Advancements in technologies, especially emerging ones, are continuously shaping the eCommerce industry and provide businesses with new channels to automate commercial and banking operations and improve the supply chain.
Examples of the contributions made by emerging technologies are the rise of cryptocurrencies that enables fast and more convenient transactions than traditional payment methods. With this, users can also access various bank services without intermediaries in the deregulated crypto sector.
Unfortunately, bad actors seek to exploit these technologies and fraudulent activities are increasing in financial institutions that adopted digital systems. Making matters worse, fraudsters have become tech-savvy in recent years. They have learned to bypass traditional security systems like passwords and personal identification numbers or PINs.
With the alarming security threat, it is increasingly becoming a challenge for companies to implement strong customer authentication solutions, like LoginID, while improving the experience of their services. When it comes to a robust security solution, companies can consider biometric technology for their authentication.
Passwords are inherently vulnerable as hackers can easily guess or gain them via phishing attacks, biometric technology is considered more secure as it is harder to replicate and can even help deliver a seamless experience for customers.
Biometric technology has significantly evolved over the last years. Today, people interact with some kind of biometric technology when unlocking phones, finding out the weather, and boarding a flight. While fingerprint recognition is one of the first widely adopted biometric technologies, the integration of facial recognition, retina scan, and voice recognition is seen in daily interactions.
But with the internet, consumers now transact and shop in the comfort of their homes. Fintech, eCommerce, and crypto are ideal alternatives for traditional shopping and physical transactions it is quick and convenient.
Still, these industries remain vulnerable to fraudulent attacks and businesses must prioritize digital security by integrating passwordless or biometric authentication like LoginID to help companies verify user identity and give them confidence in every transaction.
Furthermore, biometric-based products like the FIDO-certified digital signature APIs, become ideal replacements for passwords. They can help companies deliver user-friendly payment confirmation, and as a result, increase conversion rates.
Read this article from LoginID to know more about how their biometric payment authentication works with eCommerce, FinTech, and Crypto.
