Biometric Security Likely to Surge in 2017

Biometric Security Likely to Surge in 2017

December 28, 2016         Written By Bill Hardekopf

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.



The information contained within this article was accurate as of December 28, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time