Cyber Security - Biometrics of Mass Defense?

It’s already been a big year for biometrics, and with everyone from big banks to major retailers investing in the technology, that trend is unlikely to subside any time soon.

With so much buzz surrounding biometric authentication, it should come as no surprise that several companies looked to increase and improve the biometric options they offer over the past month. HYPR, for example, debuted what it is calling a biometric shopping platform at the National Retail Federation’s BIG Show in New York City in January. The platform is designed to help retailers combat an uptick in online retail fraud, caused largely by ineffective or stolen password credentials.

Meanwhile, biometric technology helped Kuwait’s Gulf Bank pick up a pair of trophies at the World Finance Awards last month, where the bank was recognized with the Best Digital Bank and Best Mobile Banking App awards. The company introduced biometric features to their app last year and credited those new features with winning the pair of awards.

Who’s winning the account takeover battle?

While some providers work to find new ways to authenticate users and detect fraudsters using biometrics, others are working to stop a rapid rise in account takeovers. As the fight rages on, PYMNTS recently caught up with Angel Grant, director of global market strategy for RSA’s Fraud and Risk Intelligence Solutions, who discussed how fraudsters are getting access to users’ accounts to wreak financial havoc, the latest and greatest defenses against those fraudsters and who’s winning the account takeover battle.

She noted that advanced security features, such as biometric authentication devices, are being built directly into the smartphones that consumers use every day, giving companies new tools in the fight against fraudsters. She also pointed out that as fraudsters utilize better and more sophisticated fraud techniques, companies and their leaders are taking security more seriously than they have before, investing in cutting-edge solutions and methods to beat fraudsters at their own game.