News & Views - Savantor

Biometrics – the way forward

Monday, 09 February 2015
This month we learned that MasterCard has launched an initiative to invest heavily in biometric technology in the fight against fraud involving facial and voice recognition and fingerprint matching. It has also just been announced that RBS and NatWest will be introducing Apple's Touch ID for fingerprint log-in to mobile apps on the iPhone. The success of any anti-fraud initiative is due not only to the effectiveness of the technical solution, but also the user experience and ease of use on a daily basis – which is where development of biometrics seems to be a winner. Not another password to have to be remembered or a cumbersome identification process extending the time to undertake the transaction, but a method based on something already unique to the individual. The use of biometrics could probably be said to have been introduced to the general public consciousness by the iPhone – which is afforded near 'cult' status by some sections of the population, particularly the younger generation – and it is this generation which can have such a heavy influence upon payment habits and patterns. According to a recent survey undertaken by Visa Europe, three quarters of 16-24 year olds are comfortable with the technology, with a major factor in its favour being the perception that it is quicker than current security systems as well as a belief that biometrics are more secure than traditional passwords. There will never be a one-stop solution for fraud prevention, however the use of technology which spans available payment options and is regarded by consumers as both innovative yet reliable must be the way to go.
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