study covers important research data and proves to be a managers, analysts, industry experts, and other key people to have a ready-to-access, self-analyzed study to help understand market trends, growth drivers, opportunities and challenges ahead and on competitors.

Key players in this report include:
3M Cogent (USA), Entrust (USA), Gemalto (Netherlands), Okta, Inc. (USA), Thales SA (France), CardinalCommerce (USA), Nordigen (Latvia), BehavioSec (US), Fulcrum Biometrics (US), iProov (UK), OakNorth (UK), Iritech, Inc. (US), Mastercard (US), Metro Bank (UK) United States), Nok Nok Labs (United States), Enfuce Financial Services Ltd (Finland)

Download sample PDF report (including full TOC, table and figures) @ https://www.advancemarketanalytics.com/sample-report/96359-global-psd2-and-open-banking-biometric-authentication-market

Definition:
The revised Payment Services Directive (PSD2) is a European regulation that obliges banks to create mechanisms. Thanks to this mechanism, third-party providers can work securely, reliably and quickly with the bank’s services. Thus, Strong Customer Authentication (SCA) is a requirement for payment service providers within the European Economic Area. The requirement ensures that electronic payments are made with multi-factor authentication. It impacts the maintenance and security of electronic payments.

Market trends:
• Huge preference of SMEs for Open Banking

Market factors:
• Increased preference of new precipitants and third-party vendors for Open Banking
• Growing need to streamline financial process flows across

Market opportunities:
• Technological advancements with AI and automation have created many opportunities
• Significant increase in the digital economy
• Increase in cross-border transactions

The global PSD2 and Open Banking Biometric Authentication market segments and market data breakdown are illustrated below:
by type (facial recognition, fingerprint, one-time password (OTP) tokens, smart card, others), application (money management, personal and business loans, cross-border payments, others), function (Authentication & Authorization, Message Validation, Content-Based Attack Detection, Data Encryption, Others), Company Size (SMB, Large Enterprise), Component (Hardware, Software)

The Global PSD2 and Open Banking Biometric Authentication Market report highlights insights regarding current and future industry trends, growth patterns, as well as offers business strategies to help stakeholders to make decisions. that can help ensure the trajectory of earnings over the forecast years.

You have a question ? Market a request before purchase @ https://www.advancemarketanalytics.com/enquiry-before-buy/96359-global-psd2-and-open-banking-biometric-authentication-market

Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions:
• The Middle East and Africa (South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, etc.)
• North America (United States, Mexico and Canada)
• South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
• Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia United Kingdom, Italy, France, etc.)
• Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia).

Report objectives
•- Carefully analyze and forecast the PSD2 and Open Banking Biometric Authentication market size by value and volume.
• -To estimate the market shares of the main segments of the PSD2 and Open Banking biometric authentication market.
•- To present the PSD2 and Open Banking Biometric Authentication market development in different parts of the world.
•- To analyze and study the micro markets in terms of their contributions to the PSD2 and Open Banking Biometric Authentication market, their prospects, and individual growth trends.
•-To offer accurate and helpful details about factors affecting the PSD2 and Open Banking Biometric Authentication market growth.
•-To provide a meticulous assessment of crucial business strategies employed by leading companies operating in the PSD2 and Open Banking Biometric Authentication market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments and product launches.

Buy Full Assessment of PSD2 and Open Banking Biometric Authentication Market Now @ https://www.advancemarketanalytics.com/buy-now?format=1&report=96359

