Biometric Authentication: the new necessity of digitalized companies
What is the emergency in implementing Biometric Authentication?
In a world of frenetic digitization and automated access to all kinds of services and physical locations, identity fraud and usurpation is a constant concern. Massive volumes of data gathered 24/7 is goldmine for fraudsters that are targeting personal data as well as industrial (or even defense) secrets.
In 2019, there were 4.1 billion records globally under threat while the breaches recorded a surge of 54% further to ENISA (The European Union Agency for Cybersecurity).
This issue is taken seriously worldwide. The size of the fraud detection and prevention market value will soar from $28.8 billion in 2020 to $63.5 billion in 2023 showing 120% increase in 3 years (source: MarketsandMarkets, Statista 2018).
Biometric authetication: the new necessity of the digitalized companies.
Why then moving towards Biometric Authentication?
In the last years, there were many technology breakthroughs to afford individuals and companies with best protecting tools such as badges, passwords, etc. Yet, the progress of science opened a stunning era to learn more about how the unique features of our bodies could be the most secure keys to secure our data and assets.
In fact, biometric authentication methods rely on our unique characteristics that are difficult to copy, reverse engineer or steal when compared to traditional methods. The most popular biometrics authentication methods are Fingerprint, Face recognition, Iris/Retina, Finger veins and Palm veins.
Each of them has Pro and Con’s: Fingerprint though extremely popular, it can easily be reverse engineered, Iris/Retina can be invasive when it comes to extensive use, Face Recognition can face resistance for privacy reasons and might not meet local GDPR guidelines.
What is the added Value of Perfect-ID in this field?
Therefore, PerfectID, a Belgian company, made the bet to deliver the most secure biometric authentication technology that based on Palm Veins as unique key: Palmki™.
This solution scans more than 5 million reference points in the vein structure of a hand with a highly accurate infrared sensor to generate a digital key that can’t be breached or copied hence the authentication needs the living hand! During the authentication step, users need only to waive their hands in the most intuitive way before the authentication sensor. The latter will generate a new key and compare it with the one previously stored in central database to verify the match and what access to grant or deny to the user.
What about Slush Participation?
The promising potential of Palmki™ enabled PerfectID to join the world’s leading startup event SLUSH held in Helsinki, Finland, 1-2 December 2021. About 1800 start-ups and 2400 investors met up to showcase their latest technologies and look for funding. PerfectID was there and was selected among the few 54 companies invited on stage to speak up about Palmki™
Wim Van de Putte, General Manager of Perfect ID and expert in biometric authentication, summarized in two words “Your Palm will be the Key”, he added: “it is highly secure, very comfortable, hygienic (no touch) and eco-friendly”.