Facial Recognition Marks the End of Privacy

facial recognition

Our data is slipping through our fingers. Literally.

You probably didn’t think twice when you entered your fingerprint as the passcode for your iPhone. Don’t beat yourself up, though. Neither did the 89% of Apple users who use Touch ID.

It’s a convenient feature. But there’s not much stopping Apple from passing that information on to whoever asks for it — whether that be other corporations or the government. After all, with the mountain of data already collected on you every day, a fingerprint really is the perfect cherry on top.

This is even more relevant with the iPhone X’s hot new feature. Facial recognition. Due to 3-D mapping, or Face ID as Apple calls it, you can now unlock your screen with a simple glance at your phone.

Paving the way for the future of smartphones, tech companies can now map your face as well as your every online move. Ironically enough, Apple is calling this new feature the ‘epitome of security’ when it comes to your information.

It’s vital that we don’t become complacent about the privacy risk this poses. Already, governments around the world are using facial recognition to monitor their own citizens.

In Russia, the technology is used to identify anti-government protesters. In China, it’s used to shame jay-walkers. And last month in London, facial recognition resulted in 35 misidentifications at Notting Hill Festival.

Now, under the pretence of fighting terrorism, our own government has started watching us.

Last week, Malcolm Turnbull put forward his new plan to compile the license and passport photos of all Australians into a huge database. Allegedly, this would allow state and federal police to identify potential threats to national security, or innocent civilians, immediately.

In this new era of round-the-clock surveillance, anonymity is now a luxury. While the majority of companies are working to capitalise on this fact, there are still some technologies working to defend privacy. One such technology, is cryptocurrencies.

Removing the need for both personal identity and third party interference, crypto blockchain technology is the perfect safeguard for financial security. Although we can’t control the government surveying us in public spaces, we can opt-out when it comes to who controls our money.

It’s no wonder cryptos are demonised by banks and governments alike.

So don’t spend your money on a phone with a selling point of collecting your biometric data. Instead, you should look to invest in the companies that have your privacy in mind.

Our in-house tech expert Sam Volkering has recommended one crypto in particular. To learn more about it, click here.

This week in Markets & Money

On Monday, Shae explained why a fundamental growth measuring tool used by central banks is outdated. It’s no longer true that when unemployment falls, inflation rises. That theory was disproved 50 years ago. The central banks’ continued focus on this curve has led to consistently low interest rates with almost no boost in consumption. If they don’t improve, this vicious debt cycle could unravel much sooner than expected.

To read the full story, click here.

On Tuesday, Harje noted that global debt managers are setting up shop Australia. In our low return environment, they have zoomed in on a very attractive opportunity. Our pension funds. But with this move comes the risk of mismanagement and a potential market crash and as Harje explains, there are steps you should take to protect yourself.

To read how, click here.

On Wednesday, Shae delved into the polarized views we have on cryptocurrencies. Either you love them or you hate them. While cryptos have clearly been involved in their fair share of drama over the years, banks are no different. The mainstream media will gladly ignore the numerous times banks have gone bust in order to peddle the idea that cryptos are a far riskier investment. But if you can see through the scaremongering, you’ll find that cryptos are the start of a monetary revolution.

To read the full story, click here.

US President Donald Trump made a lot of promises during his election campaign. Now that he’s in power, he has to follow through — or not. He’s already followed through on some of what he promised, but seems to be struggling with other aspects. And may have never really meant others. His seeming unpredictability has created waves of volatility in financial markets. But as Shae explained in Thursday’s Markets and Money, President Trump may not be as unpredictable as he seems. It’s possible his actions are part of an identifiable, trackable economic cycle.

To read the full story, click here.

On Friday, the US market has a century-old trend of crashing in a year that ends in ‘seven’. The past three market crashes, in 1987, 1997 and 2007, all began in October of that year. Will the US market continue the trend this month?

For more on this story, click here.

Regards,

Katie Johnson,
For Markets & Money

Markets and Money

Markets and Money

Markets and Money offers an independent and critical perspective on the Australian and global investment markets.

Slightly offbeat and far from institutional, Markets and Money delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. 

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watcher7
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There was no market crash in 2007 on the Dow Jones.

The market peaked on October 9 at 14,164.53 and closed the year on December 31 at 13,264.82 – a decline of 6.35%.

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