Once upon a time, the internet was ruled by anonymity. Back then no one knew you are a dog. Cue all the emerging social networking platforms and the financial services that became available online, the need for identifying and confirming one’s identity has never been more crucial.
There’s no shortage of businesses who require identity verification and background checks. Mobile and internet banking alone in Britain have already embraced the mark of £1 billion per day. Based on a survey of eCommerce Foundation, e-commerce in the UK was worth 157 billion euros in 2015.
According to Financial Fraud Action UK, financial fraud incidents experienced a 53% increase just in the first half of 2016 compared to the same period the year before.
That translates into the hundreds of millions stolen through fraudulent methods and a huge blow to the trust of banks’ online services.
Who’s the weak link of the equation? – ID verification methods and more specifically passwords!
Out With The Old, In With The New
Outdated and archaic is the way of passwords. They are remnants of older times, a once revolutionary step, now an obsolete reality. Much past their prime, they serve for less and less every day and their main function has reduced to causing headaches to users who have to remember an insurmountable amount of otherwise nonsensical words and numbers just to perform everyday mainstream tasks.
According to Intel Security, ‘the average person has 27 discreet online logins.’
It’s our duty to turn towards more efficient, secure and intuitive solutions that offer nothing less than a seamless, convenient and, above all, safe experience to everyone who wishes to go about their daily tasks. Biometrics identity verification is paving the way to the future. It has set new standards in terms of convenience and security.
Biometric verification has the power to streamline ID verification processes and background checks and in turn, revolutionise the online transaction scene.
Mobile software and hardware companies, bold pacesetters of the last decade, introduced us to the first biometric ID recognition available to the public by utilising fingerprint scanners on their smartphones.
This was the contact point of the largest part of the population with biometric information and the first step away from the inefficient ways of usernames and passwords.
Fingerprint recognition was just the first wave, the wake-up call. Soon after, iris recognition was available for certain smartphone devices and from there, things are evolving at the speed of light. Facial recognition, heart-rate identification, machine learning technology and…selfies are just a mere set of examples of harnessing the power of new ID verification technologies.
Mastercard – In the Blink of an Eye!
Mastercard had the ingenious idea of essentially gamifying one of the most vital security processes by combining it with the most popular social media practice of the last few years – the selfie.
Having to remember a username and a password is history. All you have to do is simply take a live selfie and bam your money is safely and securely on its way to the designated destination out of reach of malevolent attacks.
Seamless, easy, convenient and who would have thought…even fun!
Mastercard is not the first and hopefully not the last large financial institution that’s trying to break the shackles of passwords and onboard a much more functional, efficient and secure identity verification system.
Where Do We Go From Here?
What’s the ultimate goal of any company that handles transactions or sensitive user data?
To avoid the alienation of legitimate users by eliminating any possible disruptions of their experience while at the same time be able to protect them in the most secure and foolproof way by blocking fraudulent attacks and invasive malicious practices.
Know and protect your customers without having to ask them – How can you achieve that?
Through the implementation of next generation identity verification technologies.
Biometrics has made the first step towards the right direction. Now it’s in the hands of those who will take it a step further. Technology is only here to serve us and make our life easier. It’s a process of continuous evolution, improvement, and adaptability. Now it’s the time to look forward and start walking.