How to assure Foolproof Security when making Credit & Debit Card Transactions
Welcome to our 3-part blog series on biometrics and the shopping experience. In this second post, Brian Roberts, Vice President of Business Development and Product Management at IDEX Biometrics, discusses foolproof security for credit and debit card transactions.
With a significant increase in online and mobile transactions over the last few years, security continues to be a critical area for banking and financial services organizations worldwide. Reports of breaches of security and stolen credit card information have been making the rounds for the past couple of years making consumers wary every time they make a transaction. Fraudulent activities such as card skimming, card theft, PIN hacking, application fraud and phishing are still actively practiced making it difficult to stop the scammers.
So, is it too challenging to mitigate the impact of payment card fraud? Not anymore. Biometric authentication technology is likely to corner the market in payment security and ensure an elevated level of customer satisfaction like never before. How? Let’s find out.
Biometrics – Multi-fold features
The powerful collaboration of payment card giants, such as Mastercard, with IDEX Biometrics who are a leading fingerprint solutions provider, brings a bright future to payment card security. IDEX is also collaborating with many others in the supply chain including market-leading semiconductor and card manufacturers, security solutions providers and global payment providers.
In fact, biometric payment cards are already coming into use across the world and will replace traditional cards in the years to come. Here’s how users are going to benefit from biometric-enabled payment cards.
- The most important feature of a biometric-enabled card is its 99.99% accuracy of correct identification and authentication.
- The highly scalable off-chip fingerprint sensor can be easily integrated into the card making it very simple to use. Biometric cards are thin, bendable and the simplified structure minimizes the number of components and cost overruns.
- Users are not required to remember their vulnerable PINs. All they need to do is use their fingerprint whenever they make a payment.
- Biometric identification is an instant process compared to PIN authorization which takes longer. As payment systems become streamlined with just a press of the finger, it makes payment systems much more expeditious saving the time of both parties directly involved in the transaction process.
- The user can enroll themselves as the card’s exclusive holder using a simple device supplied with the card. This means the user doesn’t need to visit a bank or share their biometric credentials with a third party.
- The card is battery-free and consumes low power. It can function with the power from a standard POS terminal and works with existing contact and contactless terminals.
So the next time when you make a transaction with a biometric-enabled credit or debit card you will know that you are making the most secured transaction possible. Find out more about the leading-edge fingerprint sensor technology.
The previous post in our series on biometrics and the shopping experience reviewed the need for biometric cards for a secure shopping experience.