Suggesting that biometrics are safe when used in a multifactor authentication procedure is one thing, suggesting you can do away with the other factors doesn’t seem wise, especially without understanding what the reliability ratings are for the biometric in question (false rejection and false acceptance rates).
There is also a lack of detail regarding where the biometric data is stored and how it is secured. All that and also no details regarding issuers that support a solution that promises to reduce their payment-related revenue:
“Fortress Identity has unveiled a new biometric payments solution that would allow customers to verify transactions through face or voice recognition. The FortressPAY platform is not yet widely available, but the company is allowing interested parties to get in on the ground floor with an early bird sign-up program.
Fortress Identity Opens Sign-ups for New Biometric Payment System
In its announcement, Fortress suggested that FortressPay will have lower transaction fees than other payment platforms. The company said that it can offer better rates to merchants because of its use of secure biometric technology, which mitigates the number (and cost) of fraudulent transactions. It also gives both parties a higher level of confidence in each interaction. According to Fortress, the payments platform will enable a frictionless one-step checkout process for those making purchases through the web and on mobile devices.
In other news, Fortress released updated versions of its Fortress ID and FortressBA solutions. Fortress ID is a document verification service that allows organizations to confirm the authenticity of a government ID through the web, while FortressBA is a biometric authentication platform with face and voice recognition capabilities. Both solutions help companies meet their Anti-Money Laundering and Know-Your-Customer obligations.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
