Biometric Authentication to Stop Money Laundering in Pakistan

Recently The State Bank of Pakistan has mandated all of its banks to start verifying all of their account holders using biometric technology. The goal of this exercise is to stop money laundering in Pakistan.

In the past; opening a bank account only requires the account holder’s details in printed/written form along with their id cards. However, after this current announcement, to open a bank account in Pakistan, one has to provide biometric data using an e-registration system. This procedure is also applicable for those who have registered before without biometric verification process.

Many private banks throughout the globe have already deployed biometric identification solution to reduce fraud at their banks. Biometric technology help banks to know their customers better and revolutionize their KYC process. After implementing the biometric solution from M2SYS for customer identification in the microcredit loan process, this helped Grupo Monge (Costa Rican Capital Corporation) to rest assured that no one is exploiting the loan system by assuming the identity of another individual. Since the deployment of biometric identification solution, Grupo Monge has enrolled over half a million microcredit loan customers and seen over a 10% reduction in customer fraud and no recoverable cases.

The Implementation of biometric authentication is a breakthrough step for Pakistan in its fight against financial crime. This deployment will help the Pakistani government to escalate the effectiveness of financial intelligence through proper investigation and prosecution of money laundering and terrorist financing. After this biometric deployment, there will be no fake and unknown accounts.

Comments

How to Integrate Biometric Fingerprint Reader on Windows 7

As technology is advancing day by day, we are developing more sophisticated solutions to operate our tasks with convenience. Companies are leading the way to advancement in technology, and as always, Microsoft will be the pinnacle of the mountain. Microsoft’s Windows Operating System has billions of users, and Windows 7 is still the king of the desktop operating systems around the world. The easy to use functionality is one of the many reasons that make this operating system extremely popular. To make the operating system even easier and secure, you now have the opportunity to integrate biometric fingerprint readers in Windows 7. But how? You may think that it is very complex and costly, but in reality, it is simple. We can show you different ways depending on your expertise. There are several ways to integrate biometric fingerprint reader in Windows 7. These include: Bio-Plugin SDK Bio-Plugin SDK or CloudScanr biometric capture application will allow ...

The Difference between the Iris and the Retina and why it’s Important in Biometric Identification

Iris recognition and retinal scanning are both very reliable modalities for biometric identification. However, both possess different characteristics that have a strong impact on their performance based on the environment and deployment purpose. Both biometric modalities use contactless scanners, but there are notable differences between iris recognition and retinal scanning; one being that iris recognition is considered non-invasive, and retinal scanning as invasive because it beams visible light into the eyes during the scanning process. These biometric identification technologies are often misunderstood and incorrectly assumed to be one in the same despite their distinct differences. In this post, we will discuss the differences between iris recognition and retinal scanning. Read the full post from here.

Iris Recognition vs. Retina Scanning – What are the Differences?

In biometrics, iris and retinal scanning are known as “ocular-based” identification technologies, meaning they rely on unique physiological characteristics of the eye to identify an individual. Even though they both share part of the eye for identification purposes, these biometric modalities are quite different in how they work. Let’s take a closer look at both and then explain the similarities and differences in detail: Retinal Scanning: The human retina is a thin tissue composed of neural cells that are located in the posterior portion of the eye. Because of the complex structure of the capillaries that supply the retina with blood, each person’s retina is unique. The network of blood vessels in the retina is so complex that even identical twins do not share a similar pattern. Although retinal patterns may be altered in cases of diabetes, glaucoma or retinal degenerative disorders, the retina typically remains unchanged from birth until death. (Source: Wikipedia) ...

Biometrics Technology

Search This Blog