International Biometric Group announced Tuesday that it has completed its evaluation of finger scan and face recognition biometrics conducted on behalf of Chase Manhattan Bank , Citibank and Visa International.
The results of this landmark test will help determine which biometric technologies will be used for ATM withdrawals, credit card purchases and Internet transactions. IBG’s Biometric Study also reveals to what extent age, sex, ethnicity and occupation affect the performance of biometric technologies.
According to Samir Nanavati, a partner with IBG, “PINs and passwords have been rendered obsolete in the age of the Internet. IBG’s Biometric Study provides the foundation upon which financial organizations will build customer identification systems as we enter the new millennium.” IBG has made the test results available to select customers.
“The IBG Biometric Study enables Visa to learn and independently validate which vendors have technologies best suited to customer applications for our Members. In addition, the test gives us crucial insight into which technologies our Members and their customers feel comfortable using,” said Chetan Patwardhan, Director of Technology Research at Visa International.
Industry insiders recognize the importance of the study. “This effort will increase our knowledge not only of specific devices, but of electronic finger imaging in general, particularly among sub-populations thought to be hard to fingerprint”, stated Dr. Jim Wayman, Director of Biometrics at San Jose State University.
Biometrics, including finger scan, face geometry, iris recognition, signature verification, speaker verification and hand geometry, are technologies that verify one’s identity based on personal traits. In addition to increasing the security of financial transactions, organizations are looking to increase customer convenience. Biometrics allow for faster processing at teller windows, increased withdrawal limits at ATMs, and a reduced chance that accounts will be fraudulently accessed.
Systems from the following vendors were evaluated: Sony (NYSE:SNE), Identix (AMEX:IDX), ST Microelectronics (NYSE:STM), Digital Persona, Mytec (Toronto: MYT), Veridicom, a spinoff of Lucent Technologies (NYSE:LU), Identicator, American Biometric Company, Miros and Visionics.
International Biometric Group () is the leading worldwide biometric consulting and integration firm. IBG operates the BiometricStore, a showroom in Manhattan that allows for the hands-on comparison of three dozen biometric systems.Details