1. The Usage of IT in The Banking Industry
Information technology has dramatically changed the way banking is done over the last 15 years or so. The era of change banking in Canada began from the establishment of Interac's national Automated Teller Machine (ATM) network in 1986. National Debit Card network was introduced in 1994. First full service virtual bank came into being in 1997. Most recently voice recognition banking has begun to emerge in the Canadian business scene. One of the enabler of this Information technology revolution in Canadian financial service industry is Automated Teller Machine, which is essentially a date terminal with two input and four output devices. The two input devices are Keypad and card reader. The four output devices are speakers, display screen, receipt printer, and cash dispenser.
The user inserts the card in the card reader and key in the PIN number via the keypad. The receipt printer prints the receipt and the cash dispenser ejects the cash out. All the operations are displayed on the screen along with the instructions to carry out the necessary steps. Like any other data terminal ATM has to connect and communicate through a host processor, which acts as a gateway. ATMs are connected to the host processor via leased telephone lines or dial up connections. Leased telephone lines have higher date rate transfer and are preferred at high transaction volume places. Banks themselves or independent service providers may be the owners of the host processors.
Security is the biggest issue of the transactions done electronically. According to the TIMES magazine issue dated March 7, 2005 there were 10 million people were affected by identity theft in US in 2005 with a total loss of US$ 5 Billion. ATM technology is turning to Biometrics to reduce the probability of the identity theft. The word 'biometric' means to measure life and to recognize an individual biometrics employs a biological trait unique to that person. The traits can be finger prints, iris patterns, retinal scans. For a biometric system to work first of all the individuals have to provide the samples of the unique trait such as finger prints to the organization planning to run the system.
This voluntary deposit of the samples can be a hurdle in the setting up of the system because some individuals may not like the idea of handing over their finger prints to some organization. Once the samples of the unique character are collected, they are arranged in a data base.
By definition Biometrics are automated methods of recognizing a person based on a physiological or behavioral characteristic (Campbell, 1995). More and more businesses are now using biometrics as a preferred measure over traditional methods involving passwords and PIN numbers for 2 reasons; The person being identified is required to be physically present at the point of identification; Identification based on biometrics techniques removes the need to remember a password or to carry other identification (Watrall, 10/14/03). The need for biometrics can be found in federal, state and local governments, in the military, and in commercial applications (Campbell, 1995). Enterprise-wide network security infrastructures, government IDs, secure electronic banking, investing and other financial transactions, retail sales, law enforcement, and health and social services are already benefiting from these technologies (Campbell, 1995).
My field of study is Criminal Justice. A new development in this field had been put in place by the FBI this new development is Next Generation Identification system or (NGI) which is what it will be referred to in this essay. NGI is what will be enhancing and/or replacing IAFIS which is the current system used my law enforcement. NGI is a state-of -the-art biometric identification service. NGI is a one point two billion dollar investment by the U.S. federal government. It will take a total of ten years for NGI to be fully activated. NGI is divided into six different stages, which are ten-print processing, RISC, national palm repository and latent searches,facial recognition and Rap Back,Iris recognition, and Tech refresh.
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...
Biometrics is, “the automated use of physiological or behavioral characteristics to determine or verify identity (biometricgroup.com, 2014).”16 The purpose of the paper is to provide information about different forms of Biometrics. With the ever increasing threat of terrorism at home and abroad, biometrics is emerging as a way to increase security across the world. It is important to point out current issues dealing with Biometrics and how they relate to people that may one day have to use them.
The improvement in security was developed on the bases of biometrics. Biometrics refers to the authentication techniques that rely on measurable characteristics that can be automatically checked. [1] Biometric techniques are divided into physiological and behavioral characteristics. Physiological characteristics include: the finger, palm, the face, and the retina and iris of the eye. Behavioral characteristics include: voiceprints, keystrokes and handwritten signatures.
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.
Now-a-day, biometric authentication system or simply biometric system, offers a reliable and user-friendly solution to the problem of identity management by establishing the identity of an individual based on “who the person is”, rather than the knowledge-based i.e. “what the person knows" or token-based i.e. “what the person carries” (Jain et al., 1999). The word biometrics is derived from the Greek words bios (meaning life) and metron (meaning measurement); biometric identifiers are measurements from living human body (Maltoni et al., 2003). Biometric system refers to automatically identify or verify an individual's identity based on his physiological characteristics (e.g. fingerprints, face, iris and hand geometry) and behavioral characteristics (e.g. gait, voice and signature) (Figure 2.1). Ancillary characteristics (also known as soft biometric) such as gender, ethnicity, age, eye color, skin color, scars and tatoos also provide some information about the identity of a person. However, soft biometric traits do not provide sufficient evidence to precisely determine the identity (Jain et al., 2004a). Biometric traits provide a unique and permanent binding between an individual and his identity. This “binding" cannot be easily lost, forgotten, shared or forged and free from making false repudiation claims. Biometrics offers several advantages over conventional security measures. These include
When ATMs were introduced in the 1970s, they were set up only inside or immediately outside their banks' branch offices. They were seen by banks largely as a way of saving money, by reducing the need for tellers. Even with the relatively expensive computer technology of the late '70s and early 80s, the cost of processing deposits and withdrawals via ATMs proved to be less than the cost of training and employing tellers to do the same work.
It is easy to think of biometrics as the future science technology are always happened in some fictions, associated with solar car and clones together. In fact, it has long history that people understood the basic principle and application of the biometric. Thousands of years ago, the people of the Nile basin used the biometric in everyday transactions (such as scarring, skin tone, eye color, height, etc.) for identification. Of course, they had no any automatic electronic identification system, or computer network, but the principle is similar.
The term biometrics is comes from the Greek words bio “life” and metrics “measurement”. Biometrics are unique physical characteristics that can be used for automated recognition, this can range from any physical feature on your body including your eyes, nose, face. In 1858, “William Herschel was working for the civil service of India, which he recorded handprints on the back of every employee to distinguish from fake employees, who might impersonate to being employees when payday arrives.” (Mayhew, 2015), this was the first ever recorded capture of hand and finger images
Another pivotal issue was that of the multichannel integration—call center, branch, ATM, and Internet—which is immensely important for large financial institution like ICBC to attract and retain customers with the promise of “anytime, anywhere” account access. Customers are eager to have the kind of flexibility to use whichever channel is most appropriate at a particular time. Continuing with the same point the, ICBC was also concerned about the relative penetration of the existing as well as new customer base to gain access to the banks new technological proposition.
Customers prefer ATM with time and cost utility that provides proficient services. Although the drawbacks in ATMs, it is always desirable because it benefits the banks, employees and customers. It is therefore essential for banks to ensure the uninterrupted ATM and well –organized service is provided to customers for best results.
In conclusion, Biometrics is an extremely fascinating field. A field that is characterized by its highly technical ability of securing, recording and accessing systems and installations. It is even the prime choice for places that hold extremely sensitive information such as the FBI and various hospitals. It has even reached the general populace as a medium to use to access personal information and places. It is truly the wave of the future in the world of security technology.
Information security is concerned with the confirmation of confidentiality, trustworthiness and accessibility of data in all structures. There are numerous tools and procedures that can help the management of information security. However framework focused around biometric has developed to help a few parts of data security. Biometric authentication upholds the aspect of Identification, verification and non-renouncement in data security. Biometric validation has developed in fame as an approach to give personal ID. person's ID is vitally huge in numerous requisition and the hike in credit card duplicity and wholesale fraud recently demonstrate that this is an issue of real concern in more extensive public opinion. Distinct passwords, pin recognizable proof or even token based arrangement all have deficiencies t...
“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.