Biometric Payment System
We heard a lot of News about the frauds of store cards-payment. When a buyer buys any products or pays any service payment by a Credit Card via swiping it through the swiping machine or POS/EDC machines. Some fraudulent make a duplicate card by copying the credit cards detail with Credit cards machine Xerox which make them to generate a duplicate credit card. After this so many frauds occur. To overcome this Technology Loophole, new technology advancement- “biometric authentication” has been introduced.
Let us understand what a biometric authentication is. The technology works in precisely the same way as it does with telephone payments. While purchasing, a user must have put his finger over the biometric-sensor. It captures the fingerprints image of your finger. Without authenticating your fingerprints, the sensor would not allow to make verification. The cards are regarded as the first to include both the electronic template of this user’s fingerprint and the sensor required to see their fingerprints. In India soon, the digital payments would like to be linked with AADHAAR based payment system which is based on fingerprints only.
Biometric authentication helps us to avoid remembering terrible passwords, and even the funniest person isn’t likely to cut their finger off if [a criminal] asks nicely. However, fingerprint sensors could be compromised. But the biometric verification can only be made with your fingerprints authentication which is unique for each person so it is a two way authentication one is the images stored in sensor and another the fingerprints which is unique for everybody. A payment card with a fingerprint sensor was unveiled by charge card supplier Mastercard .
Security experts have said that while using fingerprints isn’t foolproof, it is a “sensible” utilization of fingerprint technology.
Mastercard‘s chief of safety and security, Ajay Bhalla, stated that the Biometric technology would help “to deliver additional convenience and security. It is not something which can be replicated or taken.” Use of this helps us to prevent Credit cards fraud and others. That’s the reason our government emphasizes on the AADHAAR based payment system. So the frauds can be reduced by no. of times.