Future of Banking
Your vein pattern is established in the womb, and stable throughout your life, says Hitachi's Ravi Ahluwalia.
Apple's Touch ID was hacked by a German hacker roughly a day after its launch, replicating the last fingerprint that had touched the glass iPhone surface with kit that included a scanner, a printer, and a bit of glue. The vulnerabilities in fingerprint recognition are not exactly secret. And so the race for alternative bio-metrics is on.
It is spurred by a new abundance of cheaply produced sensors - mostly from east Asia - and software connecting them with cloud services. Low interest rates also provide a rich environment for tech investment.Barclays is bringing out finger vein authentication for UK business customers this year.
It is a technology Hitachi developed in Japan that is now being used in cash machines there and in Poland.
When near-infrared light is transmitted through your finger, part of it gets absorbed by the haemoglobin in your veins.
And so Hitachi's VeinID scanners can authenticate you by your resulting vein pattern.
Mr Ahluwalia says his company has explored finger vein authentication on trading floors in France and Northern Europe.
And British startup Sthaler is working with Hitachi and BT on a "pay-by-finger" solution it has trialed at several music festivals. It calls it FingoPay.
"You place your finger on [the] scanner, they'd confirm your name or last few digits of your credit card, and the payment is made in real time," says Mr Ahluwalia.
The future of banking maybe in your veins.
Criteria A:
- Reliability of the technology may not be 100% reliable to the users and the banks. The technology might mis-read the vein patterns or the veins pattern may change due to injuries. Or the technology is poorly manufactured by the company and doesn’t work correctly.
- A stakeholder Banks who have implemented these devices and IT systems into their security system
Criteria B:
-Client register account with the bank, decides if they want to use the biometric system.
-If yes then client then proceeds and fill in details the bank requires eg consent forms, personal details and others
- Client’s chooses finger they want to use
- Vein patterns are scanned and analyzed to find unique points using algorithms.
- Data is stored in a secure server which is hosted either by the bank or a third party team
-Client comes and use the bank service, bank ask for the confirmation, client then let the device scan, if the pattern matches the one on the bank’s database then proceed to next step
-Client take out money or does what the client wants.
-System updates the information that the client just made or it is made in real time
The reliability of the device may cost the client valuable time and may cause unwanted problems, The device malfunctions and doesn’t scan correctly repeatedly therefore the client cannot continue with the transaction or the process. Also the vein patterns in the finger may have changed due to injuries the client may have had.
Criteria C:
Advantages for client may include
-The client is more easily recognizable by the bank good for client
-More secured and personalized banking system
-Hard to get authorized by others
-Client may no longer need to memorise a password
Disadvantages for client may include
-Client would have to be there personally every time
-The price of this system may be higher than a normal banking system
-Not available everywhere in the world
-Information could potentially be hacked and used in an illegal way
Advantages for the bank may include
-The bank easily recognizes its client therefore it has a more efficient workplace
-People would trust the bank more with this type of security
-More efficient and time saving process
-Gain more money from the deals they make with this system
-Less security issues
Disadvantages for the bank may include
-The client is not pleased with the amount the bank charges for this system
-Bank personnel may not know that the client registered for the vein system
Criteria D:
Security/Privacy
-The bank could give the client a pin number/card so it would be harder to hack into
-Server room needs a keycard to enter and a password is also require which is only known to the authorized personnel
-Firewall is installed on the banks servers
-data stored is encrypted
-Decoy server is setup to protect the actual server
-Client can update the biometric so that the system at anytime they want so the data is up to date
Reliability
-The device is always checked and maintain
-drivers on the device are up to date
-Client is asked to repeat the vein check a couple of times to make sure the system has the right information
A) The main information is complete, the issue can be broken into more sections as the relationship is not fully described. 3/4
ReplyDeleteB) There are some magical steps in this criteria, you need to state what is happening in some of the parts.
C) Wrong format and needs more evaluation 2/8
D) The points that are listed needs to be explained and evaluated to get points. 2/8
a: 3/4 the relationship is not fully described.
ReplyDeleteb:
no mention of encryption, multiple fingers probably scanned due to injury risk. key words... Validation, Verification Encryption, pattern recognition, ADC not mentioned.
not a good / full eplaination using terminology listed above
3/6
C: 2/8 list, not analysis / evaluation. Good points made. Hardware for users accessing online banking form home.
D: only need one solution to at least one problem. and full evaluation. 0/8
This is a fair posting. You've done well identifying some stakeholders and social/ethical benefits and issues and your description of the IT system was very detailed. I am not penalizing for writing lists at this moment as there was no consensus on how everyone was to do Criteria C and D, so what you have is good for now. As such, I am giving you a mark of 19/26.
ReplyDelete