Fingerprint Bolometric Technology
Biometrics measure human’s unique features and characteristics for smart-based identity authentication. Fingerprint is a common physical feature that everyone exclusively possesses. Biometric authentication essentially uses unique physical characteristics such as fingerprints or facial features to verify a person's identity. Currently fingerprint biometric technology plays a very significant role in providing a protected space for customers to keep hold of their privacy in social networks.
Fingerprint scanning, in particular, became popular when smartphones began including fingerprint readers in their hardware. Many smartphone users are accustomed to scanning their fingerprint to quickly unlock their phone or make in-app purchases.
The first fingerprint biometric technology was introduced by Motorola using a fingerprint scanner in its flagship smartphone. Apple and Samsung followed with the launch of iPhone 5S and Galaxy S5 with fingerprint scan embedded within the phone’s hardware.
Aside from convenience, fingerprint biometric technologies also offer increased security. It is extremely difficult to fool a biometric reader, so false positives are highly unlikely. Biometrics identify people based on who they are, rather than what they know (i.e. a password or pin) or what they have (i.e. a keycard). Additionally, it eliminates the threat of having a password stolen, or the possibility of a forgotten pin. This makes biometric technology ideal for high-security mobile payments and banking, which is why mobile wallets and banking apps have already begun implementing fingerprint biometric technology as a security measure. Verification time in the realm of biometric identification is generally less than 5 seconds.
Privacy issues are central to biometrics and many people believe that deploying biometrics poses a considerable level of risk to human rights, even though some are of the opinion that biometrics actually protect privacy. For some people biometric approach is very intrusive, because it is still related to criminal identification. It also can make mistakes with the dryness or dirty of the finger’s skin, as well as with the age. Despite biometric technology drawbacks, fingerprint biometric technologies are one of the most accurate biometric approaches.
Digital Wallet Services & Importance of Biometric Technologies
One of the most significant changes is our payment approaches is where payments shift from cash to digital money. Nowadays, what makes digital wallet services successful is their ability to provide frictionless and seamless user interactions. Set up is easy and secure as customers’ payment card details are not stored on their devices. Once set up, customers can verify their identity using either iris or fingerprint biometrics. The whole process takes seconds, adding to its appeal.
According to a report, global mobile digital wallet spending increased by more than 30 percent in 2017 to $1.35 trillion. In 2018, the value of mobile wallet transactions was $4.3 trillion. By 2022, this number is expected to balloon to nearly $14 trillion USD. It’s estimated that by 2020 almost 1 in every 2 dollars spent online will come from purchases made using mobile devices. Therefore, security considerations are significantly important.
According to industry data, by 2021 there will be over 18 billion biometric transactions happening every year. According to Visa Chief Risk Officer Ellen Richey, the growing use of biometrics could make the password redundant by 2024. So it seems that in future companies which are more efficiently armed with biometric technologies, consequently will overcome the capital shockwaves better and with the least economic consequences than others.
Counos Digital Wallet
A digital currency is a currency that has neither physical representation nor belongs to a country. People have used digital currencies to meet their online payments requirements in a more convenient, cheaper and secure way. Counos digital wallet provides all sorts of services with due consideration to implement fingerprint biometric technology within its official platform.
A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. Most coins have an official wallet. In order to use cryptocurrency, you’ll need to use a cryptocurrency wallet. Safety and security concerns are significantly important to keep our digital wallet protected from fraudulent projects. Counos digital wallet, by implementing biometric approaches, provides a secure environment for its customers to engage in financial fields.
In Counos digital wallet platform, Fingerprint recognition is initiated when customers set up their mobile payment account. When inputting their information, an individual is often prompted to place a finger on the home button or screen of a device multiple times. This registers their unique print into their device and in the database of the application.
Counos digital wallet Biometric technology scans the initial fingerprint, and then translates it into encoded binary strings. A base algorithm is created and used in the future to match key components of the original fingerprint to the real time print. By creating this “digital template”, it allows for accurate verification despite minuscule changes on the skin surface of an individual. A single image is not stored as many myths lead consumers to believe.
A quick review of publicized theft metrics through the end of 2018 illustrates that most crypto criminals are indeed focused on exchanges. During 2018 nearly 96% of all publicized 2018 cryptocurrency thefts were from exchanges, versus 4% from privately controlled wallets. Since Bitcoin was launched in 2008, a total of over $1.5B in crypto assets have been stolen from exchanges. Of those losses, more than half occurred in 2018 – $950m stolen in 2018, up from $266 in 2017 – suggesting that cybercriminals are becoming more sophisticated and that hacking risks are increasing. Counos digital wallet endeavors to provide the advanced fingerprint biometric technologies to prevent the occurrence of all sorts of illegal actions and fraudulent schemes.
The most popular type of fraud is phishing. Hackers may send you a fake email from behalf of your wallet service, containing a fake URL, which may differ by one or several letters from the real URL of your wallet service. Besides phishing, hackers use simple human mistakes, such as keeping private keys in mail, exposing the keys to the public, using public unprotected networks that allows hackers to sniff all the information and find the password.
As we move forward into the crypto wallet realm, the importance of security considerations becomes more tangible. Therefore, Counos digital wallet tries to provide a secure environment that prevents all sorts of fraudulent activities in its protected territory.