As COVID-19 spread, payment habits changed — but fraud never went away. Even with the shift to digital payments, security may have become a bigger concern than ever, as more consumers use payment mechanisms they aren't used to, and retailers must accommodate them or else risk losing the sale.
The idea of a fingerprint reader seems worrisome during a pandemic when people want to limit their physical contact with any surface, but there are ways to implement it safely. People can still use their own devices to authenticate through fingerprint or facial recognition; and a biometric card, which the consumer carries with them to the store, is another relatively hygienic option.
This brings up classic questions of cost vs. benefit, as well as ownership of data. There's also the bigger question of whether digital payments will replace plastic payment cards, or will require them to adopt new features to remain relevant and secure.
Host: Michael Moeser, Senior Analyst, PaymentsSource
Guest: Christian Fredrikson, CEO, Fingerprint Cards