Main highlights of the table of contents:
PSD2 and Open Banking Biometric Authentication Market Research Coverage:
• It includes major manufacturers, emerging players growth story and major business segments of PSD2 and Open Banking Biometric Authentication market, years considered and research objectives. Further, segmentation based on product type, application, and technology.
• Executive Summary of PSD2 and Open Banking Biometric Authentication Market: It provides a summary of global studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, along with macroscopic indicators.
• PSD2 and Open Banking Biometric Authentication Market Production by Region The PSD2 and Open Banking Biometric Authentication market profile of manufacturers-players is studied on the basis of SWOT, their products, production, worth, their finances and other vital factors.
• Key points covered in the PSD2 and Open Banking Biometric Authentication market report:
• Overview, Definition and Classification of PSD2 and Open Banking Biometric Authentication Market Drivers and Barriers
• PSD2 and Open Banking biometric authentication market competition by manufacturers
• Impact analysis of COVID-19 on PSD2 and the open banking biometric authentication market
• PSD2 and Open Banking Biometric Authentication Capability, Production, Revenue (Value) by Region (2022-2027)
• PSD2 and Open Banking Biometric Authentication Supply (Production), Consumption, Export, Import by Region (2022-2027)
• PSD2 and Open Banking Biometric Authentication Production, Revenue (Value), Price Trend by Type {Facial Recognition, Fingerprint, One Time Password (OTP) Tokens, Smart Card, Others}
• PSD2 and Open Banking Biometric Authentication Market Analysis by Application {Funds Management, Consumer & Business Lending, Cross-Border Payments, Others}
• PSD2 and Open Banking Biometric Authentication Manufacturers Profiles/Analysis PSD2 and Open Banking Biometric Authentication Manufacturing Cost Analysis, Supply Chain/Industry Analysis, Sourcing Strategy and Downstream Buyers, Marketing
• Strategy by major manufacturers/players, standardization of connected distributors/traders, regulatory and collaborative initiatives, industry roadmap and analysis of value chain market effect factors.

Browse Full Abstract & Table of Contents @ https://www.advancemarketanalytics.com/reports/96359-global-psd2-and-open-banking-biometric-authentication-market

Answers to key questions
• How feasible is PSD2 and the open banking biometric authentication market for long-term investment?
• What are the factors influencing the demand for PSD2 and open bank biometric authentication in the near future?
• What is the impact analysis of various factors on the growth of the Global PSD2 and Open Banking Biometric Authentication Market?
• What are the recent regional market trends and how successful are they?

Craig Francis (Public Relations and Marketing Manager)
AMA Research & Media LLP
Unit #429, Parsonage Road Edison, NJ
New Jersey United States – 08837
Telephone: +1 (206) 317 1218
sales@advancemarketanalytics.com

About the Author:
Advance Market Analytics is a global market research industry leader that provides quantified B2B research to Fortune 500 companies on emerging, high-growth opportunities that will impact over 80% of global business revenue.
Our analyst tracks high growth study with detailed and in-depth statistical analysis of market trends and dynamics that provides a comprehensive overview of the industry. We follow a thorough research methodology coupled with critical insights related to industry factors and market forces to generate the best value for our clients. We provide reliable primary and secondary data sources, our analysts and consultants obtain informative and usable data tailored to the business needs of our clients. The research study enables clients to achieve varied market objectives ranging from global footprint expansion to supply chain optimization and competitor profiling to mergers and acquisitions.

This press release was published on openPR.

Dr. Olusegun Odekunle is the Chairman of the Oyo State Independent Electoral Commission (OYSIEC) Polling Officers Forum and the Polling Officer of North East Ibadan Local Government. He talks with ABIODUN AWOLAJA about voter apathy in the state and various issues. Excerpts:

Due to what people perceive as poor governance, many Nigerians are not as excited about elections at all levels as they naturally should be. What is your experience in the Oyo State Independent Election Commission (OYSIEC) in this regard?

My experience at OYSIEC so far has been good. We have noticed that our people do not strongly believe in the electoral arbiter, perhaps because of what has happened in the past. But things have changed and now the votes count. I can say that categorically. The election I conducted in my local government accurately reflected the wishes of the people, but I did not have a large number of people running for office, based on the number of registered voters. Maybe people don’t really trust us, even with all the assurances given that we were going to be fair. And I can say categorically that no trickery ever takes place unless sanctioned by the people. If you say you don’t want rigging, there won’t be rigging because you have the total number of voters on the list and you can’t expect more votes than that. If a voting unit has only 73 registered voters, there’s no magic you can do to create, say, 100 voters. You can’t have one for two: once you have your PVC, it only applies to you. And don’t forget that we have so many other processes. We have biometric verification, we can do manual verification. Even when you don’t have your PVC, we can verify your data. So rigging is out of the question, but many people are still living in the past, believing that the election will be rigged.

What specific measures have you put in place to ensure that the elections are free, fair and credible?

