Mobile Biometrics for Banking Customers

An independent full-service financial services group for high net worth individuals wanted to eliminate passwords and PINs for their clientele.  Native biometrics such as Touch ID, face or fingerprint did not provide the level of security the firm was after. At the same time, they didn’t want customers to jump through hoops to prove they are who they say they are. After an exhaustive RFP process, they picked Veridium, since they favored the 4 Fingers TouchlessID over other biometrics, as well as the approach to splitting and storing biometric vectors.

The Problem

As the infamous bank robber Slick Willie Sutton reportedly said when asked why he robbed banks, “you go where the money is.” Financial institutions understand better than any other industry the importance of developing innovative ways to protect the privacy and financial assets of their customers. Executives of this firm also understood that the proposed solution had to be as convenient as it was secure. It’s a difficult balancing act to be confident about a customer’s identity without adding friction to the user experience. To find the best solution, they put out an RFP and explored their options. In an extremely competitive process, Veridium was chosen.

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Why Veridium

According to company executives, Veridium was chosen for two key reasons. First, Veridium has the best biometric on the market today — 4 Fingers TouchlessID. The user experience is sleek and it has no environmental constraints since it can work anywhere on any smartphone. Other biometrics they considered, like facial recognition and voice recognition, have higher FAR (false acceptance rates) and FRR (false rejection rates) than Veridium. In fact, the company told Veridium that our FRR was 60% lower than the closest competitor. This is critical to the bank because they didn’t want legitimate customers mistaken for imposters and locked out their accounts. With Veridium, they felt confident that the low FAR (0.01%) and low FRR (1%) are within acceptable limits.

Visual Cryptography

The second reason why they chose Veridium is also unique to the company. The VeridiumID platform uses a distributed data model to store biometric vectors. , the scanned biometric is broken into pieces and stored partially on the customer’s smartphone and partially on the company’s server. This makes it more difficult for an attacker to steal a complete biometric template.

Veridium’s solution provides the bank with increased security, as well as the convenience of an easy-to-use front-end biometric. This approach met the company’s philosophy for eliminating PINs and passwords; reducing fraud while providing the best user experience and security on the market.

Learn more about our 4 Fingers TouchlessID solution in our whitepaper, "4 Fingers are Better than One"