Written by Ralph Rodriguez
Last week in the identity and biometrics sector, the discourse was dominated by a mix of regulatory challenges, technological advancements, and strategic corporate moves. A notable development was the FTC's crackdown on the use of facial recognition, exemplified by a five-year ban imposed on a major U.S. drugstore, reflecting the increasing scrutiny on privacy and data protection. This theme of regulation was echoed in the proposed biometric privacy laws in Kentucky and the reevaluation of age verification laws in both the UK and US, highlighting the global push towards more stringent data governance.
In the realm of technological innovation, Qualcomm's partnership with Daon to develop smart car biometrics systems and the advances in synthetic voice biometrics detection demonstrated the industry's pivot towards more integrated and secure solutions. However, these advancements are not without challenges. The deepfake phenomenon continues to be a significant concern, with the World Economic Forum identifying it as a major threat to global stability, prompting calls for more robust governance structures, such as those proposed by the WPF for NIST and OECD to lead AI standard-setting.
The funding and financial landscape showed vigorous activity, with companies like BioCatch crossing the $1 billion valuation mark and Secret Double Octopus closing a significant funding round amid the growing momentum towards passwordless solutions. This financial dynamism was mirrored in the travel and healthcare sectors, where biometric solutions are increasingly being deployed to enhance security and streamline processes, as seen in IDEMIA's precheck enrollment events and the adoption of biometrics for air traffic during the holiday season.
In terms of biometric technology, the period was marked by diversification and deeper integration across various sectors. From facial biometrics reducing fraud in betting markets to the introduction of biometric solutions in the automotive sector for enhanced security, the applications of biometrics are becoming more varied and sophisticated. The sector also witnessed a push towards more inclusive and scalable biometric solutions, tying in with broader digital identity frameworks like Australia's interoperability framework.
Identity proofing and verification technologies continued to evolve, with companies expanding their offerings and capabilities to tackle the growing complexity and volume of identity fraud. The launch of advanced KYC, KYB, and AML solutions underscores the sector's commitment to enhancing security and compliance across industries.
Lastly, the sector saw significant movements in executive roles and strategic partnerships. New appointments across companies like OMG, FaceTec, and ValidSoft signal a strategic focus on growth and innovation, while partnerships like those between Oliu and IDnow with fintechs for ID verification showcase a collaborative approach to addressing the challenges and opportunities in identity verification.
In summary, the week underscored the dynamic nature of the identity and biometrics sector, marked by a continuous interplay between technological advancements, regulatory shifts, and strategic corporate maneuvers.
Last week, these articles highlighted immediately below piqued my interest the most:
- 5 year facial recognition ban for U.S. drugstore as FTC cracks down - Identity Week
- Qualcomm builds smart car biometrics system, partners with Daon on insurance
- India threatens to block platforms for spreading deepfakes ahead of elections
- EU lawmaker: AI Act facial recognition loopholes are an 'attack on civil rights'
- NIST in the spotlight for facial recognition standards; some say it's too much
- Age verification laws in the UK and US reassessed
- A breath of fresh air? Breath biometrics proposed by Indian researchers
- AU releases interoperability framework to spur digital ID adoption, integration
- Demographic-agnostic tool for deepfake detection shows promise
- 2024 holds more talk, more hope, more finger-pointing on AI regulation
- Google lawsuit for collecting biometrics without consent revived in Canada
- Biometric age verification easier legislated when no tech details mentioned
- Biometrics implementations around the world undermined by lack of consent
Identity Themes:
Funding | M&A | IPO Hunt | Financial
- Biometrics stocks: quarterlies, annuals, SEC actions
- Secret Double Octopus closes cloaked series C fundraise amid passwordless tailwind
Travel | Healthcare | COVID-19 | Vaccine & Passports
- IDEMIA to host TSA precheck enrollment event at Midland International Air & Space Port
- 94 airlines bolster security with TSA PreCheck touchpoints - Identity Week
- Europol and Frontex documents explain why ETIAS is running late
- Many airports adopt face biometrics for easier travel, but some see a blunt security tool
Biometrics (Face, Voice, Finger, Behavioral, Etc.)
- Facial biometrics can reduce fraud in the betting market - iGaming Brazil
- IDnow's solution approved for age verification by KJM - ThePaypers
- NEC showcases face biometrics system that takes vital signs
- Nigeria struggles to utilize biometric SIM registration to ID criminals
- Phonexia launches voice biometrics product for forensic investigations
- Expertum's SaaS face biometrics engine posts near-perfect accuracy
- Biometric card enrollment device from FPC ready for distribution
- Refugees face challenges with UK biometric residence permits
- Promise Technology demos AI storage systems for biometric applications
- No secrets or stored credentials with Badge's new authentication system
- Idemia scores top fingerprint biometric accuracy marks across PFT III datasets
- Retail biometrics to improve security, convenience, privacy showcased at NRF
- Biometrics could be a fix for the growing headache of synthetic ID fraud
- Zwipe dials back biometric pay product, access cards now the focus
- Gaming firms look to biometrics to balance fraud prevention with CX
- Paravision launches facial liveness detection software after iBeta Level 2 success
- ETSI standard for mobile biometrics and security certified by French authority
- Selfie biometrics secure ID verification across sectors, but deepfakes loom
- GuacamoleID introduces continuous biometrics to secure shared web browser
- Navigating the new frontier: Advanced security in the age of biometric breakthroughs
- NEC America biometrics software approved for Texas state contracts
- Countries tighten screws on biometric SIM registration amid rise in mobile phone fraud
Identity Proofing & Verification, KYC, KYB & AML
- Truework Announces Instant Network Growth to 48 Million Records, Adding Multiple New ...
- How to evaluate payment fraud analytics and measure risk - Security Boulevard
- Nasdaq Releases First Global Financial Crime Report, - GlobeNewswire
- Sean Dyon explains how HYPR is improving security for organisations - Technology Record
- Whitepaper Discusses the Threat Posed by Serial Fraud | Fintech Nexus
- Rently to use SingPass for ID verification of renters and tenants
- Yubico is taking cybersecurity to Hollywood
- ID4Africa unveils restructured 2024 Ambassadors Program to foster collaboration on legal identity agenda
- Digital nomad trend contributes to increasing identity fraud: report
- Ireland moving steadily on digital initiatives with 2.3M verified MyGovID accounts
- Digital signatures, online notarization evolve around regulatory and legal shifts
- Digital transformation plans progress in ASEAN region
- Worldcoin reaches 500K Argentinians with digital ID verified at an Orb
- Ethiopia to make digital ID compulsory for access to government services
- Uganda mulls requiring return of old identity cards to issue new generation IDs
Executive Hires | BOD | Advisory
- OMG Appoints Joanna O'Connell as N.A. Chief Intelligence Officer - Adweek
- New VP to head FaceTec strategic partnerships
- ValidSoft, Sift, Mitek, iProov and Chams fill chief, manager roles
Partnerships
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