Authentication (Biometric, 2FA, etc.)
Authentication is the process of verifying a user’s identity before granting access to a service or approving a transaction. In payments, authentication mechanisms such as biometric verification (including fingerprint or facial recognition) and two-factor authentication (2FA) enhance security by preventing unauthorised access to an account or device with sensitive payment capabilities.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
