Morpho is raising standards in banking security in Latin America through sophisticated biometric technology
Fighting against fraud, data theft and further security risks is one of the biggest global challenges for financial institutions. Identity fraud often results in many different kinds of severe damage to the customer – for example significant financial loss. The use of biometric technology is essential to improve this situation and means a substantial increase in security for both the banks and their customers. Take Latin America as an example, where local banks have applied biometric solutions on a massive scale for almost a decade now. Latin America is thus emerging as one of the key growth regions in the biometric market worldwide by embracing the increasing possibilities. According to a current TechNavio's report, the local biometric market is projected to grow at a CAGR of 23.7% through 2018, with banking making a great contribution.
Morpho is at the forefront of this evolution and changing the game by supporting its banking customers with sophisticated biometric technology: with the delivery of 7,800 state-of-the-art fingerprint readers to a leading Latin American bank, the company once again demonstrates its global leadership in creating innovative security solutions. Out of 20 competing companies, Morpho proved its unique capability to provide a fingerprint device in accordance with all security requirements of mutual authentication, encryption as well as fake finger detection – without compromising speed, quality or performance. The bank's goal was to avoid identity fraud by performing authentication of live data acquired at the bank branch against the national identity database information, focusing on the customer's fingerprints. Morpho is currently evolving this solution into a global technology enabling any bank to increase its authentication security quality.
Morpho developed the software interface, which has been integrated into the bank's environment in order to provide the biometric services. In collaboration with the customer Morpho deployed the software kit to all workstations operating the fingerprint readers. The delivered fingerprint reader MSO 1300 E2 is part of the MorphoSmart™ 1300 Series range of compact biometric USB devices. These devices use Morpho's patented optical technology and fingerprint algorithms, both acknowledged worldwide for their high levels of performance and exceptional robustness. They offer a reliable, ergonomic and cost-effective solution for enrollment, identity verification and user identification.