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Financial Services Consortium Launches Biometrics Initiative

The Financial Services Technology Consortium (FSTC) announced the launch of an initiative aimed at enabling the financial services industry to gain a better understanding of how biometric technologies can be used to combat fraud across all delivery channels.

The Financial Services Technology Consortium (FSTC) announced the launch of an initiative aimed at enabling the financial services industry to gain a better understanding of how biometric technologies can be used to combat fraud across all delivery channels.

Specifically, the project focuses on the role biometrics can play in the identification and verification of an individual.

"As an output of this project, we expect to develop a methodology designed to allow our members to better select, specify, evaluate and deploy biometric applications with greater customer acceptance," Dan Schutzer, executive director of FSTC, said in a release.

"We also hope to identify and validate at least one or two of them that will make an immediate impact in the fight against identity theft and insider fraud."

Biometrics holds the promise of better identifying insider theft, and in reducing the usefulness of personally identifiable information in committing identity theft, FSTC said.

"Over twenty organizations have currently expressed interest in this project, including the American Bankers Association who has signed on as a sponsor," added Schutzer. Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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