Biometrics Set To Authenticate Over $3 Trillion Payment Transactions By 2025

Juniper Research claims that biometrics such as fingerprint, iris, voice, and facial recognition, will be used to authenticate payment transactions of more than $3 trillion by 2025. Boosting the demand for biometrics is the use of OEM Pays that include the likes of Apple Pay and Samsung Pay, which already offer the functionality. Since the coronavirus, there is exponential demand for contactless options as the favoured method of paying.

Experts Comments

February 02, 2021
Burak Agca
Security Engineer
Lookout

The study validates that mobile devices are now an integral and essential part of our daily lives, impacting almost every aspect of our social and professional interactions. Biometrics, fingerprint & iris, voice and facial recognition technologies make processing services and transactions more convenient, but at the cost of our fundamental ‘right to be forgotten’. 

 

Tech giants are battling for ownership of our identity. It's a complex exercise for an individual to erase all data and exert

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The study validates that mobile devices are now an integral and essential part of our daily lives, impacting almost every aspect of our social and professional interactions. Biometrics, fingerprint & iris, voice and facial recognition technologies make processing services and transactions more convenient, but at the cost of our fundamental ‘right to be forgotten’. 

 

Tech giants are battling for ownership of our identity. It's a complex exercise for an individual to erase all data and exert their ‘right to be forgotten’. We all have countless apps on our smartphones and tablets that we trust with sensitive information. While this disperses our data across a number of platforms, regular high profile data breaches are making users wary of where their data is.  

 

We use our mobile devices for work and personal, and oftentimes we use the same device for both. This means that a compromised device can give attackers a backstage pass to our personal data as well as proprietary company data. Today, users demand freedom from inspection and are averse to deep data collection. Given Facebook’s recent WhatsApp challenges, products and services that leverage a mobile app will have to show proof of strong security and PII protection to keep users on their platform. 

 

Banking and transactional apps are as likely to have vulnerabilities as any other mobile app and require updates on a regular basis. Attackers are almost always looking for financial gain as the primary result of malicious activity. For that reason, they target these types of apps because they know a successful breach means direct access to funds. 

 

Mobile users must understand that an app containing vulnerable code can be exploited and lead to compromise of the device and other apps on it. We grant mobile apps permissions that seem innocuous, but could in fact be leveraged against us in the case of malware being present on the device. This could lead to wholesale exfiltration of our personal and corporate data or even remote command and control of the device.

 

Banking apps are often well coded to protect against fraudulent account activity. However, according to Lookout telemetry, it's clear that protection against external, real world threats facing iOS and Android devices is lagging behind. 

 

Every mobile user should be protecting themselves against device, apps, network, and phishing threats by using a mobile security app on each of their smartphones and tablets. At an organizational level, IT and security teams should be treating mobile devices with the same priority as their traditional computer and cloud server counterparts. Banks should secure the consumer mobile banking experience by embedding mobile security capabilities directly into their mobile apps.  

 

As users become more conscious of how mobile threats can target their personal financial information, their demand for greater security will drive banks to do this. International data protection laws are also evolving to include mobile apps and devices in their parameters. Deploying in-app threat defense can be a huge differentiator for banks as they fight for consumer market share in an increasingly mobile industry. Doing so ahead of the market will show acknowledgement of how important customer privacy is to the institution and may drive more customers to trust that bank with their most valuable personal data.

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