Review of the FinTech 20/20 Conference and other matters
I recently listened in on a public webinar from a few days ago. It was titled Biometrics Beyond Payments: Multifactor Security & The Fight Against Fraud, produced by a body of biometrics experts at Find Biometrics and Mobile ID World. It referred to the global biometrics industry generally, and specifically to the 20/20 conference attended by smme. Interestingly, there were negative comments about some technology that many think is the sexy way forward, and which continually demonstrate that they a long way to go. And despite many comments from some on this board that credit card technology with biometrics attached is on the way out, this particular panel described it as being an 'emerging technology'. Hhhmm, do you think perhaps that some to his board are mistaken??
The panel agreed that mobile phone technology, that so many think is so sexy, is very limited. It does not prove identity and all it does is simply replace a PIN or password. I guess until we get facial recognition on credit cards we will have to do with fingerprint technology. Its truly amazing that all those people who do not want their private details held on a national ID card are happy to have the cloud look after everything for them, and post on social media all their personal details, and rely on terribly flawed mobile phone technology that really ain't that sexy - 'cos it don't work.
As for tap'n'go making our lives easier... let's look at how the banks, one in particular, markets this scam. Over a year ago we saw an ad on tv where people were passing through a canteen at work, using tap'n'go to pay for their lunch - all happy they were getting through so quickly, until one guy (who would have been someone like me) came along and wanted to use a card. The horrid looks of distain on the faces of those behind 'cos they were slowed down. Fast forward to today, and the same bank has produced an ad where a guy is paying for a dozen eggs in a small supermarket, using tap'n'go. Yep, he is paying for an egg at a time, enjoying the sexy use of that facility, holding everyone up. What an amazing change of message from the bank. He is asked to pay for the dozen eggs in one transaction, but he tells the lady not to ruin the moment for him. I'll admit I am very confused 'cos now I don't know if this is supposed to help us or annoy us. I reckon its a big con by the banks. If you as a consumer do not have the necessary time to ensure your transactions are properly and safely carried out, by looking at the POS machine and using all available systems to secure your money, then more fool you.
I think we should spend our time and energy improving credit cards for now, just like Smartmetric says its doing. The cards have certainly never exploded and hurt anyone, and if we protect them with biometrics there is less risk of being hacked and having all our hard-earned money pinched as happens with less secure (but oh so sexy) technology. As the gurus (and I mean the true industry/sector gurus) say, credit and payment cards secured by biometrics is an emerging market and technology. We have not missed the opportunity at all.
AI
