Passwords are one of the most insecure security measures available in the financial world today. Visa, the world’s leading payment card issuer, acknowledges this problem and has proposed a solution. The company plans to use multiple biometric authentication options in the future to provide consumers with more security than ever before.
Visa Wants To End Password Security Once And For All
It is positive to see the payment card giant acknowledge one of the biggest problems in finance right now. Far too many consumers rely on passwords to access financial services, which is far from a secure method. Considering how passwords are often either simplistic or reused across different platforms, things need to change sooner or later.
Getting rid of the password system will not be easy, though. Visa plans to integrate biometrics into their offerings moving forward. By partnering with BioConnect, the offering of multiple biometric authentication options through one single app is only a matter of time. The company, however, plans to take things a lot further than just relying on fingerprint authentication.
The technology is already here to enable biometric authentication on a global scale. Smartphones are becoming the new way of accessing financial services, and the devices are packed with plenty of technological advancements. Fingerprint scanners and high-quality cameras allow for the introduction of new security measures in the future.
Although Visa is a big fan of eventually introducing these new security measures, there are no plans to completely replace existing security measures. Users will still be able to bypass biometrics by entering either a PIN code or a password if they prefer to do so. From a convenience point of view, biometrics may not make a lot of sense to most consumers.
Visa SVP of Risk and Authentication products Mark Nelsen stated:
“Getting a new gadget is fun. But manually reloading your payment information and login credentials so you can use your new gadget? Not fun. Our collaboration introduces an elegant alternative, one that, for example, enables your newly downloaded mobile banking application to identify and authenticate you by using one of your previously enrolled biometrics.“
To put this new concept into perspective, biometric authentication technology would be enabled across multiple devices and platforms. Accessing data would no longer require a manual setup process, which is a positive development. It remains to be seen if this concept can be successful in the long run, though.
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