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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 been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
