The Power of Your Fingertip!
Welcome to our 5-part blog series on why to Bin the Pin. In this fourth post, Henrik Knudtzon, Chief Financial Officer at IDEX Biometrics explains The Power of Your Fingertip.
Don’t you think a minuscule four-digit PIN is too vulnerable to be used in this hacker-active age? Now you might consider elongated alternatives such as passwords but most of the time it becomes more of a hassle because you can simply can’t remember all the different passwords you might have. Did you know the power to fight payment fraudulence is in your hands? Literally!
No Dead Ringer of Your Finger
With a fingerprint sensor-enabled payment card you will be required to use your own finger for authenticating your identity. This is a high security solution since your finger is unique to yourself making it extremely difficult to be hacked or replicated. Sounds interesting? Let’s find out more about this sure-fire security measure.
Payment card fraud is considered to be one of the most alarming concerns of financial institutions making it challenging and high-maintenance to prevent. Recent trials and surveys by leading biometric technology provider, IDEX Biometrics, have validated an increasing demand for biometric-enabled cards both by consumers and issuers. This is the very reason why financial services giants, such as Mastercard, have already shown interest in implementing fingerprint-led payment cards instead of PINs.
Fingerprint sensor providers offer highly customizable sensor solutions where card users are neither required to visit a physical branch nor Point-Of-Sale terminal to register the card. Nor do they need to use an electronic device such as a computer or mobile phone. Users can securely enroll themselves with the help of a cost-effective on-card enrollment solution which can be implemented in both contact-based and contactless applications. This drives a quantum leap in mass adoption rates and enhances overall user engagement.
How does it work?
The highly advanced off-chip sensing technology involves a customizable organic polymer sensor which provides excellent imaging quality with resistance to superior wet to dry finger performance and common mode noise. The sensing can be completely encrypt data and can be implemented in an array of verticals such as banking, government ID, IoT, and much more.
It can be safely said that fingerprint biometrics in payments cards will soon replace PINs for assuring complete payment security, enhancing efficiency, and maximising Return On Investment (ROI). The power is at your fingertips!
Our previous post in Bin the Pin looked at whether fingerprint identification is the future of payment security?.