Biometrics as The Natural Response To Increased Identity and Credential Theft

Biometrics is essentially a way of identifying an individual through his/her unique physiological or behavioral patterns. Biometric technologies offer higher security levels by simply ensuring that the authorized individual is physically present to gain access.

Security concerns in the present world continue to grow ever more complex. There are many concerns regarding the threats to identity management measures such as access cards, employees’ identity cards, password protection, personal identification numbers (PINs), passports, and so on; which can be forgotten, lost, disclosed, or changed.

The consequences of fraudulent authentication in financial, banking, retail and corporate environments can be disastrous with loss of confidential information, money, and compromised data integrity. In the United Kingdom alone Identify Fraud, costs £1.2 billion each year (source: www.identitytheft.org.uk).

As the level of security breaches and transaction fraud increases, the need for enhanced, secure identification and personal verification technologies increases proportionally. 

For these and other reasons, the market for biometric products is still growing; supported by Banking and Commercial initiatives, on top of the more traditional Governmental ones.

Based on Frost & Sullivan's research, whilst the adoption of biometrics is concentrated in the government sector; since 2004, an increasing number of biometric products are being developed for commercial markets, in particular for the financial, retail and consumer electronics sectors. 

Fingerprint Biometrics – The Most Deployed Technology

Fingerprint is the most frequently used biometric measure amongst all, with an approximate 62% revenue contribution, as of 2009.

Biometric technology is a way to achieve fast, user-friendly authentication with a high level of accuracy. Biometrics is becoming the foundation in solutions for data security, government IDs, secure electronic banking, financial transactions, retail sales, law enforcement, health services, and a standard technology for a variety of mainstream consumer applications world-wide.

IDEX ASA specializes in fingerprint swipe sensor technology. Fingerprint biometrics is secure, convenient and low-cost. Unlike a password, PIN, or smart card, a fingerprint cannot be forgotten, misplaced, lost, or stolen.