Technological advancements continuously provide businesses with innovations that can accommodate the growing customer demands. For example, emerging technologies made it possible to automate commercial and banking operations and improve the supply chain.
There is also the rise in cryptocurrency which is primarily used as an alternative to traditional payment methods and enables faster and more convenient transactions. Cryptocurrencies can also be used to access various bank services without intermediaries in the most deregulated crypto sector.
However, as businesses, specifically financial institutions increasingly adopt digital systems, they became a primary target for bad actors. Cybercriminals now employ sophisticated tactics as they had become tech-savvy and it is an easy task for some to circumnavigate passwords and personal identification numbers (PINs).
Considering the threat of fraudsters heightens the need for organizations to implement strong customer authentication solutions, like LoginID, for a more secure and improved user experience for their services.
Biometric payment authentication is a more secured and safe security solution that even tech-savvy fraudsters fail to bypass. It is because this security process relies on the biological characteristics of people to verify if they are who they say they are. Such physical and behavioral traits of individuals are hard to replicate.
FinTech, eCommerce, and Crypto are all the primary alternatives for traditional shopping and physical transactions as people find it convenient to use them. The problem is, that they attract bad actors and therefore; increase crimes.
Using biometric identity verification is excellent protection against fraudsters, especially with today’s increase in fraudulent web activities. Integrating passwordless authentication solutions helps companies effectively and efficiently verify user identities and provide confidence in every transaction.
Passwords are susceptible to being extracted or stolen by hackers using various methods, making financial institutions that use them for verifying their users vulnerable to cyberattacks. For this reason, it is essential for them to implement passwordless authentication solutions for securing user data.
LoginID is a reputable company that offers robust biometric authentication solutions. It is easy to integrate across various channels, platforms, and operating systems.
If you want to learn more about how LoginID’s biometric payment authentication, you can read this article.