Canada banks, credit cards use biometrics to validate transactions

In an interview with Security Sales earlier this year, Dr. Selva Selvaratnam, senior vice president and CTO of HID Global detailed some of the trends that are changing access control markets. His list includes the convergence of electronic, physical and biometric access control features, and new capabilities based on multifactor authentication increasingly integrated into new systems. Also, the largest pan-vertical trends are largely around new ways to get through a door: new credential form factors, biometrics to “change security from a barrier to a guardrail,” and interconnected wireless devices that allow users to access the right entrances and not access the wrong ones.

One of his trends was that banks and financial institutions are going to see increasing biometric verification at ATMs and online. That trend appears to be coming true, at least in Canada.

Canada banks and credit card companies are currently rolling out biometric verification kits for both retail and online systems. The systems use biometric sensors on ATMs that can identify the user and allow them to authorize transactions either using an iris scan, fingerprint or even heartbeat recognition.

In addition, MasterCard will launch in 2016 MasterCard Identity Check, its own service that will use biometric bank transaction verification. The app aims to use biometrics as an alternative to passwords and PINs. “We believe passwords are a real problem,” said Nick Dinh, vice president of mobile payments at MasterCard Canada. “We’re getting to the point where biometrics is a viable option to improve the checkout experience for both consumers and merchants, while enhancing security and reducing fraud.”