Articles
Published 10-09-2008 in findBiometrics
Biometric Security for Financial Meltdown Solutions
Paul Foote and Reena Hora
California State University
October 2008


The financial meltdown on Wall Street and around the world has littered the financial landscape with an ever growing list of financial casualties, including: Bear Stearns, Lehman Brothers, AIG, Merrill Lynch, Washington Mutual, and Wachovia Bank. While Congress debates governmental interventions to reduce the possibilities of a recession or of a depression, there are technologies available today for executives and audit committees to implement to mitigate future frauds and control system failures. For example, it is incredible that any public company would rely upon passwords for security and internal control systems. One of many solutions available today would be the implementation of biometric systems. Biometric systems make it more difficult for dishonest employees to repudiate in court the evidence against them. Companies need systems for detecting and for holding accountable persons who are violating security and internal control system standards. Following the billions of dollars of losses caused by dishonest or irresponsible employees, investors and voters should become suspicious in the future whenever executives or audit committees claim their companies cannot afford better security systems.![]()
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