Monica Eaton-Cardone explains in ‘Retail Fraud’ the benefit of facial & voice recognition
As multiple technology companies including Zwipe, Visa and SmartMetric prepare fingerprint-activated credit and debit cards, Monica Eaton-Cardone, co-founder and CIO of Global Risk Technologies™, explains how this biometric technology has the potential to transform the card payments industry by preventing fraudsters from using stolen cards.
Biometric safeguards for CNP transactions
Monica points to the efficacy of biometrics for card-present transactions, but emphasises what the Card-Not-Present side of retail can learn from this:
“Fingerprint validation can be a very effective way to combat point-of-sale fraud, and it’s already being used with smartphone digital wallets, such as Apple Pay. Yet with a growing number of criminals turning to CNP fraud, the industry urgently needs to provide biometric safeguards for online transactions.”
Monica goes on to highlight that current limitations from mass-market technologies, such as laptops or tablets, limit opportunities to use biometrics for online purchases. As most mobile devices and many computers today have an integrated camera and microphone, Monica calls for developers to considers facial recognition and voice recognition.
Citing the impact of EMV chip cards in driving down fraud for card-present transactions, Monica concludes by stating that:
“To succeed in reducing overall losses, developers must broaden the application of biometric technology to combat all types of card fraud.”
With predictions that global card fraud will exceed $35.54 billion by 2020, the time to innovate is now if we’re to make the online marketplace as secure as offline.
Read the full article here.