AI and biometrics will provide a new level of multi-dimension digital security for online and mobile banking which was elusive and unattainable in the past.
The privacy and confidentiality of PII and personal biometric data (original raw data should be discarded after enrolment) is not undermined nor compromised by a robust biometric system. The biometric template, a mathematical code of a few thousand bytes or more, is equivalent to a password ciphertext or hash value, but vastly more secure as it has no decryption key, and which is immune to reverse engineering or brute force attack, is used for authenticating the customer based on his/her claimed identity.
A biometric template of say 2,400 bits will have a permutation variable size greater than the key space of a 256 bit AES cryptographic system. It is not physically or functionally feasible to brute force attack a 256 AES bit key size encryption system. The universe space of a 2,400 bit biometric template system is much bigger than AES 256 bit key space. So, hacking or breaking a biometric template is infeasible.
Biometric systems are not interoperable and should not be "shared" or multi-tenanted in any cloud. Your identity is better protected by a strong biometric system than any password or knowledge-based challenge response system. As always, 2FA (Two Factor Authentication) is the foundation on which a biometric system should operate.
21. REGULATIONS FOR PROTECTING BIOMETRIC DATA
Definition of personal / biometric data
Consent of data subject Revocability of consent
General principles of protection
Roles of controllers / processors Security and compliance21