Electronic voting was partly announced and implemented. You have biometric verification: the bottom line is that two people can’t vote twice or show up twice. My biometrics are different from yours. Now you have completed your registration and you have what is called 4-4-2. You have a NIN record and all your fingerprints are captured. With any of your fingerprints available, we can bring out your data. He canceled the rigging. As the results come out, they are transmitted to the national portal. This is to eliminate the rigging.

What is the status of ongoing voter registration in Oyo State?

We still have voter apathy. People did not react well. Even those who initially responded by registering to vote haven’t looked back. As I speak to you, currently in Oyo State we have over 7,00,000 uncollected PVCs, enough to bring in a new government.

Have people not been informed, say by SMS, to come and collect their PVCs?

There are many media channels and platforms where people are informed. As I say now on behalf of the OYSIEC Election Officials Forum, PVCs are ready, especially for those who registered with INEC before and until December 28, 2021.

What is the collection process? Are people supposed to pay money?

No. It’s free. In the data entry process that was done, they were given a ticket. You just have to go with your ticket to the local government where your polling station is. Go to the INEC office and your PVC will be given to you free of charge.

Many people say that when municipal elections are held, they are usually won by the ruling party. How do you respond to that?

It may have been like that before, but the elections conducted under the watch of His Excellency, Governor Seyi Makinde, were not like that. I had direct experience and had the privilege of speaking with some people in power. They never mandated us to ensure that the elections were won by the ruling party. We gave leverage to everyone: APC, PDP, Labor Party, etc. At the council level, we have candidates from other parties who have won in the Oyo region and in Ona Ara. But you know that the presidency is an accumulation of votes in different fields and that we made the PDP win. But it’s not magic. That’s what people did.

What do you want people to do now that they’re not doing?

We appeal to our people in Oyo State. If you want good governance, the power to make it happen is in your hands. Continuous voter registration ends by the end of this month. It is by law. In a few days, the online portal will be closed. We have just over a month left for the biometric capture to take place at the respective INEC offices in the 774 local government areas of the country. So I want our people to come out and do their recording. You can switch from one voting unit to another. If you previously lived in Kaduna but are now back in Oyo State as a result of terrorist activities, this does not prevent you from exercising your civic responsibilities. You can transfer from Kaduna to Oyo. You can transfer within the same state, from one local government to another local government; and even within the same local community, from one polling station to another polling station. The window is open now, but you only have a few days to do so.

Other than that, you can correct the name and gender if there was any mistake in the previous registration you made. Also, if you have lost your PVC or it is degraded, you can request a replacement. This is why I mentioned four cardinal points: new registration, rectification, transfer, loss or replacement. You can access it on the INEC portal or visit our respective offices in the 774 local authorities.

What are the main challenges facing OYSIEC in Oyo State and how do you think you can overcome these challenges?

Part of the challenges we face is people’s perception that INEC offices are remote or very remote from their location. How I wish there would be greater collaboration between OYSIEC and the political parties. OYSIEC is an independent body. Also, the State Electoral Commissions should have greater synergy with INEC not only in Oyo State but across Nigeria. We hope to have sufficient resources to organize voter education. INEC staff may not be sufficient for this; this is why OYSIEC is available. We can go from town to town, town to town, markets, etc., to educate voters, to let people know that the power of change they demand is in their hands.

IN CASE YOU MISSED THESE FROM NIGERIAN TRIBUNE

YOU MUST NOT MISS THESE NIGERIAN TRIBUNE

Revealed! Details of APC South West leaders’ meeting with presidential candidates

MORE revelations have emerged about Friday’s meeting held by South West leaders of the All Progressives Congress (APC) with aspirants from the area, whose main focus was on how to avoid a crisis that will create a party fractured as he prepares for the primary on May 30-31, the Sunday Tribune reliably collected…

Supreme Court allowed officials to participate in politics, Falana tells FG

Nigerian workers are constitutionally free to participate in politics, said the lawyer, Mr. Femi Falana. He was responding to the central government’s warning to civil servants to stay out of politics…

