Biometrics the preferred second factor for strong customer authentication for mobile commerce

Biometric authentication will continue to be adopted for mobile commerce due to its combination of better security and improved user convenience as merchants apply multifactor-based strong customer authentication (SCA) in response to fraud risks and compliance requirements from card networks and regulators, according to a report from Mobey Forum. “Authentication in M-Commerce: Balancing Risk and Experience” describes a challenging environment for mobile commerce retailers, as customer habits, fraud threats, and compliance requirements evolve. It predicts that U.S. Account Takeover Losses

American Express adds biometrics to mobile commerce authentication platform

American Express has released SafeKey 2.0, the next generation of its online authentication platform designed for the mobile commerce environment. SafeKey 2.0, which uses the EMV 3-D Secure 2.0 industry standard, is a global solution that provides an additional security layer when an American Express Card Member makes a purchase online at a participating merchant. American Express has posted its SafeKey 2.0 technical specifications for merchants, issuers, and partners on the website of the service, which will be available for

Juniper Research projects retailers could lose $71B in card-not-present fraud

Juniper Research has published new research which forecasts that retailers could lose $71 billion globally from fraudulent CNP (card-not-present) transactions over the next five years. The “Online Payment Fraud: Emerging Threats, Key Vertical Strategies & Market Forecasts 2017-2022” report found that several factors including the United States’ shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the increasing loss. The research found that many merchants still perceive combatting fraud as too expensive, and

Mitek millennial predictions: Q&A with Mitek CMO Kalle Marsal

Mitek recently released survey findings of the mobile preferences, purchase habits and financial goals of millennials, which forecasts that more than $3 billion mobile commerce transactions in 2017 will incorporate selfies for authorization or authentication. This shows that there is a significant unmet demand to use selfies and the camera for commerce and identity verification. Conducted by Osterman Research, “The Millennial Influence: How Their Love of Mobile Shapes Commerce” study surveyed more than 3,000 millennials in the U.S., Canada and

Financial firm Nequi becomes first in Colombia to deploy mobile biometrics

Mobile banking service firm Nequi has become the first in Colombia to deploy mobile biometrics for authentication, according to a report by Banking Technology. Nequi has deployed Daon’s facial recognition technology, the IdentityX platform, which allows customers to authenticate with a ‘selfie’ when changing devices or SIM cards, resetting passwords or reactivating an account. Users will be asked to provide their biometrics when signing up for Nequi. They will be able to authenticate with a “selfie” (i.e. facial recognition technology)

Biometrics Institute releases findings from 2016 industry survey

The Biometrics Institute has released to its members the full report on the findings of the 2016 Biometrics Institute Industry Survey. The annual report, now in its seventh year, provides insights into different trends and emerging developments in the biometrics industry. The survey was distributed to all Biometrics Institute members, other key stakeholders and media contacts (approximately 6000 individuals in total) in May and closed in early June. The findings are based on the feedback of over 200 individuals from

BoA supports ATM withdrawals using Apple Pay

According to a report in 9 to 5 Mac, Bank of America is outfitting some of its ATMs with Apple Pay support and the ability to withdraw cash using it. Bank of America is highlighting the new feature heavily on supported ATMs, making users aware that they are able to withdraw cash from the bank machine using their smartphone. This feature only works with Bank of America cards and Bank of America is rolling this feature out slowly so even

EAB bringing its biometrics in banking and payments seminar to Istanbul

The European Association for Biometrics (EAB) will hold its next Biometrics in Banking and Payments seminar on May 25 at Technopark in Istanbul, the main technical innovation center in Turkey. According to the Biometrics Research Group, the financial services sector has emerged as a primary end-user market for biometrics technology worldwide. The one-day Biometrics in Banking and Payments seminar will address the trends and opportunities of this fast growing market and discuss how processes can be designed in a convenient

eBay first to open source a FIDO UAF authentication server

eBay has announced its membership in the FIDO Alliance and introduced its FIDO Certified open source authentication server based on the FIDO UAF protocol. eBay is the first e-commerce company to directly achieve FIDO certification, and the first to open source a FIDO UAF authentication server. This development is the latest in eBay’s mission to foster open collaboration to define the standards for secure authentication of online services and create opportunity across the technology community at large. eBay is making

MasterCard research shows New Zealanders embracing digital payments, biometrics

New research from MasterCard shows New Zealanders are embracing digital payments with 49% expecting mobile devices, biometrics and wearables to replace cash in ten years’ time, according to a report in NetGuide. In fact, 36% of consumers surveyed said they could live without cash and only use emerging payment technologies in just a few years’ time and 41% of people say they would already consider using contactless technology on their smartphone. When asked about new payment technologies, 44% think mobile