December 9, 2022

Frigorifix

General Blog

How LoginID’s Biometric Payment Authentication Works with eCommerce, FinTech, & Crypto

As the technology sector continues to evolve, people can expect more changes in how things are done. And this has been very evident in the sales industry. Back in the day, transactions are usually done face-to-face. But today, many companies are shifting their operations from traditional to digital. 

Many organizations are doing their transactions digitally – from banking to shopping and paying bills. While this improvement can be seen as convenient, it creates a new layer of vulnerability. The internet may have done wonders in making people’s lives easier, but no one can deny that it is a dangerous place to transact. 

As technology continues to evolve, so do the tactics of cybercriminals. Like technology, their schemes have also improved, allowing them to continue their illicit activities with ease. They even created systems that will provide them with people’s login credentials without the users knowing. Because of these, outdated verification models such as passwords will not suffice to keep unwanted people from accessing your account. 

This problem has been evident with the steady increase in victims of cyberattacks. In a study by Clark School at the University of Maryland in 2020, 1 in 3 Americans falls victim to cybersecurity crime every 39 seconds. This alarming number is mainly rooted in passwords, making this verification method unsuitable for account protection.

This problem becomes even more concerning as eCommerce, FinTech, and cryptocurrency are becoming a trend in the market. Since your money is stored digitally, your account is a gold mine for them. All criminals have to do is get a hold of your credentials, and they could easily use your accounts for their crimes. 

Fortunately, tech developers have come up with biometric identity verification. While this authentication method also uses MFA or multi-factor authentication, it is more secure than passwords. Because unlike the outdated authentication that only uses email or SMS, biometric technology uses a combination of your biometrics (face or fingerprint) and cryptographic keys. 

Moreover, it is supported by FIDO2 technology, which was created with privacy as its chief concern. Through FIDO, users can now access their accounts without needing passwords. Instead, all they need to do is register their biometric data, and they can already log in. 

More information about this new technology can be found in this article created by LoginID. 

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