“Given the possibility of misinterpretation of the press release, the same positions are withdrawn with immediate effect,” the IT Department said, uncharacteristically issuing the clarification on Sunday.
In recent years, Aadhaar has become the most trusted proof of identity, with hospitals, hotels and employers insisting on Aadhaar photocopies, although it is “voluntary”. Most people shared the photocopies, with some noticing they had been misused in their loan and other documents. In the case of several agencies, biometric authentication devices have never been deployed with UIDAI pushing the use of QR codes embedded in Aadhaar cards.
Two days ago, the Bangalore regional office of UIDAI issued a press release under the title “Attention”, asking people to be careful when giving Aadhaar for certain verification processes.
“Do not share (a) photocopy of your Aadhaar with any organization as it can be misused. Otherwise, please use a masked Aadhaar which only displays the last 4 digits of your Aadhaar number. It can be downloaded from the official website of UIDAI,” he said, further adding, “Only organizations that have obtained a license to use UIDAI can use Aadhaar to establish a person’s identity. Unlicensed private entities like hotels or movie theaters are not permitted to collect or keep copies of the Aadhaar card.It is an offense under the Aadhaar Act 2016. If a private entity asks to see your Aadhaar card or asks for a photocopy of your Aadhaar card, please check that it has (a) a valid user license from UIDAI.
The latest episode comes a few years after former IT secretary and one of Aadhaar’s main architects, RS Sharma, was caught up in a privacy debate when questions were raised about the security of the single number.
While Aadhaar has been shown to be safe, the use of photocopies has created security fears. ]]> https://your-pass.com/biometric-systems-market-increases-geriatric-population-to-drive-growth-2027-the-daily-vale/ Sat, 21 May 2022 08:17:43 +0000 https://your-pass.com/biometric-systems-market-increases-geriatric-population-to-drive-growth-2027-the-daily-vale/

biometric system market: by type of authentication (one-factor authentication and multi-factor authentication), by type of offer (software and hardware), by type of functionality (contact, contactless and handset), by end user (government, military and Defense, Healthcare, BFSI, Consumer Electronics, Security and Others), and by Region – Global industry sizing, growth, trend, opportunity and forecast (2020-2025)

Get a sample full PDF copy of the report: https://www.marketstatsville.com/request-sample/biometric-system-market-is-expected-to-reach-usd-69-1-billion-by-2025

The Biometric System Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by key market players operating in the global market. It involves in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will offer one of the most comprehensive analyzes of the market, capturing all aspects of the Biometric Systems industry.

Global Biometric Systems Market Research Report, 2018-2025 (USD Billion)

Biometric Systems Market: Introduction

A biometric system is a technology that identifies individuals through biological data, such as fingerprints, DNA, voice waves, retina, hand geometry, etc. It analyzes the physiological or biological characteristics specific to each individual in order to be able to verify their identity. The integration of biometric systems is constantly increasing in smartphones for surveillance and security due to the increase in cyber crimes and terrorist attacks. Biometric data protection is rapidly replacing conventional methods of securing data with PIN codes and photographs in education industries, government centers and workplaces. Various government authorities have made it mandatory for every individual to enroll in biometric systems. This data will help differentiate each person and reduce the risk of fraudulent activity.

Biometric systems market: dynamics

Growing adoption of biometric systems in smartphones for different applications, increasing usage of biometrics in banking industry especially to conduct a transaction, and increasing application of biometric system in healthcare industries are some- one of the factors driving the growth of the market across the globe. Additionally, increasing use of biometrics in workplaces to maintain an employee database, track employee attendance and punctuality are factors fueling the growth of the global biometric systems market. Other market driving factors include increasing adoption of biometric system in government sector for a range of applications, such as ration card registration, voter registration in low-security economy literacy, the electronic passport and the identification of individuals. For example, India’s national ID-Aadhar program is one of the largest biometric databases in the world enabling government agencies to provide retail services without the physical presence of an agent at a given location. .

The use of biometric systems for the identification of criminals is driving the demand for biometric systems across the world. Opportunities for the global biometric systems market can be created by technological advancements, upgrading of AI-controlled biometric devices. However, high cost of smart biometric devices, security issues, lack of skilled manpower to manage biometric devices and data storage are the major factors restraining the growth of the global biometric systems market during of the forecast period.

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Biometric System Market: Report Scope

The report outlines the biometric systems market study based on authentication type, offering type, feature type, and end-user.

