Wednesday, 29 November 2017

New EU rules for biometric banking

Biometric banking
Biometrics will bring us one step closer to in vivo identification: a permanent ID device held INSIDE our bodies. Banks are leading the way. The password is on its way out. Touch ID and biometric cash machines will soon be seen in High Streets everywhere.

Biometric cash machines have been in existence in Brazil and Japan for some time, but this is the first time the banks are succeeding in getting the system approved for universal use. With some extras.

Biometrics to train us for ID implants
To ‘help’ us accept this technology, biosensors are named in one lying breath with biometric technology. Let me emphasise this again: biometrics is the technology of measuring unique external features of the living body for identification purposes. Iris scans, facial recognition, voice recognition, fingerprint and so on. Even measuring a person’s unique gait or facial muscles to interpret his or her emotions – these are all examples of biometrics. 

A medical biosensor, MEM, nanoworm or other device is a miniature machine designed for collecting data, sending and/or receiving data, carrying payloads or perform other actions inside the body. Admittedly, you could place a sensor on the skin, but today’s nanosensors are mostly intended for in vivo use. To describe such a device for ID purposes as a biometric device is deceptive. But it allows lawmakers to write biosensor ID technology into new legislation. A good example is the US
The 21st Century Cures Act to give pharmaceutical companies, medical practitioners and researchers free reign to use medical devices as they see fit. In effect, patients can be fitted with a medical device without their consent if the practitioner decides consent is not feasible under the circumstances.
 The  Mcrochip

"We envision financial inclusion as a state..."
Banks are the driving force behind this feverish lawmaking. “Governments can play a role”, the Center for Financial Inclusion tells the banks. I would like to misquote them here: “We envision financial inclusion as a state”. The actual sentence on their website is much longer and has a different meaning to the reader, but I like the first part to describe what is happening in reality. Financial inclusion is the phrase they use to dupe us into accepting the grip of a global financial system of slavery. A state. A kingdom of deception.
With that in mind, today’s news needs to be examined closely:

Consumers to benefit from safer and more innovative electronic payments: European Commission

NSNBC: The European Commission has this week adopted rules aimed to make electronic payments in shops and online safer. The Commission states this will also allow consumers to access more convenient, cost-effective and innovative solutions offered by payment providers.

The article mentions:

  • This soon to be amended ID law called PSD2 will allow the European e-commerce market to blossom.(and the banks can acces what they call 'the unbanked') (and it will lead to a more integrated EU market)
  • third party providers will be FinTech companies
  • Banks will get their much desired strong customer authentication (SCA)
  • SCA requires a combination of at least two independent elements, which could be a physical item – a card or mobile phone – combined with a password or a biometric feature, such as fingerprints before making a payment.
  • PSD2 also establishes a framework for new services linked to consumer payment accounts, such as the so-called payment initiation services and account information services. (what does this mean? Consumer Touch Points as mentioned here?)
  • Subject to the scrutiny period, the new rules will be published in the Official Journal of the EU. Banks and other payment services providers will then have 18 months to put the security measures and communication tools in place. (I doubt if it will take that long)
  • developed by the European Banking Authority in close cooperation with the European Central Bank. (banks calling the shots)
  • The simple provision of a password or details shown on a credit card will, in most situations, no longer be sufficient to make a payment. In certain cases, a code that is only valid for a given transaction will be needed together with the other two independent elements.
  • Customers can get access to aggregate information from their accounts held with different banks (I wonder what will be in the small print you will have to agree to – in any case, banks have a habit of changing the agreements one-sidedly. Once you’re in, you’re in) The banks call them monitoring systems. See the 2016 strategic plans below.

More reading:
A 2016 example of banking strategic plans
Brits warming to biometric technology for online banking access

The Future of Biometric Banking

Biometric newsletter to stay ahead of developments:, for example: a flexible smart card with a fingerprint reader 
5 things you need to know about PSD2

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