Secure transactions with mobile face recognition
Mobile financial transactions offer retailers and banks an opportunity to increase customer loyalty, gather richer marketing data and deliver targeted offers. Although consumers are still skeptical about security risks, a well-designed mobile transaction system can actually enable safer payments and transfers for in-store, ATM and online channels, protecting consumers, merchants, banks and payment processors from the high cost of fraud.
An extra layer of security, such as biometrics, can help increase consumer trust in mobile payments and digital banking. Some retailers and ATM manufacturers have experimented with solutions such as point-of-sale (“POS”) fingerprint readers; however, these require special hardware and are prone to error. With convenient and natural face recognition, BioID enables more secure mobile transactions with a simple user experience and no special hardware.
Increase trust and reduce fraud through the next generation of mobile banking and payment, with no hardware investment and without compromising customer convenience:
|Issue||Existing mobile transactions||BioID mobile payment|
|Authentication strength||Weak to moderate||Multifactor: biometrics + phone + geo-location|
|Identity assurance||None||High: face recognition with liveness detection|
|Convenience||From easy to overload: card, PIN, password, token, security questions, …||Very convenient with intuitive user experience|
- Lower costs and reduced fraud
- Multifactor authentication with liveness detection prevents both true and friendly fraud
- Out-of-band authentication prevents man-in-the-middle attacks
- Sensitive payment data kept away from POS
- Zero-footprint transaction ensures data privacy
- Increased trust, same convenience