PaymentEye: Biometrics: Banking, fraud and financial inclusion
24 July 2018
A conversation with Stan Swearingen, CEO, IDEX.
Why should the retail and banking sectors put identity first to ensure a user-friendly customer experience?
Payment cards have been in use since the 1950s. For decades we relied on signatures as a form of security, until 2006 when chip and PIN cards were introduced to the UK. Yet PINs are notoriously vulnerable, with many people using obvious numbers or even writing them down. This is why phones have been using fingerprint technology since 2004, with Apple taking it mainstream with the iPhone in 2013. Due to its highly unique nature, a fingerprint is extremely secure and therefore ideal for securing payments. But getting a fingerprint sensor on a card has – until now – been a challenge. Cards are thin, lightweight and have no power source. This is where our innovative fingerprint recognition system comes in. The technology is now ready to be attached to the every-day payment card we all use across the globe.
