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Is Biometric Authentication the Reliable, Safe Answer for Payments?

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2022 06 09 biometric authentication payments

For every secure, reliable authentication method, there are millions of attempted hacks. Fraudsters are breaking new systems as fast as developers can invent them. Passwords, PINs, and double authentication offer protection. Multi-factor, authentication provides a double-layer of protection that prevents cybercriminals from hacking your personal information. The only reliable, consistent authentication method uses characteristics that can’t be duplicated or hacked. That’s what biometric authentication does. It uses biometric features, including biological and physical characteristics, to verify a person’s identity. Various devices like cell phones, gates, doors, and computers use this authentication method.

Various forms of biometric authentication 
  • Iris scan: scans more than 200 unique biometric points in the iris and compares them to a database. It is considered the most secure and reliable biometric tool.
  • Voice recognition: this method uses voice characteristics specific to the user to distinguish between voices.
  • Facial recognition: ATMs often use this authentication method for mobile and digital banking. Facial recognition does depend on various external factors like the quality of light and the positioning of the person’s face to authenticate, making it less reliable than other biometric methods.
  • Fingerprint scan: currently the most popular biometric method. If you have a mobile phone, you will be familiar with this authentication method because various mobile providers use it to provide highly accurate and precise results.
  • Vein pattern authentication: this method uses vein patterns on people’s palms, fingers or eyes to identify and authenticate them. Because you can’t easily duplicate these patterns, it is one of the most accurate authentication methods.

Some of the applications that currently use biometric authentication include Samsung’s iris scanner, used by various banks to authenticate logins, and Singapore’s OSBC and HSBC banks, which use facial recognition for online payments. Mastercard and Visa have both launched biometric cards.

Critical features for new payment methods. 

In a recent study on New Digital Payment Methods conducted in Europe, merchants listed critical features that underpin their acceptance of payment methods. A summary of the findings of this study follows below.

  • Merchants consider demand as the most important factor for accepting any new payment method. If customers demand and accept a certain payment method, merchants immediately want to be able to offer it.
  • When considering anything new, any person running a business will always look at the bottom line. Merchants are no different. They look at the fees attached to payment methods when they decide whether they will accept a payment method or not.
  • Another important element in payments is the speed at which they happen. Merchants demand instant payments and access to funds.
  • Reliability is also crucial to merchants. There is no point in having a payment method that is not reliable and backed up by excellent customer service. If you’re looking for an always-on payments provider, Truevo is the answer.
  • It makes life easier for merchants if payment systems integrate with their day-to-day operations and accounting systems.
  • Last but not least is security. Both consumers and merchants demand that all their transactions are safe and secure. They’d rather use existing multi-factor authentication methods than run the risk of phishing or fraud.

In a post-Covid19 world, the need for contactless payments has catapulted us into a nearly cashless society. We anticipate that biometrics will become the order of the day for payment authentication, although even they have shortcomings.

If you’re looking for a safe, secure payment provider, speak to Truevo. We develop faster than most and incorporate the latest technology into our products. Drop us a mail. We can’t wait to do the future with you.

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