Cyber-crime ‘undermining’ financial system warns Black Economy boss

Biometric methods of identification must be urgently and widely adopted to prevent the banking and financial services sectors being “systemically undermined” by rampant identity theft, the former global chief of KPMG now heading the nation's powerful Black Economy Taskforce has warned.

Banks and the private sector must unite with federal and state agencies to develop an incorruptible, biometric barrier – using retina scans, facial recognition and electronic finger print recognition – against sophisticated cyber-crooks exploiting gaping holes in the nation's financial, welfare and security systems, the powerful taskforce is expected to tell the federal government.

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