BioCatch's VP Frances Zelazny explains why companies are dropping passwords in favor of biometric security like fingerprint and iris scanners.
Which industries have the most to gain by adopting biometric securities? Frances Zelazny, Vice President of BioCatch, tells TechRepublic's Dan Patterson. It's the financial sector leading digital transformation efforts in the online world. The following is an edited transcript of the interview.
Dan Patterson: When we look at the industries that are really adopting biometric security, who has the most to gain and what industries are driving it in the short term?
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Frances Zelazny: All right. Well let's talk about the modalities and the login. So it's not just about passwords. Any modality, any biometric, physical biometric modality, face, finger, iris, a token, a SMS code, all of these are static, one-time measures used to log in to a session or to authenticate a transaction. And as users, we don't want to do that repeatedly because it's too disruptive. So practitioners, are always trying to balance the security and the user convenience or the user experience. And that's absolutely where behavioral comes in to play and where it shines. And when we look at who, what industries are trying to drive that sort of holy grail experience, we're really starting with the financial sector because that's where the money is.
That's where, of course, a lot of the fraud is. But the financial sector is leading a lot of digital transformation efforts in online world. But that's actually causing a lot of other industries to follow suit. So what started with just banks, is now spilling into insurance. Some of it is regulation driven, and some of it is basically what consumers are demanding. We're seeing credit-card companies, payroll companies. So we're moving away from the traditional banks into more adjacent spaces. There's obviously the enterprise, health-care markets, any place where we interact online essentially has the same challenges as a traditional bank.
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