The need for ever-improving customer service, higher levels of speed and efficiency, as well as the limitless financial and reputational risks that go along with online financial services, banks, insurers and other financial service providers are embracing biometrics like never before.
Biometrics may at the outset seem like a space-age, technology driven discipline, but using unique physical characteristics as identifying features is nothing new. Artefacts discovered in ancient Babylon and China have been uncovered bearing handprints and fingerprints that scholars believe were used for everything from business to criminal prosecution. Technology, and a greater understanding of what makes humans unique on a biological and behavioural level, have accelerated and expanded the biometric field to practically limitless applications in the modern business landscape.
From the fingerprint scanners that we use to get into the office every day, to the nifty facial recognition features being used to unlock smartphones, biometrics has been sneaking stealthily into our lives for years. But in an age where so much of our daily lives is carried out remotely and online, threats of cybercrime and fraud are driving a new wave of biometric controls that are being layered over our personal and professional online functions, with surprising urgency and a vast array of innovative techniques.
It’s safe to say that digital banking has surpassed real-world banking in much of the developed world. Thanks to the need for ever-improving customer service, ever higher levels of speed and efficiency, as well as the limitless financial and reputational risks that go along with online financial services, banks, insurers and other financial service providers are embracing biometrics like never before to gain the competitive edge over their peers.
“In the financial services sector in particular, we are bound to see more and more biometrics being made use of in unobtrusive and creative ways over the next few years,” said Davina Myburgh, Director of Core Credit for TransUnion Africa. “We live in a mobile age, and people are understandably less and less eager to go into their bank branch unnecessarily. And since customer service and digital security are two of the biggest opportunities for both consumer and commercial banks to differentiate themselves from the competition, the race is on to incorporate biometrics in meaningful and original ways.”
From established, old-world techniques such as fingerprint recognition, to more advanced applications like voice recognition and iris scanning, the reliability of these technologies is growing in leaps and bounds – but it’s not quite foolproof. Not yet, anyway. Myburgh explained:
“A burn or scar could make fingerprint identification difficult, while a cold could affect our ability to use voice identification. Even the unique patterns of our irises have been known to change over time. The real power of biometrics is not in its ability to completely replace the identifiers we rely on today, but to add an extra layer of security and convenience to transactions without affecting speed, efficiency, or the customer experience.”
Balancing this trade-off between security and user-experience will divide the winners from the losers in the coming years, and biometric measures are helping organisations around the world to add new levels of excellence to both. As we continue to see ever-more creative developments in this field, it’s becoming clear that biometric technologies are no longer a gimmick, but are part and parcel of the merge we are seeing between the real world and the digital, contributing to a more seamless transition for both organisations and individual consumers.
AppDate: DStv taps Xbox, Hisense
DStv Now for Xbox and Hisense
Usage of DStv Now, the online DStv service available free to DStv customers, is increasing rapidly with more than two million plays of live and Catch Up content per week. In addition to using DStv Now to watch TV on tablets and smartphones, an increasing number of DStv customers are also opting to use it as their primary method of getting DStv on additional TVs in the house. This is set to increase with the release of two new big-screen TV apps, one for Xbox gaming consoles (Xbox One, Xbox One S, Xbox One X) and another for Hisense smart TVs (2018 and newer models).
Expect to pay: A free download.
Platform: Any of the Xbox One range of gaming consoles and 2018 or later Hisense smart TVs.
Stockists: Visit the store linked to your Xbox console or HiSense smart TV.
Santam Safety Ideas
Start-up businesses that have a FinTech or InsurTech business venture brewing are called to enter the third annual Santam Safety Ideas competition. Safety solutions or InsurTech ventures that are ready for piloting could win up to R150 000 worth of incubation support and R200 000 in seed funding.
The Safety Ideas competition was launched two years ago in partnership with LaunchLab, Stellenbosch University’s startup incubator that facilitates valuable connections for corporates and startups sourced from the startup ecosystem and partner universities in South Africa. The previous winners are Herman Bester and Anton Swanevelder, co-founders of MyLifeLine – a wearable panic device that won the competition last year; and Ntsako Mgiba and Ntandoyenkosi Shezi, co-founders of Jonga – a cost-effective security system for low income families, which won the competition in 2017.
Entries close on 28 February 2019. For more information on how to enter, visit: www.santam.co.za/safetyideas/
Click here to read about the FNB Snapchat lens, Spotify Free with data saver, and 00:37.
Fortnite fixes hackers’ hole
Epic Games has repaired a vulnerability that exposed Fortnite, the world’s most popular game of the moment, to hackers. The hole, which was left in Epic’s web infrastructure, allowed hackers to target players with email that appeared to come from Epic Games, but would have led them to a phishing site, where their log-in details would have been stolen.
Researchers at cyber security solutions provider Check Point Software alerted Epic to vulnerabilities that could have affected any player of the hugely popular online battle game.
Fortnite has nearly 80 million players worldwide. The game is popular on all gaming platforms, including Android, iOS, PC via Microsoft Windows and consoles such as Xbox One and PlayStation 4. In addition to casual players, Fortnite is used by professional gamers who stream their sessions online, and is popular with e-sports enthusiasts.
If exploited, the vulnerability would have given an attacker full access to a user’s account and their personal information as well as enabling them to purchase virtual in-game currency using the victim’s payment card details. The vulnerability would also have allowed for a massive invasion of privacy, as an attacker could listen to in-game chatter as well as surrounding sounds and conversations within the victim’s home or other location of play.
While Fortnite players had previously been targeted by scams that deceived them into logging into fake websites that promised to generate Fortnite’s ‘V-Buck’ in-game currency, these new vulnerabilities could have been exploited without the player handing over any login details.
Click here to read how the Fortnite hack would have worked.