Barclays introduces finger scanner to fight banking fraud

Friday 5 September 2014 13:18 CET | News

UK-based financial institution Barclays has launched a finger scanner for corporate clients and plans to introduce voice recognition for retail clients in 2015 to combat banking fraud.

The bank has teamed up with Japanese technology company 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.

According to Barclays, its vein authentication technology will be rolled out to corporate customers in 2015. The vein pattern is matched with one stored on a SIM card, so Barclays does not hold a record. The scanned finger has to be attached to a live human body to work.

UK’s private companies lost GBP 21 billion (USD 34.5 billion) from fraud in 2012 and financial companies suffered GBP 5.4 billion of that, according to a report by the National Fraud Authority.

In recent news, Barclays has launched a mobile payment service between India and the UK, which enables Barclays customers and even non-Barclays customers to transfer money.

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Keywords: Barclays, finger scanner, banking fraud, voice recognition, digital identity, online security
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events