Chargebacks911® Founder Monica Eaton shared her take on the prospect of new biometric technologies changing the way we conduct payments in a new feature for Biometric Update.
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As noted in the piece, biometrics are an inherently more secure form of identity verification. This is because biometrics are based on inherence, rather than knowledge (i.e. passwords), or mere physical possession of a payment card. as Monica explains, inherence is more secure “because the method of verification is physiological, making it much harder to copy someone’s physical features like a fingerprint than to replicate a plastic card or a password.”
Unfortunately, biometric usage for payment security remains limited. Part of the problem is that biometrics require additional hardware, which is not widely available outside of mobile channels.
“First, it cannot be relied upon for a fingerprint scanner or smartphone camera to be available at every transaction,” Monica explains. “While consumers can use biometric authorization on most mobile devices, desktops still make up a large portion of eCommerce sales.”