Treasury Turns Regulatory Eye to FinTech: Identity News Digest

Welcome to FindBiometrics’ digest of identity industry news. Here’s what you need to know about the world of digital identity and biometrics today:

Treasury Department Launches FinTech Regulatory Agency

The Treasury Department’s Office of the Comptroller of the Currency (OCC) has announced plans to create a new Office of Financial Technology that will oversee activities in the area of fintech. In a statement, Acting Comptroller of the Currency Michael Hsu noted that financial technology “is changing rapidly”, prompting the need for regulatory oversight. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission,” he said.

Dropbox Turns to WebAuthn After Data Breach

Cloud-based file storage platform Dropbox has suffered a data breach after hackers managed to phish employee credentials by impersonating CircleCI representatives. Dropbox says it is now working to upgrade its security environment by adopting WebAuthn-based authentication using hardware tokens or biometrics.

Cisco Enables Biometric SSO

Cisco has enabled support for Duo Passwordless Authentication and biometric authentication via Windows Hello and the Touch ID on Mac computers. “Passwordless authentication reduces the risk of phishing attacks and their ability to utilize stolen passwords or as we’ve seen more recently, MFA fatigue,” explained Cisco Global Advisory CISO Dave Lewis. The move was announced at Cisco’s annual Partner Summit.

1Kosmos Appoints CFO

1Kosmos has named Jilbert Washten as its first Chief Financial Officer. Washten comes to the company from a previous role as CFO of Attivo Networks, a cybersecurity company that was acquired by SentinelOne earlier this year. In fact Washten has a history of employment with firms that went on to be acquired: he was also CFO of Ascentis before its acquisition by Summit Partners; and before that he was Vice President of Finance and Accounting for Cloudmark, which was acquired by Proofpoint.

After Large Investment, Simprints Looks to Recruit

Simprints has raised its “largest ever investment” and is now looking to fuel growth through the appointment of a new Chief People & Culture Officer, the company has announced. Elaborating in a video, CEO Toby Norman explained that the successful applicant will join Simprints’ four-person senior leadership team. Simprints is a nonprofit startup spun out of Cambridge University whose work largely focuses on establishing biometric ID for individuals in the developing world who lack legal proof of identity.

Philippines’ Challenger Bank Uses IdentityX

GoTyme Bank, a newly-launched digital bank serving the Philippines, is using Daon’s IdentityX platform for customer onboarding. While IdentityX supports multiple biometric modalities, GoTyme has opted for a selfie-based approach, allowing end users to verify their identity by uploading a selfie and an image of their physical ID, with facial recognition comparing the two to verify a match. Read our full story.

Onfido, Partners Focus On Digital ID

Onfido has revealed that it convened a meeting of its some of its major customers in Milan, Italy, last month, in what the company describes as a relaunch of its customer advisory board. The major themes of the conference were fraud prevention and digital IDs, with customers providing insights about their own plans and solutions. KuppingerCole Research Strategy Director Annie Bailey was also on hand to offer her own research-driven perspective on the trajectory of the identity verification industry.

UnionDigital Partners With CallSign

UnionDigital Bank, the online banking subsidiary of Union Bank of the Philippines, has partnered with CallSign to bring passive multi-factor authentication to its digital banking channels. CallSign’s technology revolves around the use of behavioral biometrics to create a unique end user profile based on things like typing patterns and how they hold their mobile device.

Abu Dhabi Airport Pilots Biometric Passenger Screening

Abu Dhabi Airports authorities have begun the phased rollout of a biometric passenger screening system based on facial recognition. The first phase entails a pilot at the US Customs and Border Protection facility in the Abu Dhabi International Airport, with US-bound Etihad Airways passengers eligible to participate. The project is being undertaken in partnership with domestic IT solutions provider NEXT50.

Queensland Corrective Services Selects Biometric Kiosk Partner

Australia-based IT services firm Optimation has won a five-year contract to provide Queensland Corrective Services with biometric kiosks, a mobile app, and cloud-based software to help ensure that convicted criminals comply with court orders. Optimation was recognized as a proven provider of such solutions thanks to its years of serving the New Zealand Department of Corrections, among other public sector organizations.

SecureAuth Joins IDSA

SecureAuth has joined the Identity Defined Security Alliance (IDSA), a nonprofit aimed at fostering collaboration among members toward the promotion of secure identity, and which acts as a vendor-neutral solutions resource. “Working with the IDSA gives us the opportunity to not only further their mission, but to join forces with other security thought leaders to help shape the industry during a period of rapid changes in identity and access management,” explained SecureAuth CEO Paul Trulove.

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November 2, 2022 – by Alex Perala