Integrated Biometrics products used for financial services in Mexico
22 June 2018 12:22 GMT

Integrated Biometrics has revealed that its mobile, FBI-certified 10-print fingerprint scanners have become the standard for Mexican financial services organizations.

The organizations are looking to meet the CNBV 2018 biometric security mandate to protect customer privacy and prevent identity theft, fraud and money laundering. The regulatory mandate comes from the Comisión Nacional Bancaria y de Valores’ (CNBV), an independent agency of Mexico’s Secretariat of Finance and Public Credit, which holds technical autonomy and executive powers over the Mexican financial system. Affected organizations must meet its requirements by the end of August 2018, although organizations may apply for a nine-month extension.

CNBV requires that Mexican financial institutions except for credit unions and smaller banks, as well as select government agencies, provide multifactor biometric authentication for new accounts, including credit cards, checking, savings, payroll and loans.

Customers enroll all 10 fingers to open an account. Combined with biographical information, the government matches these fingerprints with national databases to verify each applicant’s identity. Successful validation enables the financial organization to open the account, and for the customer to use fingerprint-based identification to ensure that only authorized users may access the funds.

Mexican financial services organizations currently using Integrated Biometrics fingerprint scanners include: Pension ISSSTE, BBVA Bancomer, InverCap Afore, Principal Afore, Afirme, Santander, CitiBanamex, Sura, BanRegio, MetLife Afore and Banca Mifel.