Pocket full of coins? Wallet got notes in?
Make the most of it because from 2020, cash will be a thing of the past. Well, in Europe anyway.
A leaked memo* has revealed that in five years’ time, all personal and commercial transactions in the broader EuroZone will have to be undertaken electronically, using facial recognition identification technology.
Why is this happening?
The answer is startlingly simple – if you just can’t eradicate criminal cash transactions, eradicate the cash itself.
Although it may seem surprising, it’s actually a reflection of recent developments. It wasn’t long ago that the €500 note was banned, because of fears it was the criminals currency of choice.
Driving this directive is the recognition that recent regulatory enforcements from the US have been mostly focussed on European entities. This has led to the conclusion that a radical solution was needed.
The rationale was that if the system was unable to protect itself, then it must be time to change the system.
Why pick facial identification?
Again, the answer is simple. Most people have a face. And most faces are unique.
The system works in a similar way to the motion capture technology used in the movies, by identifying 166 unique facial profile elements (76 of these are contained within the ’nostril matrix’). This information is then used to access electronically held funds.
As with any new process though, there is always an ‘angle’ for the professional and determined criminal.
I read last week that a pioneering tech firm in South East Asia had successfully utilised cutting edge 3D printing techniques to engineer a 32 point perfect replicate visage from their CEO. Great for reconstructive surgery, but also a risk in terms of the evolution of the security of financial services.
I suppose that all things change. But if you have any coins in your piggy bank you might want to make sure you’ve used them by 2019…
*credit for investigative journalism – article leaked by Mai Dup Sham.