Biometrics Can Revolutionise Mobile Payment Security, says Frost & Sullivan (Press Release via KIII TV)
With the explosion in smartphones usage, the number of payments done via mobile devices has significantly increased over recent years. As eCommerce becomes mCommerce, the industry has to focus on payment security. During a ‘card not present’ process, a personal account number (PAN), expiration date, and card validation code (CVC) are not enough to completely secure a transaction. Biometrics that provide high levels of security and an intuitive customer experience might be the solution for secure mobile payments.
“Protecting the mobile device itself is a first step, necessary to secure mobile payments. Although a personal identification number (PIN) can do the job, in 2011 more than 60 percent of smartphone users were not using a PIN to protect their mobile access,” noted Frost & Sullivan Global Program Director, ICT in Financial Services, Jean-Noel Georges.