The current number of security breaches, hacks and identity thefts have left many wondering how they can better secure their financial accounts and the personal information attached to them. A new innovation called biometrics uses the human body as the main identifier, and it may just be the next best thing to come out of next generation technology.
Acuity Market Intelligence reports that biometrics is expected to protect roughly 65 percent of all mobile e-commerce transactions by the year 2020, a move that has a projected yearly revenue of almost $35 billion. The reason for this advanced tech is that even with all of the security measures on bank and credit card accounts, it’s still relatively easy for hackers and identity thieves to fake authentication measures.
Something to bear in mind with using a person’s physical features as a layer of next gen protection is that there are likely to be issues during initial implementation, which is the same for any emerging technology. Once perfected, it’s expected that biometrics will eliminate many of the problems inherent with situations where a physical credit or debit card isn’t available. Not only that, but it can also keep a consumer from needing her or his wallet at all.
In order to create a convenient and effective biometrics experience, companies have started studying the ways in which people use their voices, faces, irises and fingerprints as forms of identity verification during business transactions. Specific companies that are testing biometrics technology include Samsung, MasterCard, Alibaba and Apple. Samsung is experimenting with fingerprints, voice and iris recognition while MasterCard is testing facial recognition technology. Alibaba has put a twist on face recognition by using selfies as a form of identity verification while Apple has already made it possible to make Apple Pay purchases possible with a fingerprint scan.
Using features of the physical body to make payments isn’t without its limitations. For one thing, the images and video clips a person has on his phone can be used to authenticate a transaction. There’s also the possibility of a person’s biometric data being stolen. What’s significant about having biometric data swiped is that the owner can’t call the bank or credit card issuer and request a new face, fingerprints or eyes. In addition to hackers and identity thieves, there’re a number of legal concerns to consider, such as who should have legal access to a consumer’s biometric data.
Even though the field of biometrics presents a great opportunity, it’s not without its obvious loopholes. While still a long way from being widely used for payments, there are elements that are slowly being implemented into everyday life and business transactions.