Apple Face ID – How safe is our data?

7

October

2021

No ratings yet.

Today it is normal to use facial recognition to open your phone and to pay with your credit card through Apple pay – 10 years ago I would never have imagined that these features would be accessible to people and being used in everyday life.

Facial recognition is fairly new to the public, since the technology until now has been either very sensitive or easy to trick. Apple first launched facial recognition (Face ID) on iPhone X in 2017 (Tillman, 2021). Apple’s facial recognition uses a “TrueDepth” system that projects structured IR Light onto the user’s face to measure the depth of the facial features. The IR Light contains 30,000 small dots and is basically creating a 3D model of the user’s face. This technology is resilient towards tricks such as videos or pictures of a face which makes Face ID very accurate (Nachreiner, 2021). In addition, according to Apple, the false-positive rating is as low as one in one million. This is a great improvement of Touch ID (fingerprint) were the false-positive rate was one in 50,000 (Tillman, 2021).

Even though Face ID is accurate and resilient towards tricks – how safe is it? Where is the data stored and who has access to this data? Would a hacker be able to get access to your face ID? According to Apple, the data never leaves the user’s phone and is not transmitted to any cloud or network. It is saved in something called the “iPhone’s secure enclave” which, according to Apple, would be impossible to hack since the data can’t be retrieved (Nachreiner, 2021).

But is anything that has to do with data really impossible? Even though Apple is one of the leading companies within technology, technology emerges and improves every second – also for hackers. Yet at a Black Hat hacker convention in Las Vegas, some researchers found that it was possible to “hack” the liveness detection of an iPhone user and thereby hack the Face ID. Apparently, if the user is sleeping, is a user of glasses and eyes are being held open with tape, it is possible (Winder, 2019). So, if this is the only way, that we know of right now, to hack a Face ID, that seems pretty safe to me. Yet Chief Technology Officer, Corey Nachreiner (2021) suggests that in order to secure sensitive information even more, a multifactor authenticator is the only truly secure option. According to Nachreiner, the combination of biometric data and passwords would be the safest, and I will agree on this point. What do you think?

References:

Nachreiner, C. (2021) Apple’s Face ID: No match for multifactor security. TechBeacon.com. Retrieved from: https://techbeacon.com/security/apples-face-id-no-match-multifactor-security

Tillman, M. (2021) What is Apple Face ID and how does it work? Pocket-lint.com. Retrieved from: https://www.pocket-lint.com/phones/news/apple/142207-what-is-apple-face-id-and-how-does-it-work

Winder, D. (2019) Apple’s iPhone FaceID Hacked In Less Than 120 Seconds. Forbes.com. Retrieved from: https://www.forbes.com/sites/daveywinder/2019/08/10/apples-iphone-faceid-hacked-in-less-than-120-seconds/?sh=73c130dd21bc

Please rate this

Fin-tech Future: Shop now. Pay Later. 

5

October

2021

5/5 (1)

As a result of lockdowns due to the Covid-19 pandemic, online shopping increased by 24.1% from 2019 to 2020. Consumers worldwide spend approximately $4.29 trillion online (Young, 2021). As e-commerce has grown more popular so has the payment options and new innovative alternatives appears.

Digital innovation in payment methods has revolutionized the online shopping experience in many ways, and the world of banking could be expecting a radical change in consumer behavior. An example of an alternative is the Open Banking payment solution is Klarna (Meyers, 2021). Klarna was founded in 2005 and is a Swedish fin-tech platform with the slogan: Shop now. Pay Later. Klarna has 200,000 retail partners and processes more than 150 million transactions a year (Silicon Canals, 2021). But how did Klarna become so popular? And is their model a trend in payment methods?

The idea of Klarna is to offer consumers a more transparent, convenient and flexible way of shopping and paying that goes beyond the traditional credit and debit cards. Klarna is offering its consumers to shop the items they desire and wait with the payment until 14 or 30 days. This gives the consumer time to try the product and decide if they want to keep it or return it and is thereby a flexible option that decreases personal money transactions. There are no extra fees or interest rates for postponing the payment creating great value and flexibility for consumers (Meyers, 2021; Silicon Canals, 2021). Especially for the generations Millennials’ and Gen-Z it is convenient to use Klarna or other payment methods such as Afterpay. This payment method might have the effect of making consumers buy more possibly generating even more growth in the future of e-commerce (Subin, 2021).

References:

Meyers, T. (2021) Klarna Discusses Shifting Winds in Retail, Emerging Customer Trends. WWD.com. Retrieved from: https://wwd.com/business-news/business-features/klarna-shifting-retail-customer-trends-1234783157/

Silicon Canals (2021) Sweden fintech Klarna expands its Open Banking solutions in these 8 European countries. SiliconCanals.com. Retrieved from: https://siliconcanals.com/news/startups/fintech/klarna-expands-its-open-banking-solutions/

Subin, S. (2021) Why millennials and genZs are jumping on the buy now, pay later trend. CNBC.com. Retrieved from: https://www.cnbc.com/2021/08/07/why-millennials-and-gen-zs-are-jumping-on-the-buy-now-pay-later-trend.html

Young, J. (2021) Global online sales reach nearly $4.29 trillion in 2020. DigitalCommerce360.com. Retrieved from: https://www.digitalcommerce360.com/article/global-ecommerce-sales/

Please rate this