Here is the extract of a presentation i made somewhere recently. Apprently, i had to revamp with a more innovative version but this itself is worth sharing...
Every human being is different from one another. Their behaviours, eyes, fingerprint, heart rate etc. are all attributes that differentiate me from you. Identifying these attributes is what is paving ways for enormous possibilities biometric security can offer.
Our focus here is Fingerprint Identification. Human fingerprints are detailed, unique, difficult to alter, and durable over the life of an individual making them suitable as long-term markers of human identity.
The BIG Idea
It Is
Not New
Fingerprint
Identification/analysis has been in use since early 20th Century mainly by
forensic scientists, national embassies, state security services etc.
Here's What Is New
Apple
launched iphone 5s, iphone6 and 6plus with fingerprint Id (Touch Id) as an
alternative to your phone password or log in patterns. The same goes for
Samsung S5, S6 and S6 Edge. This generation is gradually shifting from smart
phones to high-tech smart phones.
• The idea here is for banking mobile
applications and various online merchant applications to be plugged-in
into Apple's Application Programming Interface (API). The bank or
merchant will be riding on Apple's security solution to provide a frictionless
login for it's customers. This means that if i have an iphone 5s, i can login
to my online banking app same way i unlock my phone with my Touch Id
(fingerprint login).
• Banks will worry less about
phishing and security breach on their online platform while the customers worry
less about password/login compromise. This is security solution made easy.
• What the bank has done here is issue
an identity on the preferred device of the customer. With this, the bank
establishes a chain of trust: First link: Bank-Personal Device… Second Link:
Personal Device-User…
The CBN way
• The Central Bank of Nigeria has
made biometrics data capturing compulsory for all bank account
holders after which a Bank Verification Number is given to all. The essence of
this according to CBN is to capture the identity of account holders and to mitigate
against fraud.
• Upon CBN approval,
banks/merchants can leverage on this existing biometric data to create
fingerprint Id for their online application. This will be a great improvement
on online payment security in Nigeria. CBN can also adopt Multifactor
authentication i.e. use of a minimum of two factors of identification to add
another layer of security. This could be password/security question alongside
fingerprint Id.
Verisimilitude:
Bringing It to Life
A security service company can secure the exclusive license from
CBN to manage the complexity and its application to online payments while CBN
creates the policies around it to ensure smooth operations.
The
Biometric Data are stored in a single secure data-house managed by a single
vendor to avoid proliferation and security breach.
The
Benefits and Opportunities
ATM
and POS machines can adopt fingerprint Id
Security against identity theft
Increased sense of security
Restoration of trust/confidence in Nigeria's online payment system
Fraud
detection: suspects will easily be identified.
Challenges
• Very few devices /
gadgets have the finger Print feature / functionality at the moment. By 2025,
one in three personal devices / gadges will have the fingerprint
security login.
• Nothing is 100%
Secure. Financial institutions know this best. Picking the best solutions
available are all we can do for the time being. When it comes down to it,
security is just a never-ending war between good guys and bad guys.
(Photo credit: Google images).
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