Biometric Smartcards pitch at TRUSTECH 2021

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Throwback to eSignus speech today at TRUSTECH about Biometric smartcards.

Online services were already growing exponentially in recent years, and the pandemic has accelerated their adoption by companies and users. As the value of the services provided increases, so do the risks of accessing these services and falling victim to fraud or impersonation.

The estimated number of passwords used in 2021 amounts to an incredible 300 trillion. It is expected to continue increasing year after year along with the services provided online, and only in the first half of 2020, Data breaches expose 36 billion records.

Hackers attack people worldwide roughly every half a minute. This translates to a cybercrime being committed on an average of 2,244 times per day, taking in the financial services industry the highest cost from cybercrime at an average of $18.3 million per company.

Therefore, authentication and signature of users and employees in digital environments are critical to reducing these risks and enabling easy adoption and transition to digital services.

Security measures typically increase the complexity of transactions for users and increase friction in critical day-to-day processes. Usability and recognizable user experiences are as important as security itself to have success in implementing security policies.

For these reasons, our approach to this problem focuses on two fundamental factors:

On the one hand, using truly secure hardware, where the user can perform the authentication and signature processes. We implement state-of-the-art security in terms of design and electronic components and complement this with biometrics.

Biometrics are primarily used because of two significant benefits:

  • The convenience of use: Biometrics are always with you and cannot be lost or forgotten.
  • Challenging to steal or impersonate: Biometrics can’t be stolen like a password or key can.

The combined protection of your physical or behavioral signatures with other authentications gives some of the strongest known security. It is significantly better than using a character-based password as a standalone verification.

On the other hand, there is the hardware form factor and the user experience. We know that one of the most significant security issues is the frictionless adoption of such measures.

TrustSEC and CardLab ApS collaboration with eSignus, has successfully collaborated to provide a state-of-art authentication solution that solves such a problem.

That is why our solutions are based on a credit card form factor and a similar user experience so that it is not only easy to use but can be implemented without friction and high user training costs.

Throughout eSignus CEO β€œDaniel Hernandez” speech yesterday at TRUSTECH; “π‘©π’Šπ’π’Žπ’†π’•π’“π’Šπ’„ π‘Ίπ’Žπ’‚π’“π’•π’„π’‚π’“π’…π’”: π‘Ίπ’π’π’—π’Šπ’π’ˆ π’Šπ’…π’†π’π’•π’Šπ’•π’š 𝒂𝒏𝒅 π’”π’†π’„π’–π’“π’Šπ’•π’š π’„π’‰π’‚π’π’π’†π’π’ˆπ’†π’”, π’Šπ’ 𝒕𝒉𝒆 π‘ͺπ’“π’šπ’‘π’•π’ 𝒔𝒑𝒂𝒄𝒆” he delved into the design of the solutions and showed its innovative use case, which solves the security problems of cryptocurrency and cryptoassets wallets “HASHWallet” by eSignus.

 

Contact us for the full speech info@trustsec.net

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biometric authenticationbiometric osblockchaincryptocurrencyTRUSTECHtrustsec

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