On the basis of authentication type, the biometric systems market is segmented into

• Single factor authentication

  • Fingerprint recognition
  • Iris recognition
  • face recognition
  • Others (signature recognition)

• Multi-factor authentication

  • Smart card with biometrics
  • Pin with biometrics
  • Multimodal biometrics

On the basis of type of offering, the biometric systems market is segmented into

On the basis of feature type, the biometric systems market is segmented into

• Contact
• Without touching
• Combined

Based on end-user, the biometric systems market is segmented into

• Government
• Military and Defense
• Health care
• BFSI
• Consumer electronics
• Security (residential and commercial)
• Others (travel and immigration)

Biometric Systems Market by Authentication Type, 2018-2025 (USD Million)

Source: MSG Analysis, 2020

Biometric System Market: Regional Outlook

Geographically, the biometric systems market is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa (MEA). In 2019, North America accounted for the largest market share and is expected to maintain its dominance throughout the forecast period. The United States and Canada have developed economies that allow them to invest heavily in public safety activities. Rapidly growing digitization and adoption of smart technologies have further propelled the growth of the biometric systems market in the region. The growth of the North America market can also be attributed to increasing government initiatives in countries like Mexico, United States, and Canada for large-scale funded programs such as e-visa and e-passport. The US Department of Defense and the Department of Homeland Security use fingerprint biometrics to facilitate physical and digital access and limit security issues.

Biometric System Market Growth by Region, 2020-2025

Source: MSG Analysis, 2020

After North America, Asia-Pacific is expected to witness considerable growth in the biometric systems market over the forecast period. This growth is supported by the growth of small and medium-sized enterprises (SMEs) and startups in this region. The increasing adoption of biometric technologies in e-passport and national identity programs is providing growth to the market. Moreover, the governments in the region are heavily investing funds in public security and using biometric devices for the country’s border security checkpoints due to the increase in terrorist attack activities. Furthermore, increasing industrialization is continuously increasing the demand for safety and security of enterprise database, and the fight against fraudulent activities is further boosting the market growth in the region.

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Biometric System Market: Competitive Landscape

The major manufacturers of biometric systems in the global market are Thales Group, Safran, NEC Corporation (NEC), ASSA ABLOY AB (ASSA ABLOY) and Fujitsu. Other manufacturers of biometric systems include Bio Key International Inc., Precise Biometric AB, Secunet Security Network AG, Aware Inc. and Cross Match Technologies.

• In March 2018, the Thales group acquired Gemalto to enrich its biometric offers in the field of digital security.
• In June 2019, Gemalto acquired Green Bit SpA to enhance its biometric capture capabilities.

The Biometric Systems Market research report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes the entries.

Regional Analysis of Biometric System Market Includes:

• North America (United States, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
• The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA

Report Description Request @ https://www.marketstatsville.com/biometric-system-market-is-expected-to-reach-usd-69-1-billion-by-2025

Biometric Systems Market: Target Audience

• Manufacture of biometric systems
• Distributors of biometric systems and suppliers of raw materials
• Tier 1 Component Suppliers
• Research institutions and universities
• Trade publications and magazines
• Government authorities, associations and organizations
• Independent Aftermarket Players

Mitek announced that industry veteran Chris Briggs has been appointed Chief Product Officer to expand and advance the company’s biometric and fraud detection capabilities.

Briggs will lead Mitek’s product strategy, including integrations arising from recent and future acquisitions. The announcement comes at a pivotal time as the industry rapidly moves to empower consumers to control their own wearable identities.

The identity industry is growing exponentially as consumers continue to choose digital. Over the past few years, Mitek has invested heavily in organic product development and inorganic acquisitions in the areas of biometrics and identity orchestration. Over the past year, Mitek has acquired UK-based Know Your Customer (KYC) technology pioneer HooYu and award-winning AI-based voice and facial biometrics provider ID R&D. The combination of these technologies helps organizations throughout the identity lifecycle, from onboarding to continuous authentication. Using Mitek technology, customers can now link document verification and biometric authentication with other real-time data, such as credit bureau and sanction database checks, to get that true identity. of the consumer.

“Having a seasoned veteran to lead the integrations of these investments is a natural next step for Mitek as the company innovates to help organizations onboard more consumers, faster, and streamline the digital experience for businesses. and consumers,” said Max Carnecchia, CEO of Mitek. . “We are thrilled to have Chris join the Mitek team.”

