Authentication

Once companies can recognize their customers without constantly asking security questions, they can shower them with benefits to enhance the shopping experience while bolstering their brand, writes Robert Capps, vice president at NuData Security, a Mastercard company.

From regulations such as GDPR and PSD2 to conversations at major conferences, financial services and payment companies are coming to grips with how vital it is to step up ID protection, according to Lina Andolf-Orup, global product marketing manager at Fingerprints.

The Dixons Carphone hack shows again that merchants and payment companies need to do more to make data unattractive to thieves, according to Robert Capps, vice president of NuData Security, a Mastercard Company.

There is a growing fraud problem encompassing much more than the direct value of lost merchandise. There is also manual order review, opportunity costs from false positives and the massive overhead of implementing fraud-fighting best practices, writes Ryan Breslow, CEO of Bolt.

Unless near zero-friction identity security is embraced, connected devices cannot be used for payments in a substantial way, according to Xavier Larduinat, manager for innovation at Gemalto.

The recent outcry over government use of Amazon's facial recognition software will force TD Bank, USAA and others to confront flaws in the technology that make it harder for women and minorities than white men to use mobile banking.

A multilayered approach that allows one type of fraud tool to pick up the slack when another layer fails, according to Robert Capps, a vice president at NuData Security.

With new data breaches becoming public on an almost routine basis, it’s no surprise that our findings revealed that consumers are starting to favor safety over speed and ease of checkout, writes Joseph Daly, COO of Paysafe Payment Processing in North America.

WebAuthn could eventually mean passwords are replaced with fingerprints and facial recognition. But how hard will it be to implement?

Driven by big breaches like the Equifax incident, all stakeholders in card payments will have to demonstrate multifactor authentication, writes Michael Magrath, director of global regulations and standards at VASCO.

The problem is that, like usernames and passwords, biometrics are a static form of identity that can be exploited rather than a dynamic method that's of little use to crooks if stolen.

Extending this functionality into corporate cards has the potential to make the commercial payments process more seamless and secure, writes Russell Bennett, chief technology officer at Fraedom.

While building consumer trust in these new payments methods will undoubtedly take time, the possibility of freeing consumers from physical payment objects — cash, cards, phones — would be transformative, writes Beatta McInerney, business development manager for payments at ScanSource.

Retailers and payment service providers will need to report on at least a quarterly basis on performance against the reference fraud rates, writes Matthew Attwell, Risk & Client Services director at The ai Corporation.

A better camera should mean more accurate facial recognition. Will it spur more banks to embrace the technology?

Payfone, which provides technology to confirm customer identities, has secured $23 million in a funding round led in part by Synchrony Financial.

To bypass the customer in setting up millions of phony card accounts, Wells Fargo employees took advantage of the bank’s continuing reliance on single factor authentication, writes Patrick Cox, CEO of TRUSTID.

Rather than searching for a "silver bullet" and relying on a single line of defense, FIs and merchants should adopt a layered model combining different approaches and technologies, writes Elina Mattila, executive director at Mobey Forum.

This dangerous "wild west" scenario of fraud and breaches is pushing improving or revamping online authentication to the top of this year’s to-do list for both online companies and governments, writes Robert Capps, vice president of business development for NuData Security.