Barclays Taps Vein Biometrics In Bank Fraud Fight
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. Chief executive of Barclays personal and corporate banking Ashok Vaswani said Barclays was improving technology and security, but criminals were also getting more sophisticated. According to National Fraud Authority estimates, Britain’s private companies lost 21 billion pounds from fraud in 2012 and financial firms suffered 5.4 billion pounds of that.
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