Biometric authentication
Users’ preferences
A survey by Visa found that 94% of Greek consumers use biometric authentication technology. Primarily, users consider this technology safer and more reliable than traditional methods. 68% of consumers have left online purchases for reasons as the loss of driver’s license or a card problem.
More specifically, the same survey showed that 91% of people consider fingerprint recognition as the safest method of identification followed by iris scanning. Sometimes, it’s just not possible to remember passwords, and biometric authentication offers more streamlined options.
As biometrics become more popular in light of PSD2, biometric technology is gaining ground as well. PayPal, a payment institution under PSD2, was designed by the European Banking Authority (EBA) and affects anyone making or receiving online payments across Europe. The European Union’s new payment rules will come into force in December 2020. This will be implemented through the “e-commerce payments” measures, which were passed in September.
The upgrade on security
For added protection, the SCA aims to reduce fraud by adding layers of security to online and contactless payments. It requires banks to carry out additional checks that establish the identity of the cardholder making a payment. In particular, it requires two-way verification.Are you currently using biometrics to confirm your client payment? It might be a quick, secure and easy way of doing so.Biometric authentication is quickly responding to security-conscious consumers who have been have been demanding such technologies, and with it responds to SCA requirements. That technology has been developed to help prevent fraud, and you should have it enabled at all of your locations. This technology can make sure payments are secure & identify any questionable ones to prevent fraud. It ensures your customers have the right credit card information & legitimate access to their bank accounts.
The problem with passwords
You might need to remember your password if you’re going to make a purchase online. If you forget, don’t worry! You can get it as necesary. “In addition, it highlighted potential security risks such as data theft, identity theft and malicious actions. 17% of Greeks who shop online use the same password for all their accounts, only 25% have a unique password for each account.” Hackers may try to hack into consumer accounts by uncovering their password, making consumers exposed to multiple vulnerabilities.
While temporary passwords are a possible solution to overcome the need to remember multiple passwords, 52% of Greek consumers are still concerned that their account may lock- after multiple failed attempts to complete a purchase. Despite being a recent method of authentication, many people in the country have already used a biometric method. They used it most often for the sake of speed and convenience – which is what makes using biometrics appealing to a wider audience.
In anticipation of the EU’s SCA directive coming into effect in Greece, Visa has revealed that 44% of people want to switch from passwords to biometric authentication. This means that it’ll be easier for them, and they’ll also be more secure and 33% that biometrics are impossible to forget or lose.
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Author: PC-GR
The World of Technology
