TMG Issues White Paper Exploring Biometric Authentication in Payments
(Des Moines, Iowa – December 16, 2013) – Payments processor The Members Group (TMG) today released its second white paper in a series of four fraud-themed papers. The topic of this paper, which is written for financial institution leaders, is the emergence of biometric authentication in the payments space.
Authored by TMG Senior Fraud Prevention Analyst Nicole Reyes, the paper highlights the influence of biometrics in other industries and explores whether or not consumers are ready for biometrics in their everyday exchange of money.
Reyes opens the paper with consumer reaction to the fingerprint scanner on the iPhone 5s. “While those of us in the security profession would like to think it was the increased safekeeping of their personal data and information that intrigued iPhone fans, we know most people are just as excited about speed and simplicity as they are about security,” she writes. “A recent survey, for example, found only 28 percent of respondents are very concerned with the privacy and security of their phones or mobile devices.”
The paper discusses the influence of biometric authentication already in place throughout the world, including facial recognition in casinos and vein-profile scanning in ATMs.
Reyes concludes the paper with this thought: “Whether they are ready or not, whether they understand it or not, many early-adopter consumers will be intrigued by the promise of biometric security solutions. For financial institutions, the question becomes: Will our customers lead us or will we lead our customers?”
To download the white paper “Biometric Authentication Heading for Payments Space,” visit themembersgroup.com/biometricauth.