Biometrics could be answer to trader frauds, SocGen says

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Biometrics could be answer to trader frauds, SocGen says

Karl Flinders

An internal investigation by French bank Societie Generale (SocGen) into the £3.6bn fraud that resulted after a rogue trader made unauthorised investments has recommended the use of biometric security to prevent a similar event happening again.

In January, the bank uncovered massive losses that were made as a result of a rogue trader, Jerome Kerviel, using his knowledge of back-office systems and built-in checks and balances to evade detection of unauthorised trading activities.

The report said that IT security should be tightened through the development of biometric security systems.

Among other things, the report said a priority should be "strengthening IT security through the development of strong biometry.


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