Tuesday, Nov 25, 2014Tuesday, Nov 25, 2014
Business
 

Barclays taps vein biometrics in bank fraud fight

Published on Sep 5, 2014 7:31 AM
 
A woman walks past a Barclays bank office in Barcelona on Sept 1, 2014. -- PHOTO: REUTERS

LONDON (REUTERS) - 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.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos