Page 8 - All the 12 payment enabling technologies
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Biometric
Biometric identification basically means identifying the individual through certain physiological & behavioral aspects
of the individual. Involves use of different scanners designed to store specific biological traits of the person.
Behavioral traits can also be recorded in terms of signatures and vocal characteristics
How it Works Companies involved
Consumer’s accounts linked with biometric information
which is used as part of two factor authentication to
complete a txn
Use Case
Transaction authentication, passwords, etc
Strengths
High level of security; no money or cards are needed
to complete a transaction; Encrypted biometric
database
Weaknesses
Requires users to setup a profile preemptively
Security Risks
“Mimicry” attacks; brute-force attacks
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