Password free future for payments, says Visa.
Visa believes the
payment industry can move away from passwords in the next five years
thanks to advancements in authentication and anti-fraud technologies
that are already making “static” cardholder verification
(CVM) methods such as signature and PINs optional. With the ability of
financial institutions and merchants to share 10 times more data with
each other than ever before, and the growing sophistication of
artificial intelligence (AI) that is making fraud detection
faster and more accurate, Visa head of product Axel Boye-Moller
believes that as this ecosystem evolves to be more secure, and AI and
biometrics capabilities further mature, there is a future where legacy
verification methods are eventually eliminated.
Source: ZDNet
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