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| Subject: Hypercom and First Data Corp unit biometric technology digital signatures secure ID authentication | |
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Author: American BankerFeb 12 2003 |
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Date Posted: Thursday, February 13, 06:39:41pm POS Terminal Links E-Signatures To Biometrics ----------------------------------------------------------- American Banker ----------------------------------------------------------- Feb 12 2003 : Hypercom and First Data Corp unit, First aSuretee, have devised a payment and identification system that combines biometric technology with digital signatures for card payments at a point-of-sale terminal. The solution combines Hypercom biometric technology with aSuretee’s digital signature functions to provide secure ID authentication for the reduction of fraud at the POS, and border crossings. Consumers’ fingerprints are associated with a payment card, for two-way validation via the biometric ID, and by a digital signature sent to the card processor when the card is used at a POS terminal linked to the system. Analyst, James Van Dyke, of Javelin Strategy, however points out that the fraud rate for payment card transactions is at a current 30-year low. “Where’s the motivation on the part of merchants and others to ask consumers to ask consumers for a fingerprint?”, Van Dyke asks, “or to spend marketing dollars to convince consumers to begin using fingerprint at point-of-sale?”. In the current pilots, consumers have the option of using the system, according to Hypercom and First aSuretee, which envision the solution being used against the ‘skimming’ of mag-stripe cards and the cloning of POS terminals by criminals. Since Hypercom’s BioPIN technology assigns a unique digital signature to each biometric image, only signed biometrics are recognized as valid transactions. aSuretee’s chip solution will now be embedded in Hypercom’s HyperSafe ICE terminals, with each chip pre-configured by a public/private key pair that is secured by an authorized administrator or the terminal owner. The US federal government, in particular, could find value in the joint solution if it was deployed at airports, piers and border crossings, said Gene Kathol, of First aSuretee, who confirms more demand for the system to exist in Asia and Latin America, than in the US. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: Hypercom and First Data Corp unit biometric technology digital signatures secure ID authentication | First Data becomes a Multos Bureau 23/4/2002 | Saturday, February 15, 04:50:33am |