In the aftermath of the recent, perhaps continuing, turmoil on Wall Street, which resulted in numerous banking institution mergers, it is easy to doubt the safety and security of one's investments.
The collapse included not just small financial institutions, but large ones as well, such as Washington Mutual Bank. Most of us know the stories behind such failures, but what we don't know is the measures that some banks are going to in order to prevent fraud and theft of what remains of our savings.
In a world where millions of transactions occur at blinding speeds everyday and information is exchanged openly in the due course of business, the need for security is paramount. The privacy and access to customer accounts must be protected.
Once again, technology comes to the rescue, perhaps.
With identity theft off the charts, something had to be done.
Enter the wizardry of biometrics. This field allows for the storage of personal data, such as fingerprints and 3-dimensional photos, in small data packages and configurations. The way people are processed for identification, verification, or given restricted access, in and out of public and private structures, will be forever changed.
One of the technology leaders in this field is A4Vision, a Silicon Valley Company. They have developed a three-dimensional facial recognition system that offers enhanced security for end users. Simply put, a 3D photo differs from a normal driver's license photo (2D) in that it directs a pattern of invisible light onto the surface geometry of a person's face and creates a mesh mask of 40, 000 measurable data points, such as cheekbone to forehead, which do not change over time. This information is then plugged into an algorithm to generate a biometric template, which can be stored in a database for verification and identification. An employee's face can be read and compared to a comprehensive database for authorized entry in less than a second.
According to Grant Evans, CEO of A4Vision, "3D systems are merely computers that mimic the natural way for humans to recognize one another--the faces."
Though the system has some limitations, it is easy to see the Department of Homeland Security's interest in the product, which has been deployed at numerous airports, such as Logan Airport in Boston. The key to this type of identification and processing is that minimal cooperation from those being assessed is necessary, unlike fingerprint or iris systems. Furthermore, it is capable of quickly scanning vast amounts of faces while in motion for potential threats (watch list candidates).
Most importantly, especially where a financial institution's security is concerned, facial biometrics can't be reversed engineered to produce the original face. In other words, falsified identification can't be produced to allow fraudulent access to the bank premises.
For example, Pictet & Cie Banquiers of Switzerland, a leading private institution in Europe, has implemented of a multi-level security system for its employees. The system includes an access control system that operates without ID cards, keys, or PIN technology, allowing 1500 employees entrance to the main branch and eliminate the risk posed by lost or stolen access tokens or keys. A key part of the system is the 80 biometric facial recognition devices, supplied by A4Vision. More secure areas, such as vaults, are protected by an iris scan system. Like fingerprints, iris patterns are unique, so even if the biometric readers are fooled the contents within the vaults are safe.
Will such preventative measures start catching on in North American financial institutions? Perhaps, especially as technology is manipulated be ne'er do wells as easily as those with our best interests at heart employ it. Remember: keep an eye on your, er, identity.
Geoffrey M. Gluckman is the author of the espionage thriller, Deadly Exchange, a freelance features writer, and an international lecturer. To write this thriller he drew from experience as a trained federal agent, recruitment by the CIA, and as an exercise physiologist. For more articles, please visit: http://www.geoffreygluckman.com
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