As biometric authentication devices flood the market, it’s important to note the differences setting them apart and affecting their functionality for guaranteeing security.. “The Biometrics Market was valued at USD 24.58 billion in 2019, and it is projected to be worth USD 56.54 billion by 2025 while registering a CAGR of 15.16% during the period of 2020-2025.”
The biggest problem in the security industry so far is the password. In 2019, 1 in 15 people had their identity stolen. This is obviously an unacceptable percentage and Eric Fowler, an expert on cyber security with MyComputerCareer said in 2018, “If you have a basic password, or never change your password, there’s a good chance you can get hacked.”
“So, biometric authentication is really the future when it comes to accessing your private data,” shares Andy Finch, CEO of ITBiometrics. “Managing multiple passwords will be part of an old generation of behavior.”
ITBiometrics has launched three products that use a capacitive readout of the fingerprint pattern, along with temperature and pulse, and with all being converted into a unique signature.
In a world going contactless, let’s examine why we would use a fingerprint scanner:
Why Your Fingerprint is Better
No two fingerprints are alike, even between twins. “So for example, if I have a twin,” continues Andy, “then my brother could scan his face and it could trick the facial recognition software. Well, believe it or not, identical twins do not have the same fingerprints.”
What’s in Fingerprint Readers?
A fingerprint sensor works from a collected digital image of the fingertip pattern. Called a “Live Scan” it is processed to author a digital signature for the user.
Optical scanners gather the photographic information about the pattern. Optical-only readers have proven spoofable. And, if a user has an irreparable change to their fingerprint, they’re locked out.
Capacitive (or CMOS) scanners use capacitors and electrical current to create an image from the data of the fingerprint. This improves the level of data available on top of photographic matching.
Ultrasound fingerprint scanners can use high frequency sound waves, penetrating the outer layer of skin to record arches, loops, and whorls. And the addition of thermal scanners can record the difference in temperature between ridges and valleys in the pattern.
Combined, the data set is indisputable. “Biometrics are everywhere and it’s growing,” shares Andy. “Most of us use face recognition to open our phones, some of us have fingerprint logins on our financial apps. ATMs can open with a fingerprint verification on your smartphone. But spoofing is a big problem for most hardware out there.”
Making Fingerprint Readers Unhackable
While most readers use optical first to gather a pattern, “We do the same thing with capacitive. The way it works is, every ridge on your finger provides a different capacitance for a sensor. And so if the sensor is tuned appropriately, you can actually pick up that pattern, even if there’s things on your fingers that would prevent you from optically picking up the pattern.”
“Our technology senses this pattern along with temperature and pulse, all processed to create your signature,” he concludes. “We’ve looked into every way a device like this can be hacked including everything listed on the dark web and are confident it is hack-proof.”
To prove in real time the stability of their new product, Andy and his team are announcing a contest to hack it. It’s nothing to sneeze at, there’s $10,000 and a ton of street cred in it for the hacker who can pierce their cold storage wallet, ITBx.
The Future of Identification
ITBiometrics line of solutions is preparing for a world where standard forms of identification and security simply will not suffice. Already in demand in high-security and restricted environments, sooner than later much of the world will be moving to advanced-security standards on the heels of Covid-19.
“Our mission is to provide our technology to people who need it most,” Andy finishes. “We’re a people-then-profits team of thinkers.”
Examples of use cases include, bill of lading for global shipping. “Some of these shipments are millions and hundreds of millions of dollars worth of goods. There are people that care very much about the identity of the person that was authenticating the shipment,” Andy exclaims.
“That’s a critical use case because our device can send the electronic signature using biometrics and tokenization, all sent to the recipient through encryption. Another example is accessing a server room, Amazon web services, I don’t know if you’re familiar with AWS, but they’re one of the largest hosted internet service providers. In order to gain access to servers, you have to have encryption keys and they are constantly changing those. The reason that they’re changing the keys is because you can’t know for sure; those keys could get somewhere, right?”
Admittedly, hundreds of products, probably thousands of them are hitting the marketplace. But the combination of capacitive pattern analysis with temperature and pulse all encrypted into a signature key is additionally topped for users of blockchain, public keys will be changed for high volume users automatically for ITBiometrics users.
With OEM partnerships lining up there’s a good chance many readers will interact with this technology in a future generation of their favorite smart-you name it, really. Keyless entry to a car, approving contracts, transferring funds in unusual circumstances, and literally all of your software logins.
The next time you use a key, type in your password, even one that’s stored in your browser (BIG no-no, btw!), sign for something physically or electronically, approve anything, or make a purchase using a credit card number entered by keystrokes into a form, consider how much risk you are taking and how much trouble you are inviting into your life.
The future of biometric technology is growing rapidly, and predicted to exceed $55.5 billion by 2025. With that growth there will be a flood of biometric products to hit the market, however not all biometric products will be created equally.
ITBiometrics unique products, The BCD™ and The ITBx Fingerprint Wallet™ are uniquely positioned to provide unhackable biometric security. By assigning personal keys to your unique fingerprint and pulse, we believe that our product will be able to meet the growing demand for reliable liveness detection in biometric security.
According to BiometricUpdate, “Due to a large interest in the government and private sector, the global market is predicted to scale at a rapid pace with biometric hardware alone driving the market to $19 billion in 2024.”
We’re excited to be a part of this huge momentum in the industry and we want you to be a part of it!
ITBiometrics is currently holding a Reg D offering for accredited investors. Our offering will help support further product development, manufacturing, and an aggressive marketing campaign. Under Regulation D, 506C, we can now accept investments from accredited investors, with a minimum investment of $5,000. By working with ITBiometrics, you’ll be receiving a convertible note that pays 8% per year and convert to our stock at a 50% discount just prior to our planned regulation A IPO.
Our Regulation A IPO is planned within the next year, where even non-accredited investors will be able to invest and have publicly traded stock in our company.
Investors, learn more about our investment opportunity and why we believe we’re your next best investment!