Tag: mobile security

Biometric technology may be the tool the mobile payments space needs to be successful. Security has long been a problem in the digital commerce sector. When e-commerce first began growing, there were many security risks that consumers and businesses had to deal with before shopping online could be considered safe. Over the years, the digital space has become more secure, but no less dangerous, and companies continue to fall prey to the risks that exist in the online world.

E-commerce is now something that people around the world participate in on a daily basis. Consumers enjoy the convenience that shopping online represents, but it has taken years of trial and error for online retailers to get it right and keep people safe while they are shopping online. The mobile commerce space is experiencing a similar problem, but retailers have had little time to address security issues thus far. Biometric technology could be the solution that businesses are looking for when it comes to security in the mobile space.

Passwords and security phrases can be compromised with varying degrees of effort and malicious groups are beginning to target the mobile space due to its relative lack of security. While hackers can find ways to exploit a wide range of platforms and services, they cannot exploit biological information that is used to keep these platforms safe. Biometric technology can turn a fingerprint into a virtual key, giving mobile consumers a higher level of security that they have not experienced in the past.

At its core, biometric technology is quite simple. It uses biological information, such as a fingerprint or a retinal scan, to control access to a mobile device or other type of electrical system. Because this information is unique for everyone, it is difficult to exploit. Biometric technology is not perfect, of course, but it could be powerful enough to solve some of the security problems that exist in the mobile commerce space. In fact, biometric technology is one of the reasons that Apple has entered into the mobile payments field, a sector it had once considered too risky to participate in.

This launch includes a new biometric ID system as well as the ability for the customer to use voice commands.

The Canadian online bank called Tangerine (formerly known as ING Direct) that offers services to customers in many countries around the world has now announced that its mobile banking apps will feature fingerprint recognition technology to enhance its security, as well as voice commands to improve the convenience of use over smartphones and tablets.

Tangerine believes that boosting their mobile security and ease of use will be greatly appealing to consumers.

According to the Tangerine president and chief executive officer, Peter Aceto, when it comes to mobile banking and their overall experience, the financial services company recognizes that people “want more control over their banking experience and our goal is to provide them with the ability to bank where they want, how they want and when they want.” He went on to add that “This is the future of banking, today.”

Over the coming weeks, these new features will be added to the Tangerine mobile banking app.

Customers will be given the opportunity to use the Touch ID feature, which will allow them to take advantage of fingerprint recognition technology in conjunction with their password, in order to enhance the security of their smartphone banking experience. From there, the bank intends to watch the customer response to the use of this mobile security technology and to see how they feel about “sharing biometric information with us”

From that point, Tangerine will look into the degree to which current mobile security methods can be replaced by this type of technology. However, for the moment, Aceto says that “it’s just an additional level of security,” as opposed to one that would replace the traditional password or stand on its own.

The voice controlled mobile banking app will give consumers the ability to ask certain specific questions, such as requesting their account balance, or even issue commands with greater complexity, such as paying a bill or sending an email money transfer. While Aceto insisted that the service is being launched “with good functionality,” he also added that the bank will be listening to the feedback of its customers in order to continually improve it.