Because they are concerned about their customers, Mexico’s banks are demanding their customers’ biometric data. It’s probably a preview of an attraction coming to the US.
Ironically, banks in Mexico lead the way.
In 2018, banks in Mexico will face new regulations that will oblige them to collect biometric data (finger prints and iris scans) on all of their customers. Whenever a customer asks for a new home or car loan, cashes in a paycheck, applies for a credit card or opens a new savings account, the bank in question will have to request the customer’s digital fingerprints and then match those fingerprints with data against information in the database of the National Electoral Institute.
Foreign-owned subsidiaries of global banks like BBVA and Citi are thrilled with the initiative arguing that it will help them combat identity theft. Most high street lenders in Mexico have already agreed to help build a single biometric database, says Marcos Martínez, president of Mexico’s Banking Association (ABM).
The ultimate goal is to develop a unique identification system that will work alongside the government’s national ID scheme, which is in the final stages of development. According to the former Secretary of Finance and Public Credit (and now presidential candidate for the governing PRI party), José Antonio Meade, by the summer of 2018 all Mexicans will have a single biometric identification number.
These developments are moving fast and quietly. And as is the case with biometric programs being tried and tested all over the world right now, from the uncharted backwaters of long-forgotten war zones to the bustling metropolises of the West or East, no one is being consulted along the way.
Most national passports these days include biometric data. Driver licenses in the US (which serve as de facto ID cards) already have them or soon will. Meanwhile, millions — perhaps soon billions — of people have volunteered their digital fingerprints to log into their smartphones and other digital devices. In other words, we’re already giving away our most private data to work, communicate, cross borders or get on planes.
To continue reading: Next Phase in Forcing Biometric Tracking on Consumers