Payments News

On The Web

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Security

Banks Work with Fintechs to Counter ‘Deepfake’ Fraud

“Banks and fintech groups are setting up partnerships to combat the use of doctored video and audio content by fraudsters, as research shows such ‘deepfake’ crimes are the biggest worry among customers. HSBC this week became the latest bank to sign up to a biometric identification system, developed by technology firm Mitek and offered through […]
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Security

Instagram Faces Lawsuit Over Illegal Harvesting of Biometrics

“Facebook Inc. is facing new allegations that it illegally harvests the biometric data of users, this time in a lawsuit that targets the company’s photo-sharing app Instagram. Last month, the social media company offered to pay $650 million to settle a lawsuit in which it was accused of illegally collecting biometric data through a photo-tagging […]
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Security

Apple Joins the FIDO Alliance to Help Develop and Promote Authentication Standards

“Apple joins existing members Amazon, Facebook, Microsoft, Samsung and others in a common goal to secure online connections and support the adoption of the U2F authentication standard, which the alliance hosts.Universal 2nd Factor (U2F) is an open standard that strengthens and simplifies two-factor authentication (2FA) using specialized USB or near-field communication (NFC) devices based on […]
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Security

Amazon’s Biometric Scanners: the Future of Payments?

“Development of the technology is in its early stages, but it was reported that the company has already began collaborating with Visa and Mastercard on the proposed tech. Alongside this, it has been claimed that Wells Fargo, JPMorgan Chase and Synchrony Financial have also considered their cardholder accounts being linked with the technology.”
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Security

Cash, Plastic or Hand? Amazon Envisions Paying With a Wave

“Amazon.com Inc. AMZN +0.41% wants to make your hand your credit card. The tech giant is creating checkout terminals that could be placed in bricks-and-mortar stores and allow shoppers to link their card information to their hands, according to people familiar with the matter. They could then pay for purchases with their palms, without having to […]
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Security

CULedger Completes Blockchain Identity Pilot With Three US Credit Unions

“CULedger claims that MyCUID users can verify their identity by using a biometric function on their smart phone, such as voice, fingerprint or facial recognition. The vendor says that data from its pilot indicated that the average time to verify a member’s identity had been reduced from the industry average of more than 50 seconds […]
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Security

NatWest Begins Biometric Credit Card Pilot

“The UK’s NatWest bank has begun a three-month pilot of a biometric credit card that enables customers to make contactless transactions of up to £100 (US$123) instead of the usual maximum value of £30 (US$37). The biometric credit cards include a built-in fingerprint sensor that the cardholder uses to verify their identity when making a […]

On The Wires

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Security

Peasypay: The European Solution for Biometric Payments by EIT Digital

“PeasyPay, a startup launched by EIT Digital, is letting people pay by just showing their faces and taking a picture of the palm of their hands. The system was first rolled out in Budapest and is currently being piloted in Guadalajara, Spain. Slovenia and the UK will follow. No wallet, smartphone or credit card needed. […]
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Reports

Biometrics to Secure $2.5 Trillion in Mobile Payments by 2024

“The new research, Mobile Payment Authentication & Data Security: Encryption, Tokenisation, Biometrics 2019-2024 , shows that the availability of dedicated biometric hardware will not be an obstacle to biometric usage as it will be present on an estimated 90% of smartphones by 2024. However, we expect less than 30% of these phones to be used […]