IDEX comment: UK contactless card fraud doubles – is biometrics the answer?
January 2019 by David Orme, SVP at IDEX Biometrics
Following the news today that UK contactless card fraud has doubled, I wanted to get in touch to offer comment from David Orme, Senior Vice President of IDEX Biometrics, which explores the role of biometrics in protecting consumers against rising levels of contactless card fraud.
In this comment Orme discusses the future of biometric authentication, including fingerprint recognition, on a grand scale and the importance of this as the UK continues to move towards a more cashless society.
“The recent news that UK contactless card fraud has doubled serves as a stark reminder that card fraud remains a serious and increasingly urgent problem. According to figures from Action Fraud, the UK’s national fraud reporting service, a total of £1.8m was stolen by fraudsters from contactless users in 2018, a clear indicator that current steps being taken to stop fraud simply aren’t effective enough. However, biometric card authentication could be the answer to this problem.
Biometric authentication, including fingerprint recognition, is a field increasingly recognised as holding the key to contactless card fraud prevention. Linking individuals directly to the card by using their fingerprint, users can be safe in the knowledge that they are the only person that can use the card, as ultimately there is nothing more secure, or personal, than a fingerprint. People making contactless payments will no longer have to compromise security for convenience and will be able to enjoy the benefits of limitless payments, with the £30 transaction cap becoming a thing of the past.
With the introduction of smart cards soon to make contactless payments even more convenient, secure and personal than ever, the UK can expect to be one of the key leaders in embracing a cashless, more secure, society. We anticipate that biometric card adoption will go into many millions in 2019.”