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Biometrics: Modernising customer authentication for financial services and payments

Author

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  • Lott, David

Abstract

Payments stakeholders today face significant challenges to ensure that a customer is who they say they are, rather than a fraudster who has compromised the identity credentials of a legitimate customer. The strong emergence of electronic commerce where the customer is not physically present has made this challenge even more difficult. Biometrics is the use of automated systems to recognise individuals based on their biological and behavioural characteristics. Advances in technology and the integration of sensors into consumer devices such as smartphones have allowed biometrics to become a major authentication tool for both in-person and remote financial transactions. This paper reviews the most common biometric modalities currently in use for authenticating consumers. A high-level review of the technology utilised to support the biometric capture and analysis is provided along with a discussion of the advantages and challenges to the technology. The reader should leave with a basic understanding of how various biometric modalities work and are being used to strengthen the security of the payments system.

Suggested Citation

  • Lott, David, 2018. "Biometrics: Modernising customer authentication for financial services and payments," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 12(4), pages 371-382, December.
  • Handle: RePEc:aza:jpss00:y:2018:v:12:i:4:p:371-382
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    Citations

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    Cited by:

    1. Irina Dijmãrescu & Mariana Iatagan & Iulian Hurloiu & Marinela Geamãnu & Ciprian Rusescu & Adrian Dijmãrescu, 2022. "Neuromanagement decision making in facial recognition biometric authentication as a mobile payment technology in retail, restaurant, and hotel business models," Oeconomia Copernicana, Institute of Economic Research, vol. 13(1), pages 225-250, March.

    More about this item

    Keywords

    biometrics; fingerprint recognition; facial recognition; voice recognition; behavioural biometrics; authentication;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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