The rapid progression of technology has opened the doors for many innovations, one being the biometricsystemthat paved the way for passwordless authentication.Accordingly, this year, with the revised Payment Services Directive (PSD2) Strong Customer Authentication (SCA) mandate, started new ways for payments authentication in Europe.
Such new authentication methods aim to counter fraudulent threats, especially as criminals employ sophisticated hacking techniques to bypass security measures. One of their most common tactics is to exploit authentication systems’ weaknesses, pose as a legitimate user, and steal identities.
For a long time, passwords were the primary security means for buyers. Despite all warnings, people are often guilty of using the same knowledge-based authentication for multiple accounts: making it less secure.
Fortunately, this may become a thing of the past soon as the expansion of mobile payments has opened doors for implementing new authentication methods.There has also been an increasedneed forasecure alternate payment authentication system.
This biometric payment is a point-of-sale technology that uses biometric authentication based on physical characteristics to verify the user and authorize access to service or deduction of funds from a bank account.
The most common example of a biometric payment method is fingerprint scanning, a security feature in most mobile phones. Aside from that, facial recognition is also gaining prominence as well. Other biometric authentication methods are iris recognition, retina recognition, voice recognition, and more.
Often, the system uses two-factor authentication in which individuals will need to scan their finger then input a PIN or password—allowing customers to feel more secure and protected.
Moreover, delegated authentication allows merchants to address user authentication themselves rather than relying on their payment provider’s verification methods.This will enable them to tailor their authentication methods based on customers’ preferences and keep friction to a minimum.It is also an excellent solution for clients looking for seamless authentication.
If you want to learn more, visit LoginID’s website.