Biometric banking: Security safeguards for cashless commerce

According to the 2014 LexisNexis True Cost of Fraud Study, fraudulent activities cost retailers billions of dollars every year. The combination of massive breaches due to stolen card numbers, expansion into unfamiliar territories in mobile and alternative payments, and fraudsters’ efforts of using counterfeit cards before the standardization of integrated circuit cards for authenticating transactions, led to merchants losing 0.68 percent of their profits last year.

Businesses have been left in a much worse financial standing while the number of factors conspiring to challenge fraud prevention efforts increased. With cashless transactions happening outside the confines of the secured network of the home or a virtual private network, ample opportunity is created for fraudsters to illegally access and utilize banking information despite passwords set by customers. In order to win over illegal account takeovers and card thefts, cashless payments now integrate biometrics for added authentication. Among these innovations are:

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1. Advanced fingerprint scanner embedded in payment cards and mobile devices that reads prints without a requiring dedicated place for where to tap the finger;

2. VeinID scanner that transmits infrared light to one’s finger and authenticates via the resulting vein pattern;

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3. Myris that banks on the difficulty of forging the eye and scans the iris through an infrared light for added authentication;

4. Nymi that takes the form of a wristband that verifies identities based on the heartbeat’s electrical pulses by looking at electrocardiogram waves; and

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5. Intel’s True Key technology which instantly detects face relying on characteristics that make the face unique, among others.

The variety and versatility of cashless trades and mobile technology denote that biometrics can provide a lot more options than simply having a screen lock feature on smartphones. Protecting customers from fraud keep them loyal patrons, but with the evolving fraudulent methods, banks and other commercial establishments must ensure that their security systems are up-to-date and seamless as to not be intrusive.  

Breder Suasso guarantees high levels of efficiency and confidentiality in keeping all client transactions secure from anywhere in the world. Visit this website to learn more about the company’s financial services and products.