Securing card and mobile wallet transactions while meeting customer’s demands for streamlined experiences requires a variety of solutions that reach beyond what happens at the payment terminal.
Today Javelin Strategy & Research released The Future of Cardholder Verification Methods: Beyond Chip and Signature, which explores an array of authentication solutions for point-of-sale incorporating rich customer intelligence, friction-free risk evaluation, and on-device authentication.
Remaining with PIN and signature for physical card transactions will simultaneously frustrate cardholders and satisfy fraudsters. The industry must embrace alternative approaches to cardholder verification methods (CVM), including biometrics.
Fingerprint authentication, one form of biometrics, is gaining consumer’s confidence. Almost half of U.S. consumers believe it is effective (49%) and 65% of consumers are willing to use the solution. This confidence is driven by a widespread acceptance of the use of fingerprints to identify individuals paired with a streamlined user experience.
The report, The Future of Cardholder Verification Methods: Beyond Chip and Signature, exposes the layers of security necessary to meet consumer’s demands for a streamlined experience. It addresses requirements for POS authentication tools and strategies for issuers to boost security at POS without imposing onerous authentication processes on customers.
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