Matching finance with biometrics

October 2015 Financial (Industry), Access Control & Identity Management

Financial institutions in South Africa today offer a number of varied services from financial planning to selling electronic devices, however the core purpose still remains the same, to accept deposits and channel it into lending and investment activities. In order to ensure the continuity of these core activities, trust, security and identity are essential. As the world rapidly advances in technology, it is paramount that financial institutions advance their practices in order to meet the ever-changing needs of customers.

Customers are in a constant search for convenience and that is where technology in general and biometrics in particular can play a pertinent role.

Financial institutions have a duty to protect their customers, employees and assets at all levels of contact. At the branch level, an integrated and adapted access control system should be in place to ensure both staff and customers’ peace of mind when interacting within the building.

The very same access control system can be used for time and attendance purposes. The use of biometrics ideally ensures only authorised personnel gain access to specific zones. When speaking about biometrics, fingerprint is usually the first method which comes to mind and it is most widely accepted form, but there are others available, such as facial recognition for instance.

Once in a financial institution branch building, it is necessary that customers can be positively identified before an account can be opened or any confidential information be shared with them. This is a legal requirement in South Africa and in many other places in the world referred to as FICA and/or KYC (Know-Your-Customer). More Home Affairs departments world-wide authorise com­mercial entities to access their database in order to verify a customer’s identity.

Financial institutions can take advantage of this technology by simply integrating specific fingerprint readers into their existing solution. At the desk level, the customer can simply present his fingerprint to be identified and thus authorise the transaction as opposed to the traditional hand signature.

Now this transaction authorisation can also be introduced at employee level and be used for PC login or for transaction authorisation where a supervisor would have to make use of a biometric reader in order to validate the request of a colleague. This allows for proper and irrefutable audit trail which is so important in the financial world.

Outside of the branch, everywhere positive identification is required, biometrics can be used for security and convenience.

For more information contact Morpho South Africa, +27 (0)11 286 5800, [email protected], www.morpho.com



Credit(s)




Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Empower individuals to control their biometric data
Information Security Access Control & Identity Management Security Services & Risk Management
What if your biometrics, now embedded in devices, workplaces, and airports, promising seamless access and enhanced security, was your greatest vulnerability in a cyberattack? Cybercriminals are focusing on knowing where biometric data is stored.

Read more...
Security industry embraces mobile credentials, biometrics and AI
AI & Data Analytics Access Control & Identity Management Integrated Solutions
As organisations navigate an increasingly complex threat landscape, security leaders are making strategic shifts toward unified platforms and emerging technologies, according to the newly released 2025 State of Security and Identity Report from HID.

Read more...
Nice launches DC Blue Astute garage door motor
Nice Group South Africa Technews Publishing News & Events Access Control & Identity Management Perimeter Security, Alarms & Intruder Detection
Nice Systems SA has launched the Nice DC Blue Astute, a garage door motor for the South African market featuring a pre-installed lithium-ion battery instead of traditional lead-acid batteries.

Read more...
Empower individuals to control their biometric data
Information Security Access Control & Identity Management Security Services & Risk Management
What if your biometrics, now embedded in devices, workplaces, and airports, promising seamless access and enhanced security, was your greatest vulnerability in a cyberattack? Cybercriminals are focusing on knowing where biometric data is stored.

Read more...
Federated identity orchestration
Technews Publishing SMART Security Solutions Editor's Choice Access Control & Identity Management Security Services & Risk Management AI & Data Analytics
Understanding exactly who resides at the end of a digital device is key, and simple identity number verification by the Department of Home Affairs is no longer a viable solution on its own.

Read more...
Gallagher Security obtains SOC2 Type 2 recertification
Gallagher News & Events Access Control & Identity Management
Global security leader Gallagher has achieved renewal of attestation status for System and Organisation Controls (SOC2 Type 2) as related to the cloud-hosted services of its integrated security solution, Command Centre.

Read more...
Invixium launches Enterprise Series biometrics
Products & Solutions Access Control & Identity Management
Invixium announced the launch of its new Enterprise Series, which is made up of the IXM ROSTO facial biometric and the IXM TOUCH 3 fingerprint biometric devices.

Read more...
Boost revenue streams for MNOS
News & Events Security Services & Risk Management Financial (Industry)
ReveNet has introduced its new solution, designed to safeguard and potentially boost revenue streams in an increasingly challenging landscape for MNOS. The new platform combines advanced analytics and is built on trust, transparency, and sustainability principles.

Read more...
Gallagher Security opens Cape Town office
Gallagher News & Events Access Control & Identity Management
Acknowledging a significant period of growth for the company in South Africa, opening a second office will enable Gallagher to increase its presence across the region with staff based in Johannesburg and Cape Town.

Read more...
Glovent’s SOS Suite triple protects estate residents
News & Events Access Control & Identity Management Residential Estate (Industry)
One hundred and fifty-three years since the world’s first panic button was introduced in New York City, Glovent offers estate residents three different ways of summoning emergency assistance at the touch of a button.

Read more...