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Biometric company targets payment processing industry

9th December 2016

By: Schalk Burger

Creamer Media Senior Deputy Editor

  

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Biometric identification multinatonal Ideco aims to grow its presence in the $2-trillion-a-year global payment processing industry and increase the use of mobile biometric identification systems to secure and process mobile transactions.

Mobile biometrics are predicted to generate $34.6-billion a year worldwide by 2020, and the Ideco portable biometric identity management system (Bims) can verify identity using biometrics such as iris and fingerprint scans, and voice recognition.

“Mobile biometrics presents an opportunity for user-centric identity management within a lower cost system. We expect to see biometrics shifting to serve as the core of security by 2018, and this is where you will really see the impact on fraud and identity theft,” explains global consultants Acuity Market Intelligence principal Maxine Most.

The global payment processing industry was designed to mitigate fraud, but protecting personal identifiable information is increasingly complex. Portable Bims will provide alternative means of securing and processing mobile transactions and mitigating fraud losses.

Ideco CEO Marius Coetzee says Bims presents opportunities for government, security services, banks and other organisations to quickly and easily verify user identities and reduce the risk of fraud.

The Ideco Bims – the size of a briefcase – has military-grade biometrics tools, dual screens, a keyboard and printer, along with best-in-class security.

The recently launched Ideco BioGate Identity Switch and Identity 4.0 integration platform provide the building blocks of an entirely new approach to authenticating users and authorising transactions, he says.

The average organisation loses 5% of revenue a year because of fraud. Total losses of the 2 410 occupational fraud cases worldwide surveyed last year amounted to $6.3-billion, or about R90-billion, with an average loss per case of $2.7-million, or about R38.7-million, details South African Chapter of the Association of Certified Fraud Examiners (ACFE) CEO Jaco de Jager.

Losses of 5% of revenue would translate to about R160-billion a year in South Africa. Identity theft alone costs more than R1-billion a year.

“Among 285 organisations surveyed for the ACFE study in sub-Saharan Africa, the most common types of fraud were corruption (48.4%), billing (18.6%), noncash (17.5%) and cash on hand (16.5%),” he says.

Research shows that bank and credit card fraud resulted in a loss of more than R454-million a year, electronic fund transfer fraud in R123-million a year, and life insurance fraud in more than R253-million a year.

“Identity fraud is a multibillion-dollar global industry. Banks are continuously looking to improve security measures and are starting to roll out biometrics to support authentication for all transactions,” he concludes.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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