Today, digital currency and mCommerce provider Alternet Systems announced that it has entered a joint venture with BIOMETRY. The partnership will see Alternet integrating BioME into its payment system’s anti-fraud components, replacing PINS and passwords with dynamic face and voice biometrics.
“Cybercrime, credit fraud, identity theft and mobile security is a global, multi-billion dollar concern,” says Henryk Dabrowski, CEO of Alternet. “Gartner estimates approximately $2.7 billion in attempted bank fraud in Latin America, Europe and the U.S. We unfortunately have been witness to this alarming reality through data breaches at major retailers.”
“The platform we are building is dealing with this issue head-on within the digital currency industry,” continues Dabrowski. “With BIOMETRY’s patented secure digital payment solution, Alternet strengthens its Digital assets and Currency offerings. After evaluating multiple solutions, we made a strategic decision that BIOMETRY’s products are the perfect match for our OneMarket and Alternet Financial Services offerings. We will begin to leverage BIOMETRY’s products into Alternet’s global customer base of financial institutions and mobile network operators in the immediate future.”
BIOMETRY’s software is flexible and takes advantage of scalable multi-factor authentication. The company gives the example of a mode of security offered by its platform that requires a user to speak four randomized words as presented, have her voice measured and her face. All three factors must match or authorization will be revoked. In a less critical situation, maybe only one authenticator will be requested.
“With the digital money and its asset management, the usability and security of our biometric authentication is of the upmost importance,” says BIOMETRY CEO Werner Blessing. “BIOMETRY authentication is unique and protected. Public will quickly appreciate the easy way of biometrics on the fly. No doubt, this is going to bring very rapid growth to both of our companies.”
As a mobile solution, face and voice biometrics are an excellent fit because of the ubiquity of hardware that can be leveraged as the appropriate biometric sensors. Every smartphone has a front facing camera, a microphone and a screen, meaning no mobile users need to be left out for not having the latest flagship mobile device.