In today’s time, many businesses are provided with new ways to meet the unique and growing demands of consumers. It is all thanks to technologies that made a way to automate operations such as banking and commerce for supply chain improvement. Alternative payment methods such as cryptocurrency pave the way for more convenient and faster transactions.
However, as financial industries adopt digital systems, fraudulent activities in digital forms also increased. Hackers have also learned the latest ways to access password-protected accounts and secure holders’ PINs or personal identification numbers. With these growing concerns, companies are challenged to implement strong customer authentication solutions like LoginID to prevent account hacking.
Biometric Payment Authentication and How It Works
The significant growth in the use of biometric authentication primarily lies in convenience. It made purchasing, selling, and banking more accessible and safer because businesses and consumers need not memorize complex passphrases for verification. Biometric authentication like FIDO2 uses the physical attributes of a person—facial, iris, and fingerprint scans—for identity and ownership. Biometric authentication also provides confidentiality and cost-effective ways of doing e-commerce.
Regarding e-commerce, consumers can now avail of services and consumer product purchases even to SMEs or small and medium enterprises. Thanks to 4G and 5G connectivity in 2019, transactions were made electronically possible even through a remote setup. Payments and other transactions can be channeled through digital wallets using laptops and smartphones.
Biometric Payment Authentication for FinTech and Crypto
Through FinTech or financial technology, finance companies and banks are empowered to offer online services by having access to digital devices. Companies that use this specialized software and algorithms often store vast amounts of personal data, accounts, and security systems. When these critical data are only authenticated through passwords can lead to massive financial losses and data breaches when phished by identity thieves. Brand reputation and user trust are always at stake.
As for real-time fraud prevention in cryptocurrencies, biometric technology stands a chance to provide reliable and secure transactions. Though crypto paved the way for people to go anonymous in creating transactions, a person’s biometric code will be hard to break. Through LoginID’s biometric authentication, log-in and payment confirmation create a secure user experience.
Check out this blog by LoginID to learn more about Biometric Payment Authentication, or connect through their website at https://loginid.io/.
