A new study reveals the emerging trends driving the global mobile payment security software market are the introduction of mobile biometrics; development of multi-factor authentication; and increased adoption of multimodal biometrics.
Technavio’s latest report found that in the retail sector, the integration of biometric technologies in mobile devices can be used to recognize registered customers and to bill their credit card or debit account. For instance, mobile biometrics is being used for a number of POS applications to authenticate end-users.
Mobile biometrics is used for banking transactions to authorize individuals. For instance, the Royal Bank of Scotland allows its customers to use Apple’s Touch ID fingerprint sensor to log into their bank accounts, which will reduce the chances of fraud.
Multi-factor authentication is a verification technique that uses two or more authentication methods. This acts as an additional security layer and prevents unauthorized access to financial details of customers. Multi-factor authentication solutions incorporate the use of various authentication techniques such as phone-based authentication, smart cards, and biometric technologies to authenticate payment transactions on mobile devices such as smartphones and tablets. It does not require the installation of any hardware.
Fingerprint biometric technology can be used with phone-based authentication and smart card-based authentication to authenticate an individual for mobile payments.
Authentication systems were developed initially to gain access to a particular system. They used various access control mechanisms, which were followed by stand-alone applications with passwords. However, the use of these stand-alone applications was difficult and lacked security as they involved multiple passwords that were open to the public.
Advances in technology led to the introduction of many devices such as PDAs, wireless computers, and smartphones, which had access to distributed applications. Technological advances have weakened the process of password authentication, increasing the risks of cyber threats and security attacks.
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