Enterprises are challenged to meet the changing demand for more robust security while providing a seamless customer experience on their platforms. With the persistence of digital security threats and emerging regulations for better data privacy and protection, organizations must shore up their online authentication methods.
Often, institutions use passwords to authenticate their users. This authentication method relies on the assumption that only the actual account owner knows the password. However, passwords are no longer effective in curtailing fraud and only prove that the person knows the information even if they are not the real owner. There are many ways criminals can steal someone else’s password and use it to gain access to various online accounts.
Consequently, many switch to multifactor authentication (MFA) since it provides a layered barrier against fraudulent attempts. Effective MFA uses a strong combination of authentication factors like pairing biometric identity verification with possession factors or inherence factors that are not easily bypassed, like passwords. This authentication method is a requirement in many regulations, including the revised Payment Services Directive or PSD2.
Implementing strong customer authentication solutions is part of the regulatory compliance of payments services firms under the PSD2. They must ensure that only legitimate customers transact on their platform, protecting their data and privacy while safeguarding businesses. With biometric multifactor authentication, companies can also provide a seamless and hassle-free passwordless authentication UX to their customers.
Biometric technology has changed the landscape for digital identity authentication in the modern world. It plays a vital role in cybersecurity, especially with more people relying on remote services and digital transactions.
But how did this technology evolve to where it is now?
The science behind biometric technology dates all the way back to the 1960s. To know more about the history of biometric technology, here is an infographic provided by LoginID.