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Enterprise Security Magazine | Friday, November 30, 2018
Biometrics is gaining constant popularity as an authentication tool in numerous industries and contexts, including the financial services sector. Technology developments—especially, enhanced accuracy and lower costs of biometric solutions, along with the drastic increase in mobile devices usage globally—have served as key initiators.
As the use of biometric authentication increases, consumers, as well as governments, have brought up crucial questions around the issues of data security and privacy. That being said, the issues of standardization and interoperability of biometric authentication has also been questioned by businesses.
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A protégé of the NVIDIA Inception Program is taking on a challenging endeavor with a newly developed platform, which will dramatically reduce online fraud using facial recognition, AI with a watch list approach called Facepoint. The Paris-based company is working on this anti-fraud online platform that would depend on a database of reported risk individuals, as the company states it on its website. The images of consumers will be scanned using Artificial Intelligence and facial recognition software by the system in order to give clients the ability to report any potential threats and flag individuals automatically.
The National Retail Federation and other notable merchant associations have formed a new coalition, focusing primarily on developing highly improved payment security and addressing payment security concerns in the US. Significant new members of the coalition are—the National Association of Convenience Stores, the Food Marketing Institute, First Data’s Star Network, the National Grocers Association, and the Shazam Network. Termed as the Secure Payments Partnership, the new coalition will focus on user authentication, the establishment of open standards, and competition in network routing.
Announcing the new coalition, the National Retail Federation declared that it hopes to leverage the latest technological innovations together with mobile payments, biometrics, AI, geolocation, and IP verification. Visa and Mastercard have also been implementing standout security protocols over the past few months; including the trials of a type of biometric card payment technology. The partnership with the Secure Payments Partnership would offer common ground, with the resulting collaboration offering much stronger security protocols for consumers.
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