Changing consumer spending and ever-evolving technological capabilities means that authenticating customers is an always shifting process. So how do financial institutions and security technology providers, in the least, keep up?
The June PYMNTS Digital Identity Tracker, powered by Socure, features news on how security technology providers are using new technology, including biometrics and mobile devices, to protect consumers and transactions from current threats and what they’re doing to be prepared for the unknown.
Around the Digital Identity World
Despite demand from both consumers and corporations for a shift, passwords remain the most commonly used authentication credential — but their reign may be about to end. Over the course of the past month, several digital identity solution providers debuted new biometric authentication systems designed to both improve security and help stick a fork into passwords.
Along this line, a pair of companies recently received new patents for biometric authentication technologies that will soon power new security solutions. Biometric identity solutions technology firm Applied Recognition was awarded a patent for facial recognition technology that can scan and capture facial images for use applications such as personalized advertising, personalized computer game faces, missing person searches and immersive animations and movies.
Similarly, iris-based authentication technology provider EyeLock was granted a new patent for a single camera that is capable of capturing both iris biometrics and facial images. The camera can discern between facial elements and the iris by providing a suitable illumination adjustment between different facial features.
To see all the latest headlines from around the digital identity world, check out the tracker.
Using New Tech to Authenticate New Consumers and Transactions
It isn’t just the biometric boom creating upheaval in the digital identity world. The quickly transforming landscape has also presented banks and financial institutions with a changing customer base that’s bucking established trends and new transaction types to authenticate and protect.
For this month’s Tracker feature story, Wells Fargo Head of Authentication for Digital Channels Adam Vancini, told PYMNTS how the company is using new technology, including biometrics and mobile devices, to protect consumers and transactions from current threats.
“One of the most exciting things in this space is that innovation is making things more secure and really leaning on mobile devices and mobile device usage,” he said. “It’s also increasingly where the cool customer experiences are happening and where customers want to interact online. In the past several years, we’ve really seen a merger of safety and customer experience that’s predominantly happening because of the usage of mobile devices.”
To read the full story, download the Tracker.
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The PYMNTS.com Digital Identity Tracker™, powered by Socure, is a forum for framing and addressing key issues and trends facing the entities charged with efficiently and securely identifying and granting permission to individuals to access, purchase, transact or otherwise confirm their identity.
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