Global organization and tech giant increase biometrics to replace PINs and passwords

Share This Post

As for the main motivations for such a system, Hoyos says there are really two: security and convenience.

“You go to the ATM, the ATM shows you a QR code generated by the banking software on the ATM that updates every 30 seconds. When you scan the QR code, it sends a message back to the banking system. The bank then says ‘OK, let’s send an authentication request,’ which takes the form of your phone waking up to look at it, which extracts your biometric data,” says Hector Hoyos of Hoyos Labs.

As for security, Hoyos says all transactions are encrypted multiple times. It also helps curb skimming, which is estimated to occur in one in five Americans. Skimming involves thieves placing a barely noticeable device over the card reader to steal information from the card’s magnetic stripe. As for convenience, there’s no need to remember pins anymore.

“In this case, you scan the QR code, look at it and that’s it. So this transaction is about 50 percent faster,” Hoyos says.

Hoyos Labs says it is in talks with several banks across the country that are interested in possibly implementing this technology this year.

One of the big advantages for banks is that this all happens with a simple software upgrade. That means just about any ATM, even old ones, can use the feature.

Read More:

Partnership Between Mitsubishi Electric and Nozomi Networks Strengthens Operational Technology Security Business

Mitsubishi Electric and Nozomi Networks Partnership Mitsubishi Electric and Nozomi...

Solidion Technology Inc. Completes $3.85 Million Private Placement Transaction

**Summary:** 1. Solidion TechnologyInc. has announced a private placement deal...

Analyzing the Effects of the EU’s AI Act on Tech Companies in the UK

Breaking Down the Impact of the EU’s AI Act...

Tech in Agriculture: Roundtable Discusses Innovations on the Ranch

Summary of Tech on the Ranch Roundtable Discussion: ...

Are SMEs Prioritizing Tech Investments Over Security Measures?

SMEs Dive Into Tech Investments, But Are...

Spotify Introduces Music Videos for Premium Members in Chosen Markets

3 Summaries of Spotify Unveils Music Videos for Premium...

Shearwater to Monitor Production at Equinor’s Two Oil Platforms

Shearwater GeoServices secures 4D monitoring projects from Equinor for...

Regaining Europe’s Competitive Edge in Innovation: Addressing the Innovation Lag

Europe’s Innovation Lag: How Can We Regain Our Competitive...

Related Posts

Government Warns of AI-Generated Content: Learn More about the Issue

Government issued an advisory on AI-generated content. All AI-generated content...

Africa Faces Internet Crisis: Extensive Outage Expected to Last for Months, Hardest-Hit Nations Identified

Africa’s Internet Crisis: Massive Outage Could Last Months, These...

FTC Investigates Reddit for AI Content Licensing Practices

FTC is investigating Reddit's plans...

Journalists Criticize AI Hype in Media

Summary Journalists are contributing to the hype and...