Forty Seven Bank Paramount Sheltered

Forty Seven Bank Paramount Sheltered



Our beloved PIN-code used to be the way to ensure our money was safe. However, in the last few years, fraudsters have largely defeated its efficiency by the use of measures to steal the code. A mini camera or another keyboard over the ATM will let them know your PIN code and basically allow them full access to your money.
Forty Seven Bank (whose ICO is starting in October 30th) knows that, and that’s why as part of their plans they will take advantage of biometric identification to offer the highest possible level of security to their clients.
Biometric identification is a group of methods used in security and being adopted by the leading world banks that makes us of your fingerprint, your eyes' iris, voice, photography or even something as advanced as the vascular pattern of the palm.

Why is biometric security better for customers?

These technologies ensure both easier and safer access to your bank account. This means that, thanks to biometric identification, you will have less passwords to remember, a more convenient service and your money will be safer.
Of course, biometric identification can’t just be applied to ATMs. It’s possible to apply it to smartphone applications (both on Android and iOS). That way, using the same technology, even if the client forgets the card they will be able to use ATMs and make in-store purchases.

What about banks? What’s on it for them?

Of course, not all benefits are reserved for the clients. Banks and other financial institutions can also benefit of the increased level of security this new technology provides. In most cases, biometric identification does not displace the existing system, but harmoniously complements it, acting as another protection method, along with pin-codes and sms-confirmations. Especially it concerns emergency cases, the withdrawal of large amounts of funds at one time and taking loans.
After the introduction of such verification, it will not be possible to write out a loan solely with a copy of the passport in any city — the biometric data of the user obtained at the regional office will be sent to the central office for verification.
The introduction of biometric identification by banks automatically improves their reputation and turns them into technological leaders. This measure attracts new customers, becoming a significant competitive advantage.

Mobile systems

Biometric verification already works in a number of mobile banking applications. The system was introduced once the first iPad and iPhone models with the Touch ID panel came out.
Now, the solution is actively used not only by foreign, but also by Russian financial institutions. Alfa-Bank, Sberbank, Tinkoff Bank and MTS Bank have already made it possible for smartphones equipped with biometric sensors to access the application using a fingerprint. Russian banks are not going to stop there: Binbank will introduce voice recognition and photo identification in the next two years.

ATMs, POS-terminals and branches

The future has already come: fingerprint reader is installed at the Diebold ATMs (one of the world leaders in the field of ATM supplies).
Polish company — Planet Cash owner — plans to set with the support of Japanese developers about 2,000 ATMs capable to scan fingerprints throughout the country. In Russia, this innovation is planned to be introduced in the next 2–3 years.
Pennsylvania bank use this system creatively: biometric scanners are in the operating windows. The person who visits this bank for the first time scans the fingerprint and confirms the identity with the appropriate document. During the next visits he will only have to put his finger on the reader, and his account will be identified.
Photo identification is gaining more and more popularity abroad: in early 2017, MasterCard added a user verification function using selfie and scanned fingerprints to make payment or transfer. The Chinese company Tzekwan Technology in cooperation with Tsinghua University invented an ATM photographing the user, identifying the cardholder’s face and comparing it to the card data.
According to experts’ forecasts, the system of banking biometric identification will be introduced everywhere after a few years.
Forty Seven Bank will provide biometric security to its clients, following the latest and most strict security practices.
Fore More Information: 
AUTHOR: Vionaa
My Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1663173

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