To suggest that biometrics is secure when used in a multi-factor authentication process is one thing, to suggest that you can remove the other factors doesn’t seem wise, especially without understanding what the trust scores are for the biometrics in question ( false rejection and false acceptance of the rates).
There is also a lack of detail regarding where biometric data is stored and how it is secured. All of this and also no details about which issuers support a solution that promises to reduce their payments revenue:
“Identity of the fortress unveiled a new biometric payment solution that would allow customers to verify transactions by facial or voice recognition. The FortressPAY platform is not yet widely available, but the company is allowing interested parties to enter the ground floor with an early registration program.
Fortress Identity opens registrations for a new biometric payment system
In its announcement, Fortress suggested that FortressPay would have lower transaction fees than other payment platforms. The company said it could offer merchants better prices due to its use of secure biometric technology, which mitigates the number (and cost) of fraudulent transactions. It also gives both parties a higher level of trust in every interaction. According to Fortress, the payment platform will enable a frictionless one-step checkout process for those who shop on the web and on mobile devices.
Additionally, Fortress has released updated versions of its Fortress ID and FortressBA solutions. Fortress ID is a document verification service that allows organizations to confirm the authenticity of a government ID over the web, while FortressBA is a biometric authentication platform with facial and voice recognition capabilities. . Both solutions help businesses meet their anti-money laundering and know-your-customer obligations.
Preview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group