“Over two thirds (68 percent) of consumers across Europe are interested in using biometrics when making a payment, especially when integrated with other security measures.” Visa says its research shows that 73 percent of Europeans believe that two-factor authentication is a secure way to confirm an account holder including online purchases.
And as payment authorization systems become more sophisticated, organizations will have the capability to analyze customer behavior compared to a fraudster. Putting it all together, organizations can look at a customer’s behavior, biometrics, device, geography and other layers to determine if the true account holder is the real actor behind the device or fingerprint.
“Over half (53 percent) of Europeans prefer fingerprint authentication to other forms of biometric authentication for payments.” Nearly three-quarters (73 percent) “are as comfortable with fingerprint authentication as they are with PINs.” Only 12-15 percent are comfortable with voice or facial recognition as an authentication method.
In the future, customers will have increasing choices in how to pay, and the methods of authentication will need to be appropriate for each one. There will be a mix of biometric and other forms of authentication depending on the purchasing situation.
As the world moves toward more cashless payments and mature authentication methods, global banks and payment systems that offer cashless options will have greater control over buying and selling. This will bring us closer to the time when those who do not receive the mark of the beast will be identified and left out of the process, bringing to fulfillment the prophecy that says: “that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17.
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