By Mark Sutton
Yemen's Cooperative & Agricultural Credit Bank signs deal with IrisGuard for banking biometrics
Yemen’s Cooperative & Agricultural Credit Bank (CAC) is going biometric, with the deployment of iris recognition technology at all of its branches.
The deployment, which will be done as part of a contract with IrisGuard Inc, will put biometric scanners in all branches, which will be used to identify customers and authenticate all banking transactions.
IrisGuard will supply the complete solution for CAC Bank, including IrisGuard IG-AD100 iris imagers and the IrisGuard iBank Suite software. All of the bank’s teller and customer services desks will be equipped with scanners, with the aim of authenticating all transaction to reduce fraud, and identity theft.
Hafed Mayad, chairman of CAC Bank commented: “CAC Bank continues to solidify its pioneering leadership position in the banking and financial sector throughout Yemen, by deploying IrisGuard’s trusted banking solutions, we are effectively, maximizing our customer’s convenience, experience and services. By relying on the latest state-of-the-art iris technology we bring to our customers fast, accurate and secure banking transactions be it at the automated teller machines or at the teller/customer service desks with speedy trusted withdrawals.”
Along with using the iris scanners at customer service desks, the bank will also install Dual Eye IG-AD100 Iris Cameras at all 80 of its ATMs, and will also look at extending the biometric solutions to time and attendance for bank staff, as well as integrating biometric protection into its online banking services.
“Cooperative & Agricultural Credit Bank and other banks in the region recognize and acknowledge the pristine customer authentication value of our ubiquitous iBank suite, which offers enhanced identification to their clients by eradicating poor identification methods such as Pin Codes (Personal Identification Number) and Password. We commend CAC Bank for their technology leadership and vision in Yemen,” said Imad K. Malhas, CEO of IrisGuard.
The IrisGuard innovation would appear to address most of the issues that the banks in the UAE and Qatar are facing in regard to ATM fraud & Identity Theft. Have any of the banks bothered to investigate the application in the UAE, seems the foreign banks such as HSBC, Standard Chartered & Lloyds need to get their Head Offices to approve a system like this so that they can eliminate all the negative publicity they have been receiving! Editor's reply: The IrisGuard solution would need a scanner in every bank, store, ATM and online point of sale worldwide to authenticate the user for every transaction, so it's probably not feasible right now. But I agree, the banks in the UAE should be seen to be taking more steps to secure payments.
If they are going to deploy iris scans on ATM Machines, im guessing you should only use your bank machine and not another bank, But still not good. What if the iris scan failed to reconise your eye scan? u wont be able to withdraw ur money. the best way to avoid such problem which is fraud that happend saying people are stealing from your credit card is to change ur ATM password atleast in monthly bases or if u have many numbers weekly. But I think having a CCTV around the ATM will help to monitor the ATM have know what type of activities are happening to this ATM, though i'm sure that most ATMs have a CCTV
IMHO, the iris scan is impractical in ATMs because it is not always the account owner that withdraws from his account. Sometimes, it is his spouse, or kin or brother who is requested to withdraw, for very valid reasons. The camera is sufficient because it has a photographic record of the person who transacted business with the ATM. A better approach is by requiring the user to enter his mobile number. Then the system sends a SMS to that number with a 6-digit code, and the user is required to enter that code into the machine. Thus, not only the photo of the user is captured, but also his phone number, which has a record with the utility company. This can entail a few more seconds of delay in the transaction, but it is validated and well recorded. -- langyaw
Dear Editor, Whilst you maybe partially correct in your assumption, that all POS & ATMs need to be included in this there are other considerations. Do we sit back and do nothing ? Surely by making the UAE banking system secure from 'Skimming' etc and getting all the banks within the UAE to adopt the Iris system across the UAESwitch for ATM's you will have the basis to demonstrate to the rest of the globe how secure the ATM functionality will be. It will not be acheieved overnight however it will assist many of the customers here to feel that they are more secure from fraud and that their banks are working for them. Something that the banks have been accussed of ignoring in recent months. Besides the Iris Scan functionality can be utilised is other areas such as credit checking or deliquincy checking of new customers seeking loans or open bank accounts(as they do always provide true names or genuine documents). If they appear on the delinquent database (held by an independent third party such as the Central Bank), applicants can be checked in real time against the data base to ensure the true identity of the person(s) applying for a new facility. If all the banks co-ordinate & co-operate in such a scheme it will reduce the banks losses through delinquincy to almost zero, saving them millions of dirhams. When the lossess get to impact the banks bottom line in time like these anything that assists in reducing their exposure surely should be embraced by all in the UAE.