smartphone with faces, biometrics Source: Shutterstock

With consumers becoming more and more reliant on mobile payment functionality during the ongoing COVID-19 pandemic, fraudsters have been honing their mobile attack strategies – increasing the need for advanced security measures such as biometrics.

The demand for biometrics, which includes fingerprint, iris, voice and facial recognition, is about to grow exponentially, according to a new white paper from Juniper Research, “How to Maximize Mobile Payment Security.” Biometrics will authenticate over $3 trillion in payment transactions in 2025, an increase of 650% from just $404 billion in 2020, the company said. This jump will be fueled by Original Equipment Manufacturer (OEM) Pays, such as Apple Pay and Samsung Pay, for both remote and in-store payments, as OEM Pays have already jumped on the biometrics bandwagon.

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Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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