Page 26 - ARUBA BANK

Friday 20 OctOber 2017 BUSINESS
A24
Applying for a credit card? Please take a selfie

By KEN SWEET a couple years in various
AP Business Writer forms. Many banks now
NEW YORK (AP) — The selfie accept Apple's Touch ID
is everywhere — Facebook, in their iPhone apps, which
Instagram, Twitter — and uses a person's fingerprint
soon your bank could be to verify a person's identity.
asking for one in order to Citigroup has rolled out fa-
approve your purchase or cial recognition in its bank-
credit card application. ing application as another
Payment processing giant example.
Visa Inc. is launching a plat- While nearly every bank
form to allow banks to inte- is interested in biometrics,
grate various types of bio- not every bank has the size
metrics — your fingerprint, and scale that JPMorgan
face, voice, etc. — into Chase, Bank of America, or
approving credit card ap- Citigroup has to afford in-
plications and payments. house biometrics experts.
Consumers could experi- What Visa's platform, which
ence Visa's new platform in is officially known as Visa
a couple different ways. If a ID Intelligence , will do is
person were to apply for a provide banks and credit
credit card application on In this Wednesday, Feb. 27, 2013, file photo, a man uses the NFC payment Visa system at the Mo- unions a place to install
their smartphone, the bank bile World Congress, the world's largest mobile phone trade show, in Barcelona, Spain. these biometric technolo-
app could ask the appli- Associated Press gies into their own appli-
cant to take a selfie and cations without having to
then take a picture of a ter autodialing a customer at a time when a huge much harder to fraudulent- build them in house. Think
driver's license or passport. when they have a concern amount of personal infor- ly mimic a person's face, of it as an Apple App Store
The technology will then about a transaction, this mation on 145.5 million fingerprint or voice. or Google Play store, but
compare the photos for new technology could al- Americans was recently A bank's traditional de- for banks and biometrics.
facial similarities as well as low the customer to use accessed or stolen from the fense against stolen per- Visa itself is not storing any
check the validity of the Apple's Touch ID or other credit bureau Equifax. The sonal data has been a of the biometrics, the com-
driver's license, all happen- fingerprint recognition information — birthdates, customer creating a pass- pany says, it's simply provid-
ing within seconds. technology, or take a selfie Social Security numbers, word or four-digit personal ing a connection between
The selfie could also play or record their voice, to ver- addresses, last names — is identification number. But the bank and biometric
a role in an online pur- ify they made the transac- also information that could few people change their technology companies.
chase. With the wider ac- tion. With voice recording, be used tomorrow or 20 passwords regularly and Banks won't be integrating
ceptance of chip cards in a customer may have to years from now to poten- make each one complex Visa's platform immediate-
the last couple of years, in- speak a certain phrase. tially commit identity fraud. enough. ly, just like it took a couple
person fraud at retailers is "Customers will be able Financial companies are Often people use the same years for chip cards to be
on the decline. But online choose their own prefer- particularly interested in password for multiple sites, fully introduced. But ex-
fraud is still a concern, with ence for biometric au- biometrics, not surprisingly, so if it's stolen from one lo- pect to see more forms of
as many as one of six trans- thentication: voice, face, as mostly a fraud protec- cation, multiple other loca- biometric authentication in
actions being declined finger print. Any manner tion measure. While a birth- tions become at risk. the coming years, not just
due to suspicious activity, that they want," said Tom date, Social Security num- "Passwords are frustrating, in banking, industry experts
according to Mark Nelsen, Grissen, CEO of Daon, one ber or last name can be increasingly complex and say.
senior vice president for risk of the companies that Visa more easily stolen or mim- proven not to be secure," For example, Apple's new
and authentication prod- is partnering with to launch icked — as anyone who Gressen said. iPhone X that will go on
ucts at Visa. the platform. has been a victim of iden- So banks have been tin- sale in November is using
Instead of a bank call cen- The announcement comes tity fraud will tell you — it's kering with biometrics for facial.q
EU says data privacy deal with U.S. can be improved

BRUSSELS (AP) — The Euro- can still be made to the of snooping by U.S. intelli-
pean Union says that the system to guarantee EU gence agencies on global
one-year-old rules govern- citizens' privacy protection. data managed by U.S.
ing data transfers with the The EU-US Privacy Shield companies. The EU's top
U.S. are working well but agreement was imposed court annulled a previ-
that some improvements last year amid concerns ous deal because it was
deemed insufficient.
EU Justice Commissioner
Vera Jourova said Wednes-
day that "the Privacy Shield
works well, but there is
some room for improving
its implementation." The
EU said it will be looking for
better compliance moni-
toring by the U.S. authori-
ties of their companies and
raise awareness among EU
citizens how to better de- In this May 16, 2012, file photo, the Facebook logo is displayed
fend their privacy rights.q on an iPad in Philadelphia. Associated Press