Biometric firm partners with Visa to boost password security
The host of BNN’s The Street, Paul Bagnell invited Chairman & CEO, Rob Douglas to his news desk to discuss our recent work with Visa and our future plans as a company.
During the segment, Bagnell told a story of a time “even before PINs” where a thief took his card and was making purchases all along Bloor street. He noted the importance of the security of financial transactions, while not adding unneeded friction into the system: “I’m all in favour of better security for my financial transactions.”
In practice, multiple biometrics on one device could mean checking banking with sweaty fingers after the gym won’t be a problem. “With the Visa/BioConnect technology collaboration, presented on the main stage at this year’s Money20/20, you can use an alternative biometric, such as speaking into your phone’s microphone to authenticate by voice, giving you a convenient, keyboard-less alternative to entering a complex alphanumeric passcode,” wrote Mark Nelsen, senior vice president of risk and authentication products, in a blog post.
“I’ve been in this industry since the early 2000s and [biometric technology has] advanced significantly… Using biometrics] means a lot less friction for me as a consumer of the technology and it’s also a lot less fraud for the payments business.” – Rob Douglas, Chairman & CEO
Watch the full video on BNN.