Biocryptology, a European biometric technology company, presented the identification platform that it has created to offer security, privacy, and convenience to companies, users, and public administrations, in Amsterdam at the Money 2020 forum. The platform's technology is based on the biometric identification of the users, thus avoiding the questionable use of passwords.
The new platform aspires to become the worldwide standard for online and physical identification by 2025. Ted Oorbals, the company's CEO, said "We're very proud to have created a technological platform for complete, secure access that also eliminates the need for passwords and user names".
BIOCRYPTOLOGY, absolute control over your identity
Biocryptology is a universal identification platform that allows its users to identify themselves unequivocally, both online (mobile and desktop devices) as well as in physical or in-person settings, using biometric data. To obtain the biometric data, Biocryptology uses one of the user's devices to ensure their identification. The solution currently has an app for mobiles with biometric sensors (fingerprint sensor and face ID) and it is already operational for all types of environments. Both the app and the hardware, produced by Foxconn European Manufacturing Services (Czech Republic), were developed in Madrid by an international team of experts.
To create a profile, users download the app on their phones and register with an email, a phone number, and their biometric data (fingerprint or Face ID). After completing this simple process, the user can access both online and physical environments using the app and their biometric data. Biocryptology encrypts and stores the user data with the highest level of security in different locations, so that if someone managed to access and decrypt the data, the information would be useless.
After several periods of testing in different settings, such as financial transactions or access permissions, 4 levels were established for platform users depending on their needs:
LEVEL 1 - Access to physical and online locations controlled by the user, such as home, car, personal email, and websites, among others.
LEVEL 2 - Access to closed environments, online platforms and physical spaces controlled by another company, such as offices or gymnasiums.
LEVEL 3 - Access to online banking, online betting, etc. Identity is verified by a qualified third party.
LEVEL 4 - Access to official services or premises and procedures for legal purposes. Identity validation by an official body, such as the police.
Identity theft, a growing problem in society 4.0
Identity fraud and theft are still considered to be mainly a financial problem, a problem that cost banks a total of six billion dollars in 2016. But the problem is much larger and it destroys the lives of many victims every day.
According to the Annual Fraud Indicator Report from credit agency Experian, the annual cost of fraud in the UK is £190 billion, equal to nearly £7,200 per household, according to a new research study. Its latest report issued in November 2017 reveals the staggering prevalence of fraud, which is now the UK’s most common criminal offence.
‘Put into context, the scale of the problem is such that the cost of fraud to the UK is greater than the Gross Domestic product of 148 out of 191 countries.’
According to the United States Department of Justice, more than 17 million people in the US are the victims of some type of identity theft each year. This includes activities such as fraudulent credit card transactions or the use of personal information to access accounts without proper authorization. According to Google, hackers manage to hijack almost 250,000 web session starts every week.
According to the most recent data from the European Office of Statistics (Eurostat), Spain is the county in the European Union with the most recorded victims of identity theft, accounting for 7% of internet users. In addition, 4% have suffered financial losses in the last 12 months as a result of fraudulent use of their credit card information or fraudulently obtaining their bank information (phishing).
For the first time, institutions have access to a service that eliminates all conceivable types of identity fraud: the Biocryptology security platform.
The well-known actor Antonio Banderas, in addition to being one of the first investors, is also Biocryptology's ambassador."Of course, if you are famous, your identity is always being examined under a microscope, and it is often twisted or even used improperly. We all know that many of the accounts of celebrities on Twitter, Linkedin, or other social networks are not actually owned by them, or they are not under the control of the right person, and they are often used incorrectly. This is just one, and perhaps the most commonplace example of the importance of our identities. Biocryptology's calling is to eliminate identity fraud on social networks, but also in more critical areas such financial transactions", said the artist, who was recently named Biocryptology's Global Ambassador.
Biocryptology wants to encourage consumers to actively protect their own identities and eliminate user names and passwords. The company also feels that it has the responsibility to provide effective assistance to the victims of identity fraud and theft. For this reason, it will offer support to valuable causes in all countries that also help these victims, not just economically, but also by providing its experience and legal assistance.