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.
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.