Authentication

New designs and easier authentication can boost adoption, says Fingerprints' Thomas Rex

New smartphones have subtle differences that require more complex security solutions, says Fingerprints' Ted Hansson.

The bank is investing in a new authentication platform because password-based security systems have too many weaknesses, says Juan Francisco Losa, BBVA’s global head of security architecture.

The technology has graduated from early movers and is large enough to make a difference in authentication, argues Findora's Charles Liu.

New, risk-based technologies powered by AI and machine learning (ML) enable financial institutions to analyze transaction, device, geographical and behavioral data to make real-time security decisions, detecting and preventing fraud as it happens, says OneSpan's Michael Crichton.

By adding strong authentication to the “tap,” consumers can benefit from greater security without harming the user experience of contactless. Or slowing throughput time for merchants, says Fingerprints’ Lina Aondolf-Orup.

Cybercrime has become harder to fight as it becomes more sophisticated. Criminals have deployed technology that can infiltrate a consumer's personal computer and copy parts of the underlying hardware and mimic typing speed, style and other computer habits of the user.

In the four years since Nets set up a laboratory at its Copenhagen headquarters to test new approaches to payments, it’s learned that consumer response to biometric payments technology such as finger-vein checkout is nearly impossible to predict.

Payments messaging standards provider Swift has opened its global Know Your Customer registry to all the corporations it connects to following a successful test.

The age of PINs and passwords are sadly not yet gone, but new devices and digital services will need more advanced authentication, says Fingerprints' Maria Philstrom.

Whether data leaks come from internal mistakes and exposures or from direct hacking, the outcome is the same. Data is exposed and cybercriminals are using it for fraud today, next year or several years from now, says NuData's Rosemary O'Neill.

Stephen Ranzini, CEO of University Bank, says The Clearing House's RTP and Early Warning's Zelle handle enrollment, encryption and authentication insecurely.

Ahead of the busiest shopping period of the year, CaixaBank is embracing facial recognition retail payments, an option that has met with pushback elsewhere.

Airlines have become a magnet for online fraud, as criminals refined methods to tap channels with higher payoffs.

Anticipating demand from internet of things and advanced smartphones, Fingerprint Cards AB has launched a new multi-biometric technology platform that combines iris screening with facial recognition.

With simple passwords more vulnerable than ever, a growing number of CUs are deploying multifactor authentication techniques to bolster security.

As requirements change, open standards can help governments feel confident that solutions are agnostic, flexible and safe from vendor lock-in, says the OSPT Alliance's Luiz Guimaraes.

MFA stops broad attacks, but more targeted hacks can still get through, says KnowBe4's Roger Grimes.

The facial recognition development trail is dotted with starts and stops in its search for consumer adoption, from Mastercard's "selfie pay" to Apple's 3-D facial scan tests and the Federal Trade Commission's approval of biometric authorization.

Canada is often at the forefront of payments innovation, with active fintech hubs and a national initiative to restructure the country’s transaction system for e-commerce. Yet outdated attitudes about identity risk linger, showing how hard it will be to achieve global digital ID at scale.