Banking & Financial Solutions

Fraud and identity theft is a global problem. Financially-motivated criminals use a variety of creative techniques for stealing personal details and committing fraud. According to Javelin Study & Research, the annual cost of identity fraud in 2007 in the United States alone was $45 billion. In Japan, there have been hundreds of bank card forgery cases involving dozens of financial institutions and hundreds of millions of yen.

Banking and financial institutions are investing heavily in IT security to mitigate loss due to fraud, strengthen their trustworthy reputation, and create a competitive edge. Banks are using biometric solutions for reliable identification of users of financial services, including online and mobile applications. These solutions not only prevent fraud, they also improve the level of service and convenience for their customers. Biometric solutions also enable banks to control physical access to areas within the bank, perform time and attendance tracking, and secure logical access to financial and corporate data.

BioGuard provides an effective banking/financial solution combining smart card and biometric identification technologies. This strong authentication solution can be used in a variety of transaction-based applications, such as ATMs, online banking, and remote banking for corporate customers. In these applications, BioGuard’s solution will request biometric identification (e.g., palm vein authentication, fingerprint) depending on the type of transaction. Once verification is complete, the customer is allowed to perform the transaction. Combination of smart card plus palm vein authentication provides the highest level of security to both customers and financial institutions. Even if the card or ID is stolen, the account remains secure since authentication also requires biometric identification.

BioGuard’s banking solution also enables banks and other financial organizations to control physical access to sensitive areas within their offices. For example, banks need to ensure that only authorized employees enter the vault, archives, and other restricted areas. BioGuard lets banks track persons who have entered restricted areas, and also note entry and exit of those persons. Biometric identification prevents the use of stolen, duplicated or forged cards for access into restricted areas.