Biometrics for Payment Initiation and Authentication

Biometric payment services allow a consumer to make purchases or to cash checks using a biometric identifier such as a finger scan linked to his or her personal identification information, accounts at a financial institution, or loyalty programs.  Other biometric methods include voice scanning and iris and retinal imaging.  Biometric technologies are used increasingly for consumer account authentication.  However, a biometric identifier alone is only a single factor, and it may need to be combined with other technologies or factors for proper authentication of high-risk banking transactions.   FFIEC Guidance "Authentication in an Internet Banking Environment," October 2005 FFIEC Guidance "Authentication in an Internet Banking Environment - Supplement," June 2011 As new payment systems emerge, industry demands for anti-fraud measures may result in greater use of biometrics.


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