Financial Fraud: Biometrics Point A Finger

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21 March 2002


Boston, MA, USA March 21, 2002

Passwords Are Vulnerable, And Biometrics May Be The Answer


institutions will increasingly incorporate biometric technologies into their security systems in response to increases in fraud, as well as greater expectations and demands from customers since September 11. Total biometric sales will exceed US$1 billion in 2004, with most deployments at airports, financial institutions, and healthcare facilities.

In a new report, " ," Celent Communications examines how the continued impact of September 11 on the financial services industry has resulted in an increased focus on preventing fraud with better security methods, particularly biometrics.

"At a time when security fears have reached new heights, it has become increasingly obvious that current security methods, especially passwords, are not sufficient and are costly to maintain," says Christine Barry, Celent analyst and author of the report. Biometric technologies, which identify individuals based on unique physiological and behavioral characteristics, are more robust than passwords and cannot be lost, forgotten, or stolen by unauthorized users. Increased accuracy, a higher level of consumer awareness and lower costs are making biometric technologies even more attractive.

While most financial institutions have already begun to pilot programs for internal use, future deployments are likely to be on a larger scale with more of the technology available for customer use.

"New fears have heightened demand for greater security, causing the industry to quickly emerge out of its infancy. It is now up to the biometric developers to deliver on their promises," says Barry.

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Capital Markets, Corporate Banking, Life & Health Insurance, Property & Casualty Insurance, Retail Banking, Wealth Management
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