Briggs brings with it more than 25 years of experience deploying mission-critical products for technology, data and analytics services companies such as Experian, Equifax and, most recently, Airside Mobile. At Mitek, he will execute his vision to protect consumers and help businesses measure risk in a landscape of ever-changing government regulations. Working closely with customers, partners and consumers, Briggs will lead the development of innovative solutions that evolve with an increasingly digital world to provide adequate protections for sensitive customer data.

“There are other actors working to make a name for themselves in the identity space; however, Mitek’s demonstrated success in executing its development plans was a key driver in my decision to join the team,” Briggs said. “I am honored to work alongside other leaders with a clear vision for taming the wild west of the identity industry and the right capabilities, tools and support to achieve those goals.”

]]> https://your-pass.com/concerns-about-data-hacking-and-identity-theft-via-biometrics-are-on-the-rise-report-says/ Tue, 17 May 2022 18:56:50 +0000 https://your-pass.com/concerns-about-data-hacking-and-identity-theft-via-biometrics-are-on-the-rise-report-says/

A Capterra study of 756 Canadians revealed that the use of biometric data has increased among consumers since the start of the pandemic, creating concerns about the security of their personal data.

The report shows that 50% of respondents cite potential identity theft as a concern with the use of biometric technologies. Other concerns include the misuse of respondents’ personal data (49%) and an invasion of privacy (45%).

Biometric technology can identify people on the basis of certain physical or behavioral characteristics, in the same way that people can be identified by sight by their physical appearance.

Biometric authentication can be used to protect data and stop fraud, as well as other cybercrimes, by requiring users to validate their identity using personal characteristics. For example, biometric data, such as facial appearance or retina scans, can be very distinctive and difficult to fake.

Because biometric data is difficult to forge, this method of authentication has been used by government agencies for passport control and permit issuance. JThe private sector has also begun to implement this technology, an example being smartphone fingerprint scans used to unlock a phone.

Among Canadian consumers surveyed, 55% regularly use fingerprints as a method of identification and 32% also often use facial recognition methods, usually when using smartphones. Five percent use hand scans, 10% use voice biometrics and 5% have used iris scans. The survey also revealed that 31% of respondents do not use any of the biometric identifiers mentioned in the Capterra survey.

According to the report, tech companies have also used biometric reading capabilities on other devices. For example, Windows Hello facial recognition is now available on many Windows computers and tablets.

The COVID-19 pandemic has affected the use of biometric technology. The report found that 14% of biometric users said they started using facial recognition after the pandemic began. Fourteen percent also said they had started using fingerprint scanning since the start of the pandemic, indicating that biometric technology may continue to grow.

However, many Canadians do not support processes that require the use of personal information online. Just under half of respondents have never used a digital health passport and 14% said they do not want to use apps to access their vaccination status due to data protection concerns.

The rise of cyberattacks has also intensified, raising concerns about the security of personal information stored online. For example, COVID-19 has seen some data custodial institutions, such as hospitals, exposed to the risk of cyberattacks. Just over 60% of respondents say they are more concerned about their personal data being breached since the start of the pandemic.

While many survey respondents feel comfortable sharing personal information such as name, date of birth and address with private companies, comfort levels are significantly reduced when it comes to to share their biometric data and images of documents such as driver’s license scans, with private companies, with only 22% of consumers feeling comfortable in these scenarios.

Some of Canadians’ concerns about biometrics are fueled by their use by police AI Clearviewwhich was found to violate privacy protections, the report found.

For other countries like France and Brazil, where the same survey was conducted, data breaches are the main concern when it comes to biometric technology.

There has been no shortage of stories that have made headlines in recent years about users getting locked out of crypto wallets and losing millions of dollars worth of digital currency due to passwords. lost passes. In San Francisco, a man has $240 million locked away in a Bitcoin wallet to which he forgot the password, and in two more unsuccessful guesses, it will be locked forever.

Cryptocurrencies have become a frenetic frontier of speculation and investment, with the market reaching a peak capitalization of $3 billion in November 2021. Whatever your opinion of crypto, it doesn’t look like it’s going away any time soon.

