Biometric Security Likely to Surge in 2017
With the the rise of mobile payments, digital identity companies are starting to form partnerships to create better mobile security.
Statista found that Americans spent more than $450 billion last year using mobile phone payments, and that number could rise to $1 trillion by 2019. Some worry cyber criminals and fraudsters may soon seek to leverage this trend, which is why multiple security companies are joining together to enhance mobile security.
Comarch and EyeVerify have started collaborating on biometrics for retail and corporate banking, and Samsung and Precise Biometrics are working on new fingerprint recognition software. FirstBank has joined with Entersekt to increase security on its iOS app. FirstBank users must now sign in to their mobile banking account with a biometric indicator instead of a username and password.
FirstBank is not the only financial institution switching to biometrics. U.S. Bank Chief Information Security Officer Jason Witty told PYMNTs.com that banks are coming together to share information, best practices and security techniques. Most industry experts believe a combination of biometric security and smartphone architecture will be best for increasing mobile security.