December 6, 2017 -
Visa has published a “Future of Security Roadmap” which emphasizes the use of biometrics, particularly with a mobile device, in its strategy for securing payments in Australia through 2020.
The strategy rests on four pillars: devaluing data by removing sensitive data from the ecosystem; protecting data by implementing safeguards; harnessing data to increase confidence and identify potential fraud before it occurs; and empowering all stakeholders to take an active part in securing payments.
Visa plans to achieve the data harnessing aspect largely through biometrics.
“Mobile-initiated payments are ideal for incorporating a wide range of biometrics (e.g. voice, face, fingerprint, iris), given the ubiquity of smartphones and the ease of implementation for both in-store and in-app payments,” according to the Roadmap. “The promise of eliminating passwords in exchange for a more convenient biometric solution addresses a universal problem shared by nearly all consumers.”
To this end, Visa published consumer device cardholder verification method (CDCVM) standards for biometric self-validation, according to which the cardholder verification method (CVM) is captured on a mobile device, in 2017. Rather than work toward adoption of a single biometric, Visa is working with the FIDO Alliance and other industry associations to certify products.
“We always expected biometrics to get to a point where they would play an important role in payments, in fact we expected biometrics to play an important role in our lives as we go about our day-to-day business whether it’s accessing buildings, our car, or an online service,” Joe Cunningham, Head of Risk for Asia Pacific at Visa told ZDNet. “So there’s no surprise that payments has been front and centre when it comes to biometric adoption. Everyone thinks of biometrics when they think about payments in the future.”
Cunningham also said that 67 percent of Australians believe biometrics make password authentication easier.
Other initiatives described in the Roadmap include “3-Domain Secure 2.0” for online shopping, tokenization, use of EMV chip technology, use of mobile geo-location and transaction controls set by consumers and alerts sent to them.
ZDNet reports that Roadmaps will follow for other countries.
In October, Visa selected Daon to provide biometric services for its Visa ID Intelligence platform.