Veridium has the best mobile biometric on the market today—4 Fingers TouchlessID. The user experience is sleek, and it works anywhere on any smartphone with no environmental constraints. The other biometrics considered, like facial recognition and voice recognition, had higher FAR (false acceptance rates) and FRR (false rejection rates) than Veridium. In fact, during performance testing, Veridium’s FRR was 60% lower than the closest biometric solution. This was a critical criteria for the firm, because it didn’t want legitimate customers treated like imposters and locked out their accounts. With Veridium, the firm felt confident that the low FAR (0.01%) and low FRR (1%) were within acceptable limits for interfacing with its high net worth customers.
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.