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Biometrics: Identity and technology security in payment processes

November 15, 2021

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Marketing & Communication

Should we feel secure in digital payment processes?

The number of processes and transactions that we can perform digitally is increasing unstoppably. At the same time, authentication has become a necessary process for most of the transactions that we carry out remotely, given the need to increase the security and reliability of the real identity of the person carrying out the procedures digitally. A clear example is the payment process, authorizing a purchase, making a transfer, paying for a concert ticket, etc.

According to Eduardo Azanza, CEO of Veridas, during the Secure, Payments & ID 2021 congress, “authentication methods still lack the security that gives us the certainty of the person’s identity, while requiring an excessive amount of time, which worsens the user experience, and means greater exposure to identity theft or usurpation“. 

What if the authentication of any management becomes your face or your voice?

Verifying the identity of any user without relying on passwords or external validation codes is possible. Face and voice (due to their inherent condition) are the way to verify people’s digital identity in agile, secure and private practice. The above is achieved thanks to biometrics: specifically, it can be carried out through facial biometrics (our face) or voice biometrics (our voice).

“5-7 years ago, biometrics models were based on characteristic points or landmarks that formed interpretable and reversible vectors, which resulted in data protection gaps and low accuracy (95%), making biometrics an insecure and unreliable technology. Today, on the other hand, biometrics models are based on Artificial Intelligence, specifically neural networks. This new form makes it possible to obtain a mathematical vector consisting of irreversible and private vectors. The vector also depends on each biometric engine with which it is created; giving the maximum guarantee concerning data protection”, explained Azanza during his presentation at the talk “In the era of the low touch economy, how to offer memorable user experiences“, which he shared with Alberto López, Director of Cybersecurity and Digital Solutions at Mastercard Spain and Portugal, and Gema Perea, Chief Operations Officer at Orange Bank Spain.

As a result, biometric technology today enables verification with greater security, better user experience and lower cost.

Biometrics as a critical tool to provide maximum certainty in payment processes

n any payment process, both the user and the entity involved seek the highest degree of security in the disbursement process and certainty in identifying the user. 

With the use of biometrics, the levels of security and reliability are very high and competent, as this technology is capable of recognizing which user it is:

  • Capable of recognizing which user it is from a database of 12 million users in 300 milliseconds.
  • With meagre error rates (less than 0.01%).
  • The possibility of including anti-fraud layers to prevent identity theft, both facial and voice, through a video, a photo, or a prerecorded voice, among others.
  • It is certified by NIST, a worldwide independent entity that evaluates the quality of biometric technologies.

In addition to the technological features, the user experience is also improved by going from insecure and costly double authentications to only needing to be themselves, requiring only their face or voice to be verified and proceed safely with the transaction.

It can be stated that biometrics is the technology that guarantees greater security, reduces digital fraud, ensures the digital identity of all people and improves the user experience, giving a new solution to the need to increase safety and reliability in these digitized payment procedures.

 “The progress there has been these years in technology allows us to confirm that today we can indeed offer new omnichannel experiences, frictionless and secure” – Eduardo Azanza, CEO Veridas, in his speech at the Secure Payments and ID Congress.

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Veridas: eliminate double authentications, and just be you!

Veridas was born in 2017 with the vision of giving certainty of people’s real identity in the digital world; our identity document verification, facial and voice biometrics technologies provide individuals, companies and organizations with proof of people’s real identity in the digital world.

Veridas is at the forefront of the identity verification industry, thanks to the development of secure and private biometrics by default and by design, with 99% accuracy, minimum recognition time and fraud detection capabilities. 

Our technology ranks in the top worldwide, both in facial and voice biometrics in the NIST (National Institute of Standards and Technology) ranking, is designed under the principles of the General Data Protection Regulation, guaranteeing all the principles of data protection and citizens’ rights, and is certified ISO 30107-3, to fight against identity theft and ensure maximum security, ISO 27001 and the Spanish National Security Scheme

We are in a scenario where biometrics is a right, each of us has the right to be recognized by our biometrics; we are our face and our voice.” – Eduardo Azanza, CEO Veridas, speaking recently at the Secure Payments and ID.

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