While some store their cryptocurrency in “cold wallets”, like our man from San Francisco, most buyers or sellers of cryptocurrency today – whether for fiat currency or other crypto – create an account with exchanges, such as Binance and Crypto.com. Some users also choose to store their assets on these exchanges for longer periods of time.

But with this financial responsibility comes increasing legal oversight and regulation, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. In some jurisdictions, exchanges are covered by AML regulations, such as AML6 in Europe, while in others the laws surrounding digital assets are still being consolidated. Earlier this month, President Joe Biden has signed an executive order on cryptocurrenciescalling on the government to examine the risks and benefits of cryptocurrencies, with consumer protection being one of six key areas.

With greater consumer adoption, we will likely soon see a level of regulation comparable to that of the traditional financial services industry. These requirements, however, are at odds with the weak KYC and AML processes in place today at most cryptocurrency exchanges.

As cryptocurrency enters its “teens,” how can these exchanges ensure genuine users have simple, secure, and controlled access to their digital assets?

What are cryptocurrency exchanges and why is verification important?

Cryptocurrency exchanges act as a bridge between traditional fiat currencies and cryptocurrencies, allowing users to create an account so they can buy and sell crypto.

Many users ultimately choose to store their cryptocurrency on exchanges, so they don’t get locked into their funds. Typically, if users forget their password, the exchange can usually help them verify their identity and restore access to the account (unlike cold wallets).

Despite this financial responsibility, more than two-thirds of the top 120 cryptocurrency exchanges have weak KYC checks.

Cryptocurrency exchanges need to keep untrusted people out, while making identity verification quick and easy for legitimate customers. This is especially important in an expanding and competitive market: potential customers appreciate effortless integration and authentication.

Traditional financial institutions devote significant resources to KYC and AML compliance as they are regulated entities and otherwise risk fines and penalties. Cryptocurrency exchanges need to follow suit.

So how can cryptocurrency exchanges improve their verification processes?

Biometric facial verification is a compelling way for exchanges to ensure strong identity verification from the start, completing the most crucial step in anti-money laundering and KYC requirements. Because biometric face verification can verify users against a trusted document, such as a passport or driver’s license, it can ensure exchanges have the highest level of verification. Unlike other authentication methods, such as passwords or SMS OTP, biometrics is a “non-shareable identifier”, which means that it simply cannot be stolen, hacked or compromised in the same way. way.

The most advanced liveness checking solutions even have protections against new digital threats like deepfakes, and can help verify that exchanges are dealing with the right person, the real person, and right now – not a photo or a mask, bot or bad actor, or video replay or image.

For the user, nothing could be simpler either. The leading facial verification solutions use passive authentication principles, which means that they do not require any additional effort from the user. No complex instructions to read, understand and perform means it’s easy but also inclusive. As the crypto space becomes increasingly consumer-facing and competitive, offering a seamless onboarding solution like this is invaluable for quickly onboarding new customers without compromising security.

Biometric Use Cases for Cryptocurrency Exchanges

There are three main security features that biometric facial verification can facilitate for crypto exchanges:

• Integration: Accurately verify asserted identity against a photo of a trusted ID document, perform liveness checks and create a biometric profile – link the face to the document and verify the new user.
• Continuous authentication: Using the biometric template provided during onboarding, you can re-login users securely and effortlessly with a brief facial scan. This helps prevent abandonment by genuine users, as well as preventing fraudulent account takeovers.
• Identity recovery: If a user loses their device, breaks it, or gets it stolen, they lose the ability to authenticate. As such, cloud-based facial verification solutions are best practices, as they can allow users to securely access their account through any other device without the need to re-register.

Next-gen verification, suitable for next-gen currency

Crypto is one of the most advanced and technically savvy industries. It seems contradictory to wait for regulations to implement equally advanced security measures. Biometric face verification provides both the level of security and effortless user experience needed in the industry.

Implementing best practice verification technology is essential for cryptocurrency exchanges to protect the future and show consumers (and the competition!) that you are serious about security.

About the Author: Aarti Samani is SVP Product and Marketing at iProov an award-winning authentication technology solutions provider that manages the verification of over 100 million people every year. The company’s authentic presence assurance is used by governments, banks and other organizations worldwide.