Finance Derivative: The role of biometrics in creating a secure shopping experience
8 February 2019
The advent of online shopping, and in-store click and collect has meant consumers have become accustomed to seamless payment processes. Customers can now easily make payments for small purchases on the go through their mobile wallets or contactless payment cards. However, this change in purchasing options, particularly contactless, has made card fraud even more convenient for fraudsters. Contactless payments have hit record levels of fraud this year, overtaking cheque fraud and hitting the unprecedented amount of GBP 5.6 million. A third of payments are now being conducted via contactless cards, but consumers are becoming ever more aware that this payment option carries an associated level of risk – research from IDEX Biometrics shows that 63% of consumers are concerned that their contactless payments are insecure.