This research paper looks at the issues today surrounding identity theft and consumer fraud in the banking industry. It looks at how biometrics, or fingerprint recognition specifically, can help strengthen the security that banks provide for the safeguarding of the personal information of their customers. Because of banks being targets both online and offline for identity theft and consumer fraud, this paper discusses how business is done today and how their security may be enhanced with the implementation of fingerprint recognition software. The paper will discuss fingerprint recognition software, how it works, and how it can be beneficial in the banking industry. It will demonstrate how this software can be beneficial to banks and their customers doing online and offline business transactions. The advantages and possible disadvantages of fingerprint recognition software will be discussed and how it is increasing in the world today. The paper will demonstrate how business has changed towards an E-commerce environment and with that, how security risks online have increased. It discusses the importance of banks providing customers with online and mobile access to their accounts in the society we live in today. There are various methods utilized by thieves today for obtaining personal information online and offline. The paper will discuss a few of these methods and what consumers and banks can to do the help minimize their risk. The purpose of this paper is to show fingerprint recognition software as a development that can help reduce the number of identity thefts and consumer frauds that are occurring today.
Keywords: identity theft, consumer fraud, banking, fingerprint recognition, security, customer, personal informati...
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Biometrics-based authentication applications include workstation, network, and domain access, single sign-on, application logon, data protection, remote access to resources, transaction security and Web security (Campbell, 1995). Utilized alone or integrated with other technologies such as smart cards, encryption keys and digital signatures, biometrics are set to pervade nearly all aspects of the economy and our daily lives (Campbell, 1995). Among the features measured are; face, fingerprints, hand geometry, iris, and voice (Campbell, 1995).
The Impact of Online Identity Theft on Consumers and Organizations Internet fraud has become a major issue due to the ever increasing population of internet users, because the internet is such an easy solution to fast sufficient services readily available for busy lives that’s is why most of us are now dependant on the internet in some shape or form and each time we use the internet we input data that are related to use from our name, address and even bank details with the assurance that the site is safe and trustworthy, but this is not always the case because the security system implemented like all things in this world has weaknesses.
The process of verifying a person’s identity, also called authentication, plays an important role in various areas of everyday life. Any situation with user interaction where the identity is required needs a means to verify the claimed identity. One of the more obvious and commonly known application areas for identity verifying technologies, i.e. authentication, is the Logical Access Control to computer systems, where authenticity is normally established by confirming aclaimed identity with a secret password or PIN code.Traditional methods of confirming the identity of an unknown person rely either upon some secret knowledge (such as a PIN or password) or upon an object the person possesses (such as a key or card). But testing for secret knowledge or the possession of special objects can only confirm the knowledge or presence, and not, that the rightful owner is present. In fact, both could be stolen. Conversely, biometric technology is capable of establishing a much closer relationship between the user’s identity and a particular body, through its unique features or behavior.
Biometrics has really been a captivating part of watching new age movies and futuristic stars bring in the 21st century. Yet, most regular people don’t even know what is behind these alluring “tricks”, and what really classifies as a part of the Biometrics field. Something as simple as a pin number you use for an ATM machine would qualify as part of this realm. Other behavioral characteristics can be things such as a voice print, or a signature. Biometrics can also become so technologically advanced that they can use video surveillance to scan who goes in and out of an area...
The costs of implementing biometrics into security, specifically passports, are enormous. In many instances, cost is much higher than traditional forms of security such as passwords and personal identification numbers.10 Biometrics also puts users...
Biometric is a device that can recognize someone 's unique physical trait, for example fingerprints, eyeball, face, or voice and it uses them as a means of authentication to gain access to something. Hackers can never gain access to someone’s privacy who uses biometric as a means of gaining access to his/her privacy. Biometric is the surest thing that can never be compromised, if it’s being done correctly because it is attached to the natural inbuilt quality of the user. In order for hackers to use it, they must go through an extra ordinary mile which could lead to other crimes like kidnapping or
Identity theft is one of the fastest-growing crimes in both the US and abroad. The Federal Trade Commission (FTC) estimates that identity theft costs consumers as much as $50 billion annually and that this number will likely keep growing (Finklea, 2010, p. 1). Additionally, the FTC receives in excess 250,000 consumer complaints of identity theft each year and this is believed to be only a fraction of the total number of victims (Finklea, 2010, p. 9). There are several types and methods of identity theft and these methods continue to increase as technology becomes increasingly sophisticated. Understanding the types and methods of identity theft can reduce potential victimization.
