November 12, 2009
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Technology for Identity Theft, Pt.2
Biometric identity identifiers.It's important to understand that the initial process is the most critical in the verification by the card issuer which verifies that the credit card applicant is who he says he is. Although a very labor intensive procedure, if the credit card customer is not verified accurately, the entire process is compromised. The USIM and NFC belong to a class of new technology that is unlike any other traditional identification source. These new identifiers assign the user with a cryptographically mechanism which authenticates the credit card user in future transactions. The process is a token based system known in the industry as tokenization.
One tokenization process growing in popularity is the biometrics process. Biometrics are the records of a credit card customer's personal physiological or behavioral characteristics Physiological characteristics include body shape, fingerprints, face recognition, hand and palm prints, iris recognition, body scent, and DNA. Behavioral characteristics include the credit card holder's gait and voice. An example of a biometric fingerprint identity system is the one Disney uses at their theme parks with its multi day and annual passes.
The big question is; which of these identifiers is more superior to the others. The traditional password has already proven to be the most vulnerable. Tokenization systems have the weakness of being easily copied or stolen. Biometrics are the most personal to an individual and very difficult to copy or steal; however, if the thief was successful, the consequences for the credit card consumer would be devastating because recovery is virtually impossible. This type of attack leaves permanent damage and would mean the loss of one's identity for a lifetime. Although these systems are more superior to the traditional system of security, a great deal of work in developing a truly safe and secure verification system needs to be done. It is also a warning to consumers that it is vital they safeguard their personal information and monitor their account statements on a regular basis.