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TMG white paper addresses biometric ID potential

January 6, 2014

Payments processor The Members Group has published the second in a series of four fraud-themed white papers. "Biometric Authentication Heading for Payments Space" discusses the emergence of biometric ID in the financial services space.  

TMG senior fraud prevention analyst Nicole Reyes wrote the paper, which examines the influence of biometrics in other industries and asks whether consumers are ready for biometrics in their everyday exchange of money.

Reyes opens the paper with consumer reaction to the fingerprint scanner on the iPhone 5s.

"While those of us in the security profession would like to think it was the increased safekeeping of their personal data and information that intrigued iPhone fans, we know most people are just as excited about speed and simplicity as they are about security," she wrote. "A recent survey, for example, found only 28 percent of respondents are very concerned with the privacy and security of their phones or mobile devices."

The paper examines the influence of biometric authentication already in place throughout the world, including facial recognition in casinos and vein-profile scanning in ATMs.

Reyes concludes, "Whether they are ready or not, whether they understand it or not, many early-adopter consumers will be intrigued by the promise of biometric security solutions. For financial institutions, the question becomes: Will our customers lead us or will we lead our customers?"

The white paper, "Biometric Authentication Heading for Payments Space," is available for download at the TMG website.

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