Is Fingerprint Identification the Future of Payment Security?
Welcome to our 5-part blog series on why to Bin the Pin. In this third post, Henrik Knudtzon, Chief Financial Officer at IDEX Biometrics explains Is Fingerprint Identification the Future of Payment Security?. Our previous post in Bin the Pin looked at biometrics vs. the PIN.
Fighting both online and offline payment fraudulence is one of the biggest challenges for financial service providers and banks across the world. With the increasing number of criminal activities, it has now become imperative to do away with scattergun techniques and count on something much more effective that assures customer security.
Biometric market: The Present Scenario
Biometric authentication solutions are breaking ground in payment security, with fingerprint sensor enabled payment cards being one of the silver bullets. Powerful collaborations between fingerprint sensor technology providers, industry-leading semiconductor manufacturers, card manufacturers, as well as security and global payment providers are already well underway. Leading fingerprint sensor technology providers, including IDEX Biometrics, have successfully completed engineering integration and validation with enterprise level user authentication and transaction security providers as well as smart card suppliers such as IDEMIA, Feitian Technologies and JINCO Universal.
Given these strong partnerships, contactless biometric cards are expected to have a profound impact on market adoption rates. In 2018, IDEX Biometrics established a robust high-capacity supply chain to support its commercial deployments. Furthermore, IDEX have made significant progress in curbing development time and cost overruns by investing in cutting-edge testing and probing equipment.
Successful trial runs in partnership with IDEX Biometrics have validated the future of fingerprint identification for payment security.
Trial Runs and Results
- Customers have shown high interest and active engagement with biometrics cards across the world, including Africa, Asia and Europe.
- Biometric bank cards have already been launched in the Middle East.
- Simple and user-friendly on-card enrolment is now available based on a solution developed in partnership with Mastercard.
- High volume deployment has become cost-effective.
With the use of biometric-enabled payment card solutions, banks will be able to draw a wider spectrum of customers due to the assurance of higher security. Furthermore, secure contactless transactions will promote higher transaction volumes due to increased confidence and convenience.
For more insights on finger sensor technology, click here.
Our previous post in Bin the Pin looked at how PINs are highly insecure when making Payments.