The Weekly Cypher is specially curated to keep you up-to-date on the latest in cybersecurity, biometrics, and related news and innovations. Here are a few of the headlines you might have missed this week:
New Cryptocurrency Available for Purchase | FindBiometrics
Bitcoin disrupted fintech and a new type of cryptocurrency, AML Bitcoin, takes things a step further. This isn’t the cryptocurrency of cybercriminals, though. AML BitCoin uses biometric authentication for users to verify their identities and also asks that they present two types of government-issued ID. Each transaction requires users to submit to either a fingerprint, face, or iris scan to use their wallet each time, effectively plugging traditional bitcoin’s few security holes.
Enterprises Have Real Security Holes | PYMNTS.com
It’s common knowledge that enterprises often aren’t as secure as they need to be, but a new report from BeyondTrust reveals just how bad it can get. A fifth of IT professionals reported that they experienced security issues because people shared passwords at their companies. Poor security practices like this can cost companies up to $4 million per year, according to the report.
Class-Action Lawsuits in Illinois Due to Biometric Security Law | Illinois Policy
Using fingerprints for time clocks is an intuitive and practical use of biometrics– unless you don’t know what’s happening with them. Companies in Illinois have begun to receive class-action lawsuits from employees who use fingerprints to check in and out of work. The complaint at the center of the lawsuit is that the companies don’t make it clear what those fingerprints are being used for, which is illegal under Illinois’s Biometric Information Privacy Act (BIPA).
IBM, one of the tech’s juggernauts, has found a way to make payments register faster around the globe. Blockchain is a technology that could conceivably make instantaneous payments around the world possible, and transactions could go through long after traditional banks close. Moreover, it would make banking accessible even in less-populated areas of the world.
Selfies and Your Credit Card | WTOP
Visa is working on a platform that will allow banks to use biometrics when approving your credit card applications. The platform will offer options for fingerprint, face, and voice to authenticate users. This endeavor could allow people to apply for credit cards online, verify the user’s identity with greater ease, and prevent fraudulent transactions– all of which is comforting news after so many institutions have been hacked.