The recent explosion in cybercrime has forced business leaders across all vertical markets to seek stronger methods of identity verification during transactions.
One technology that is receiving a great deal of attention right now is biometric identity verification. According to a new study from Juniper Research, the total number of mobile payments authenticated by biometrics will increase to 2 billion in 2017. This is a massive biometric payment adoption increase from the 600 million payments that were authenticated with biometrics last year.
What’s more, the mobile biometrics market will continue growing at a compound annual growth rate of 29.3 percent through 2022, which is further evidence of its rising popularity. So if you are just now considering biometrics, rest assured — your company will not be the only one using it.
Why is biometric authentication suddenly so popular? Once seen as a new and unproven technology, biometric identity verification has become much more commonplace. This is due to the proliferation of technologies like Apple Pay, Samsung Pay and Android Pay. This year, 60 percent of all smartphone models will ship with embedded fingerprint sensors.
So, are you considering moving forward and adopting biometric payment authentication? If so, it’s important not to rush into an installation. There are several foundational elements that need to be in place in order to have a successful authentication system — like user experience (UX), interoperability, security, modality performance and privacy. These points make up the Five Factor Framework, a system developed by Oxford University and Mastercard for financial service providers. These points can be universally applied to any industry.
VoiceVault has a tremendous resource section, offering developers guidance and support for voice biometric identity verification.
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