Fingerprint scanning has already been implemented into business to effectively enhance security and authentications. When scanning a fingerprint, a scanner has to have a pre-saved image of the authorized finger to compare images in a linked database to allow access. In order to allay privacy concerns, however, fingerprint scanners do not store actual fingerprint images. Instead unique characteristics of the fingerprint are analyzed and stored as an encrypted mathematical representation (Ballard, 2016). Businesses are hoping to safeguard their sensitive data by using this form biometrics as a viable option because of the several benefits and low costs. This is a easy to use system with cheap equipment that generally requires low power consumption. However, the disadvantage is that if the surface of the finger is damaged or contains any marks, the identification becomes increasingly difficult. Fingerprint security systems are already
Within the article the authors point out the use of biometric and multi-modal authentication techniques, pointing out the strengths and weaknesses of different authentication approaches. The article has substantial background information and study results, not only point out the impact of such methods but also shows how the active authentication can take place to benefit the
Biometrics is described as the use of human physical features to verify identity and has been in use since the beginning of recorded history. Only recently, biometrics has been used in today’s high-tech society for the prevention of identity theft. In this paper, we will be understanding biometrics, exploring the history of biometrics, examples of today’s current technology and where biometrics are expected to go in the future.
Identity theft is no new problem in our world. It has occurred for decades and only grows more popular with criminals. Due to our world’s expanding technology, identity theft is becoming easier to commit and harder to detect. Luckily as the criminals technology becomes more advanced, so does out justice system’s technology to help fight the crime. The number of criminals that engage in the fraud and thievery will only grow due to the lucrative nature of the crime, but also will the forces that are established to stop them. This white-collar crime will gain more attention and therefore more laws will be passed to protect the public from becoming victims. With the use of laws, task forces, and the education and awareness of the public, identity theft will be given more attention and focus to hopefully deter future threats from occurring.
...g numbers of identity theft cases, since the late nineties, have become a growing concern for the law enforcement agency and the community as a whole. Involving the public in this warfare calls for all organizations, banks included, to get tighter policies in place and protect the integrity and security of their customer’s data. This study will show whether or not the implemented policies in the local banks have helped reduce identity theft cases overall.
Biometric technology is used for the ways humans can be identified by unique aspects of their bodies, such as fingerprints, body odor, our voices and many more. If one was to think about privacy rights, he/she would be concerned about the widespread adoption of these systems, since such systems could easily be used to develop a record of known rebellious people and/or dangerous criminals, to be used for social control purposes. Although that may seem pretty good and a positive thing for the society, one should take into account of the defects and errors of technology. Of the many biometrics technologies that are being developed and are already developed, facial recognition is one of the most threatening because it can be deployed secretly; one may not know whether or when they can be caught in a surveillance camera for such facial recognition biometrics. Additionally, tests have found that the miscalculations for facial biometrics technologies are very high. As a result, according to Privacy Rights Clearinghouse, innocent people can be erroneously identified as dangerous criminals and actual dangerous criminals and/or suspected terrorists can fail to be detected overall, allowing for a huge injustice and unfairness. Privacy rights concerned with biometrics have sparked a concern and should be dealt with; otherwise, this is just one of the
Saleh, Z. (2013). The impact of identity theft on perceived. Journal of Internet Banking & Commerce, 18(2), 1-11. Retrieved from http://www.arraydev.com/commerce/jibc/
“The term -information security- means protecting information and information systems from unauthorized access, use, disclosure, disruption, modification, or destruction” (United States Code, 2008). In order to ensure the identity of who is trying to access the information, the concept of “Biometric Technology” has been developed in the last years. This essay will start explaining this concept and the characteristics of its development through the time. Then, the essay will offer a brief explanation of biometric systems operation and a description of different biometric systems developed until now. Finally, this research analyzes the current and future applications and the issues that surround it.