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LTP9 Leaderboard for Biometrically Authenticated Payments: Companies Leading the Way

After the successful release of the leaderboard analysis on topics like Fraud and Authentication, Lending, International Remittance sectors of the payment industry, Let’s Talk Payments announces its next LTP9 leaderboard analysis on another important category in the payments domain—Biometrically Authenticated Payments.

This leaderboard represents the nine most promising companies in this category.

A recent Unisys Security Index survey suggests that the fear of credit card theft is the number one fear for Americans. The biggest threat to the progress of mobile money is the lack of consumer trust (security).

Payment fraud rates continue to rise. For years, passwords have been the most widely used tools to protect data and systems. As technology has evolved to a greater extent in recent times, it has been found that passwords can be easily broken. System security professionals agree to the fact that passwords are too weak an authentication technique. So what are the alternatives? Biometrics, for one, can be used as a replacement for passwords. Biometric authentication is expanding beyond traditional physical security applications, driven by the need for better authentication than passwords and PINs. The convergence of these two trends is leading to the development of biometrically authenticated payment products focused initially on the following areas:

- Improving authentication ATM transactions, primarily cash withdrawals

- Improving upon PIN security at retail POS locations

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