Finance Monthly November 2019 Edition

have a solution where you’re asking individuals to go to a branch to register a thumbprint; it’s not inclusive to those without access to a branch, especially when bank branches are closing at a rate of knots. The alternative would be a mobile solution, but this again raises issues of accessibility. The whole idea of using biometrics to authenticate payment raises questions around security, beyond the obvious ways it helps facilitate secure transactions. The human thumbprint is not a physical image. It’s encrypted. When you hear of a data compromise in the news, most cardholders are told to reset their password. But when you’re doing biometrics and you’re using something which is unique to you - like a fingerprint -- if that data is compromised, what’s the backup? You’ve ultimately only got 10 options unless you start using your toes! Like any new tech, biometrics generates a lot of buzz and excitement.Whilst it is a fascinating new development in our industry, let’s take a steady approach that ensures we cover all eventualities. Once we open the pandora’s box of mass adoption, it will be very difficult to close it. “When it comes to adding biometric functionality to a card, the significant cost to produce is obvious to even those not privy to the intricacies of card issuance.” www.jcbeurope.eu 43 www.finance-monthly.com FINANCIAL INNOVATION & FINTECH - BIOMETRICS ADOPTION