Study finds most banking customers want advanced authentication methods

Iovation partnered with global research and advisory firm Aite Group to release a new study titled “Moving Beyond the Password: Consumers’ Views on Authentication”, which revealed that 85 percent of respondents want to replace passwords with advanced authentication methods. The survey polled nearly 1,100 consumers across four generations who use online and/or mobile banking platforms — including millennials (35 percent), Gen X’ers (26 percent), Baby Boomers (32 percent) and seniors (7 percent) — to better understand their attitudes toward various

Digital bank EON selects Daon’s IdentityX platform for biometric authentication

Daon revealed today that Union Bank of the Philippines’ digital banking platform EON selected its IdentityX platform to improve security and the customer experience. IdentityX enables EON customers to log in to the EON mobile app using biometrics. “We chose to partner with Daon after extensive research in this space because they demonstrated a deep knowledge of biometrics,” explained Paolo Baltao, EON’s head advocate. “Daon is a global leader in large-scale authentication deployments with many live production systems in the

Citigroup’s voice authentication option reaches one million customers in Asia

Citigroup, which rolled out voice recognition technology to its consumer banking customers in Asia Pacific last May, has enrolled one million customers for its new voice authentication option, according to a report by Finews.Asia. The bank was the first financial services company to deploy voice biometrics authentication across Asia Pacific, having implemented the technology in Taiwan, Australia, Singapore, Hong Kong, Philippines, Malaysia, Vietnam, Thailand and India. Citi clients who call into the call centers have their identity automatically verified within

Keyo offering biometric payment system with palm vein authentication

Keyo has developed a biometric payment platform that maps the pattern of blood vessels in a person’s hand to generate a unique biometric identifier connected to their credit card or debit card, according to a report by ChicagoInno. Using the platform, users are able to authorize payments by simply hovering their palm over their device without requiring any cards, cash or smartphone. Initially starting with payments, the startup is hoping that their biometric technology will eventually replace many of the

Nigeria to register 16M farmers in biometric database

The Nigerian government said it will register at least 16 million farmers in a new biometric database to enable them to receive benefits from intervention packages during the 2017 cropping season, according to a report by Today. Professor Danbala Danju, the managing director of the Bank of Agriculture, revealed the news while signing a memorandum of understanding (MoU) for public private partnership (PPP) with Trans-Sahara Consortium, Nigeria. The federal government would ensure that the registered farmers received all the needed

Aadhaar program wins World Bank praise

Paul Romer, Chief Economist at the World Bank, told Bloomberg that India’s Aadhaar scheme is tremendously effective and should be emulated around the world. According to a report by Bloomberg, Romer said: “The system in India is the most sophisticated that I’ve seen. It is the basis for all kinds of connections that involve things like financial transactions. It could be good for the world if this became widely adopted.” While other countries are also looking at similar programs, research

Samsung Galaxy S8 said to use facial recognition technology for payments

Samsung’s upcoming Galaxy S8 will include a facial recognition feature for mobile payments within months of its March 29th release, which could give the smartphone a competitive edge over Apple’s iPhone products, according to a report by Bloomberg citing people familiar with the matter. The S8 will combine fingerprint, iris and facial detection to verify users accessing a range of mobile services including Samsung Pay, according to the sources who requested not to be identified about the private matter. Samsung,

Survey finds half of merchants use consumer authentication for ecommerce

CardinalCommerce has published its fourth annual “Consumer Authentication Survey”, which found that 41 percent of global merchants and 54 percent of global organizations use or support consumer authentication to protect themselves against fraud and false positives. The survey, which is co-sponsored by The Fraud Practice, is intended to provide insights into market use and consumer authentication programs such as Verified by Visa and Mastercard SecureCode. The 2017 survey is based on the responses of hundreds of participants worldwide between October

IDFC Bank moves forward with Aadhaar Pay app

IDFC Bank Ltd. has launched the very first Aadhaar Pay merchant platform and mobile application for Google smartphones. IDFC Bank is an Indian banking company with headquarters in Mumbai that forms part of IDFC, an integrated infrastructure finance company. The digital payment platform allows customers to make retail purchases without having to use plastic cards or mobile phones. Any Indian merchant that utilizes the application can enable their customers to make payments through the provision of only their Aadhaar number

Alibaba to establish independent R&D teams to ramp up technologies

Alibaba plans to establish independent research and development teams to ramp up core technologies that support its goal of serving two billion people in the future. The company unveiled the plan last week at its inaugural tech summit, “New Technology, New Future”, held at its Hangzhou, China headquarters. “Alibaba’s success in commerce has outshone its light of technology over the past 18 years,” said Jeff Zhang, chief technology officer at Alibaba Group. Over the past several years, Alibaba has rolled