Russia is to start a biometric database for financial services starting next summer, the Central Bank of Russia said in a statement. The system, although not mandatory, will extend access to banking by letting customers open accounts without having to visit a banking branch. This is all in an effort to “digitize” financial services. The regulator noted that data would only be stored with a person’s consent. However, what the biometric database will include is worrying to say the least. The biometric database will incorporate images of faces, voice samples and, eventually, irises and fingerprints.
With constant hacks against corporations including credit agency Equifax here in the U.S., which was threatened in September to pay in Bitcoin or else, putting all of someone’s physical identification in one place is a nightmarish scenario. Especially with the rise of using biometric data (fingerprints and facial recognition) to unlock cell phones. Imagine someone hacks your bank biometric information – they now have your full identity and are free to access your phone and other services that use your fingerprint and face as if they were you. READ MORE
