Future Identity has released its latest digital report focusing on "the high cost of cheap biometrics," which argues that choosing the right identity technology partner can make a substantial difference for banks. Future Identity opens by stating that 75 percent of banks have, or are planning to deploy, artificial intelligence (AI)-based biometrics in the next three years. Because of this, the development of such technologies has progressed greatly in recent times, as also highlighted by recent data from Future Market Insight (FMI) suggesting the identity verification market is estimated to reach a value of nearly $40 billion by 2032, with biometrics being at the forefront of this growth. That forecast represents compound annual growth of nearly 15 percent from an estimated $8.6 billion in 2021. The biometrics industry has recently experienced rapid growth as a result, the report says.

Companies involved in face biometrics and other artificial intelligence applications have not come to a consensus on what ethical principles to prioritize, which may cause problems for them as policymakers move to set regulations, according to a new report from EY. Facial recognition check-ins for venues such as airports, hotels and banks, and law enforcement surveillance, including the use of face biometrics, are two of a dozen specific use cases considered in the study. The report'Bridging AI's trust gaps' was developed by EY in collaboration with The Future Society, suggests companies developing and providing AI technologies are misaligned with policymakers, which is creating new risks for them. Third parties may have a role to play in bridging the trust gap, such as with an equivalent to'organic' or'fairtrade' labels, EY argues. For biometric facial recognition, 'fairness and avoiding bias' is the top priority for policymakers, followed by'privacy and data rights' and'transparency.' Among companies, privacy and data rights tops the list followed by'safety and security,' and then transparency.

HOUSTON – An arriving passenger uses a biometric scanner at George H. W. Bush Intercontinental Airport February 1, 2008 in Houston, Texas. Under President Donald Trump, technology companies have started cashing in on a little-noticed government push to ramp up the use of biometric tools -- such as fingerprinting and iris scanners -- to track people who enter and exit the country. Silicon Valley firms that specialize in data collection are taking advantage of a provision tucked into Mr. Trump's executive order on immigration, which included his controversial travel ban, that called for the completion of a "Biometric Entry-Exit Tracking System" for screening travelers entering and leaving the United States. The tracking system was mandated in a 1996 immigration law passed by Congress but never fully implemented by Trump's past three predecessors. In Trump's first months in office, federal courts blocked the sections of his original and revised immigration orders that called for a temporary travel ban on visitors from seven majority Muslim countries.