Increasing electronic modes of payments introduce a new dimension.
Security and Identity authentication measures need to be strengthened to avoid data fraud and data breaches.
It is increasingly accepted that Passwords can no longer provide secure identity authentication.
In addition to additional security and authentication mechanisms such as chip authentication, tokenization etc, usage of biometrics for authentication of identity is gaining significant traction.
TrueID is currently focused on using the biometric platform for providing authentication services.
Biometrics are being increasingly used for Financial Payments for 2 main reasons, Fraud detection and Convenience.