Mobile Biometrics | Security of the Future?

Nov 26, 2013

Mobile Security Problems

Mobility is synonymous with convenience. In a contemporary mobile world, individuals and consumers are fast-tracking everything using smart technology, including finances. Mobile devices offer apps for easy payment, bank transfers, and quick transactions making the process of purchasing something nearly effortless. A mobile world creates a multitude of mobile problems and fraud has exploded recently as the mobile movement facilitates those looking to steal PINs, passwords, and credentials.

Over an 18 month period from 2012 through 2013, in the United States alone, it is estimated that 280 million passwords were stolen. More startlingly approximately 94% of stolen passwords or identifications go unreported. Strong passwords are lengthy and difficult to enter while four digit PIN numbers are easily hacked. This will create a demand and pressure for the evolution of security technology, and create an opportunity for an investor with foresight to take advantage of a high risk opportunity to capitalize on the birth of a new industry and niche.

Biometric Security Technology

The new niche that is coalescing within the security industry is biometric security. Utilizing one-of-a-kind passwords such as fingerprints, the veins in the iris of your eye, or vocal verification provides a password that can’t be faked. The protection offered by biometric keys and passwords is threefold: they prevent fraudulent transactions, they protect account numbers, and they protect from malware downloads. The promise of these three highly effective preventative measures fuel biometric security entrepreneurs.

Biometric security is by no means a safe bet. There are potential problems and hurdles to a biometric security system. The first problem is the inability for users to just change the password. You cannot change your personal biometric password should it be stolen in any capacity. Another problem is the data storage for biometric information. If this information is stored in a data ‘cloud’ it becomes especially vulnerable to being hacked online. Finally, biometric data will fall short on some consumers’ demands for instant-transactions as it will add another step to the conclusion of a transaction.

Developments in Biometric Technology

An example of biometric technology under investment is the Dongle ID created by Jerome Svigals, the pioneer and guru behind IBM’s magnetic stripe technology resent in all bank card transactions. The Dongle ID is a separate security key that will prompt the user to provide a thumbprint upon the execution of a transaction to a bank account. Once authorized by thumbprint, the transaction will carry through. However, it requires two devices: the smart phone and thumbprint ‘key’ and will force another step for a consumer to carry-out while making a purchase.

Layered Security: Biometrics and Geotagging

Finally, a promising solution worth investigating for investment potential is the combination of biometric security keys with geotagging smart devices. To carry out a transaction a consumer would have to both be tagged biometrically and geographically in the same location. This would be effective for multiple reasons. First, if the geotagging device and biometric device were reported on a single smart phone, such as the new iPhone 5S that features a fingerprint scanner, “TouchID,” than fraudulent transactions would be easy to detect. Finally, the combination of geotagging into the data ‘cloud’ where biometric keys are store would serve to increase the security of that data cloud from being hacked; there would be an additional layer of security combination to penetrate.

Hackers and digital pirates are always less than a half-step behind new security products and systems. The risk involved is the same for any online security enterprise. Yet for a prospective investor who does not mind a degree of risk, the biometric security framework could become a staple in supermarkets across the country.


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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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