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Biometrics and Banking

Biometrics and Banking

James Stickland - Veridium

Biometrics Swiftly Becoming the Global Standard for Payments 4 hours ago  |  954 views  |  0

We’re all aware of how readily available biometrics are by this point. If you aren’t approving that purchase of a cup of coffee you just made with Face ID you probably unlocked your smartphone with a fingerprint, or use that fingerprint to log into your banking app. But consumers aren’t the only ones with their eye on biometrics as a convenient way to secure access to the things they consider important. Many financial institutions and governments have already embraced biometric authentication as the standard for verifying the identity of customers opening accounts, requesting services, and making payments.

And we’re not just talking about purchasing cups of coffee either.

Goodbye Chip & PIN

It seems like just a year ago that we were heralding the benefits of Chip & PIN for securing our card-based transactions. But by the end of 2017, we saw statistics that financial fraud has actually risen since this technology was introduced in some areas. And now, some nations like India and China are already moving away from Chip & PIN in favor of mobile biometric authentication.

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