Susan L. Morgan Cyber Security - Biometrics of Mass Defense?

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