Mexico’s Biggest Banks Choose Integrated Biometrics’ Fingerprint Scanners to Protect Tens of Millions from Criminal Activities
Leading banks secure identities, prevent money laundering, slow cartel financing by making IB fingerprint scanners an integral part of their overall Fintech strategy
Integrated Biometrics (IB), the world leader in mobile, FBI-certified biometric fingerprint scanners, has been selected by the majority of Mexico’s largest banking and financial institutions to play a critical role in their strategies to comply with the a 2018 law requiring Mexican financial services organizations to use multifactor biometric authentication for new accounts, including credit cards, checking, savings, payroll, and loans.
Created by the Comisión Nacional Bancaria y de Valores’ (CNBV), an independent agency of Mexico’s Secretariat of Finance and Public Credit, the goal of the mandate is to protect customer privacy and prevent identity theft, fraud, money laundering, and other criminal activities.
Fingerprint scanners, which have been used successfully in the country’s voter registration process for years, is the preferred tool for biometric authentication. IB’s FBI-certified scanners have been the overwhelming choice of more than 20 of the largest national and global financial institutions in Mexico, including Santander, Scotiabank, Principal Afore, MetLife Afore, Banco Azteca, Sura, and PENSIONISSSTE.
According to the mandate, financial institutions must collect biometric identification data every time a new account is opened—a step that is accomplished using IB fingerprint scanners. With account owners’ identities secured by their fingerprints, any future access to those accounts must first be verified by a fingerprint scan, also using IB scanners. With these security measures in place, accounts can no longer be used for criminal purposes like tax evasion, money laundering, or illegal cooperation by bank employees.
To meet the requirements of the law and the needs of their customers, FSOs needed mobile, tough, compact, biometric fingerprint scanners. The list of banks we are working with is clear evidence that IB fingerprint scanners have become the de facto standard for the entire nation. – Jim Bell, VP for Latin America
Biometria Aplicada, Mexico’s leading distributor of biometric identification systems, has played a key role in IB’s dominance in the financial services sector. “While FSOs in Mexico understood the need to work quickly to meet the mandate’s requirements, they also were aware of how much their customers could benefit from the increased security provided by those measures,” said Miguel Loera Marin, Business Development Manager for Biometria Aplicada. “The combination of capabilities IB’s fingerprint scanners provide—mobility, reliability, durability, low power consumption, and ease of use—has led nearly all major financial organizations in our nation to choose them.”
“Mexico is one of the largest emerging economies in the world and has acted decisively to protect customer privacy and prevent identity theft, fraud, and money laundering,” said Jim Bell, VP for Latin America for Integrated Biometrics. “To meet the requirements of the law and the needs of their customers, FSOs needed mobile, tough, compact, biometric fingerprint scanners. The list of banks we are working with is clear evidence that IB fingerprint scanners have become the de facto standard for the entire nation.”
About Integrated Biometrics
Integrated Biometrics, LLC designs and manufactures FBI-certified fingerprint sensors for law enforcement, military operations, homeland security, national identity, election validation, social services, and a wide range of commercial applications. The company’s patented LES (light emitting sensor) technology enables lightweight scanners that outperform traditional prism-based devices in size, power consumption, portability, and reliability. Identity management solutions providers, government agencies, and corporations around the world rely on Integrated Biometrics’ scanners to identify, enroll, and verify individual identity quickly and accurately, even in remote locations.