KONA I and IDEX Biometrics Introduce Groundbreaking Biometric Smart Cards to Combat Rising Fraud
In a strategic move to address the surging rates of credit card fraud in Japan, KONA I, a leading figure in smart card technology, has joined forces with IDEX Biometrics to launch innovative biometric smart cards in the Japanese market, as outlined in Fintech Global News.
The collaboration between KONA I and IDEX Biometrics comes in response to a concerning trend of credit card fraud, which has witnessed a substantial 30% increase year-on-year, amounting to an alarming USD 294 million. This rise in fraudulent activities has prompted Japanese banks to seek advanced security solutions, with a particular interest in biometric smart card technologies, including those made of metal. KONA I anticipates that these high-tech biometric cards will begin distribution to consumers in the latter half of 2024.
With a strong reputation for developing and manufacturing smart card solutions across various sectors, KONA I is renowned for its commitment to innovation. The company’s extensive product lineup caters to diverse applications, ranging from payment systems to secure identification, showcasing its dedication to meeting the evolving demands of the digital and financial realms.
The latest product resulting from the collaboration with IDEX Biometrics represents a cutting-edge biometric smart card platform. Engineered to offer end-to-end authentication solutions with a focus on digital security, this platform is compatible with standard protocols like FIDO2, ensuring an optimal user experience while prioritizing security. The introduction of these biometric payment cards marks a significant leap forward in secure transactions and access control, promising users unparalleled security and convenience.
Koichiro Sasai, Head of KONA Japan, expressed his enthusiasm about the partnership with IDEX Biometrics, emphasizing their commitment to meeting the growing demand for biometric smart cards in Japan. Sasai stated, “We are proud to offer bank customers in Japan the most innovative access and payment solutions. There is a very strong demand from affluent customers who seek the highest security and unparalleled value and user experiences, as offered by biometric metal cards.”
The partnership between KONA I and IDEX Biometrics signifies a pivotal moment in the fight against fraud in Japan’s financial landscape. By introducing state-of-the-art biometric smart cards, these companies aim to revolutionize security standards and provide consumers with peace of mind in their financial transactions.