How Biometric Identification and Mobile Confirmations help Secure Transactions in Developing Countries

Developing Countries have always had it rough as regards technology. With every rise in the ease and the legitimate uses of technology, there is always the other side, waiting to find evil uses for the same technology which maybe has been developed to help people, foster progress and to generally make life easier.

This has become increasingly evident with the advent of mobile technology in developing countries. The connection between access to banking services and mobile technology, for the most part, has become the haven of criminals and those with a twisted mind view. 

The critical nature of mobile technology and financial inclusion in developed Countries can’t be ignored.

And so, every latest technology news piece becomes viewed with suspicion by residents who didn’t have access to information technology in the first place.

The good thing is that a combination of steps can be put in place to ensure that mobile technologies work well with financial transactions.

The Use of Biometric Identification Registration Details for Phone Numbers

Basic Biometric registration for mobile phone numbers can help identify criminals who wish to commit financial crimes.

 This is because their mobile numbers are tied to physically identifying factors that will easily enable investigators and law enforcement to properly checkmate such criminals.

Also, Biometric registration helps to regularize the use of phone numbers as no one will want to lose his or her line.

It also enables the prediction of data and behavioral patterns for use in artificial intelligence and big data projects.

Biometric registration itself is a radical but needed step in securing financial transactions in developing Countries but comes with certain risks.

The issues that surround the Biometric Identification registration are few but are critical:

  • Security of Biometric information which must meet the highest possible standards.
  • Restriction of access to Biometric data by unwanted parties to ensure the protection of the privacy of records,
  • Implementation of anti-identity theft mechanisms which can serve as a deterrent to hackers who may try to access records,
  • Implementation of need-to-know access policies which will restrict access to information,
  • Use of double registration detection and other anti-fraud systems which will ensure the integrity of the biometric data
  • Use of systems that compare records entered with other easily verifiable records such as National identity registration which can serve as a second authentication factor.
  • Biometric Identification
    Phone Tracking

 

Use of a National Banking Confirmation Number 

In addition to Mobile phone number biometric registration, the use of a National banking number containing the biometric details of all users of the banking system also can help to reduce fraudulent transactions by a wide mile. 

This also serves as a second factor of information verification and biometric security as such numbers will also capture biometric information of bank account holders.

This enables the banking system to self-regulate itself and give itself the required boundaries when it comes to unscrupulous officials who may see the banking system as a means to profit.

If both records have the same phone number and the same biometric details, the banking systems of such developing countries will tend to be more secure.

Use of a National Identification Number

The major reason why most financial criminals get to escape justice in developing countries is the lack of an all-encompassing national number identifying everyone within the system

As such, these criminals get away with it and nothing can be done about it due to a lack of complete information at governmental levels.

This can be avoided if national identification of citizens and residents of such Countries are taken seriously.

National Identification numbers also help in planning, creation of policies, provision of infrastructure and in so many other ways.

Information Verification across the Three Databases

IF the information in three places matches: the banking system number, the phone number and the National Identification Number Database with at least 80% accuracy then it would be safe to say that financial fraud would reduce by a significant degree.

Furthermore, having access to such kinds of information does give an idea of which direction such Countries are going in.

Only one thing must be enabled to give such ecosystem security: The one-time personal identifying number (PIN) code.

The Many Uses of the OTP

Most people underestimate the importance of having one time randomly generated personal identifying number (PIN) sent to mobile numbers for financial transactions confirmation in developing countries.

PIN codes sent one time give the added extra layer of security that most financial fraudsters have zero access to.

PIN codes allow for the owner to have some level of control over transactions even if those transactions where centrally instigated.

However, such transactions are still subject to the risk of fraud should such central systems be compromised.

The only way an OTP-based transaction can be compromised is through physical access to the mobile device and this doesn’t occur to most victims of financial fraud most of the time.

Securing Data Via Blockchain

While most people may not fully understand how blockchain technologies or distributed ledger systems work, the security of data using such systems may be the saving grace for developing countries since blockchain technology isn’t expensive to develop and maintain.

Different models could be developed and the modus operandi of each system can work for each different situation.

And so, this is the way that Biometric registration and mobile confirmations for each transaction can work: through the blockchain!

What do you think? How can biometrically registered data and mobile technologies work?

Please let us know in the comments!

About the author

Christopher is the Blockchain/DeFi Editor for E-Crypto News he also writes frequently about Crypto Gaming and Gambling. He is the author of the book "Profitable Cryptocurrency Gambling and Gaming: A Complete Guide." A content developer, Crypto-Enthusiast, and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,823.00
ethereum
Ethereum (ETH) $ 4,269.93
binance-coin
Binance Coin (BNB) $ 493.51
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.02
solana
Solana (SOL) $ 198.65
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.64
dogecoin
Dogecoin (DOGE) $ 0.300962
shiba-inu
Shiba Inu (SHIB) $ 0.000065
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,823.00
ethereumEthereum (ETH)
$ 4,269.93
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 588.58
litecoinLitecoin (LTC)
$ 193.50
bitcoinBitcoin (BTC)
53.279,99
ethereumEthereum (ETH)
3.679,89
tetherTether (USDT)
0,861815
bitcoin-cashBitcoin Cash (BCH)
507,25
litecoinLitecoin (LTC)
166,76
bitcoinBitcoin (BTC)
44,954.59
ethereumEthereum (ETH)
3,104.88
tetherTether (USDT)
0.72715
bitcoin-cashBitcoin Cash (BCH)
427.99
litecoinLitecoin (LTC)
140.70

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

Bitcoin's Popularity
Top Reasons Why Bitcoin’s Popularity is Growing
October 28, 2021
Ethereum
Everything You Ever Wanted To Know About Ethereum
October 28, 2021
Top 5 Crypto Funds You Should Definitely Follow Too
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,151 1.95 % 3.59 % 7.68 %
Ethereum4,237.0 1.81 % 5.97 % 1.60 %
Binance Coin489.45 1.50 % 7.96 % 2.72 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.000 1.81 % 2.49 % 8.97 %
Solana198.10 1.45 % 4.85 % 12.81 %
XRP1.060 2.08 % 4.22 % 7.44 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2958 3.70 % 21.67 % 16.22 %
Shiba Inu0.00006322 6.39 % 19.97 % 116.21 %

bitcoin
Bitcoin (BTC) $ 61,823.00
ethereum
Ethereum (ETH) $ 4,269.93
binance-coin
Binance Coin (BNB) $ 493.51
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.02
solana
Solana (SOL) $ 198.65
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.64
dogecoin
Dogecoin (DOGE) $ 0.300962
shiba-inu
Shiba Inu (SHIB) $ 0.000065