NETWORK & APPLICATIONS
“ While new payment apps and online-only banks offer huge convenience to customers , they also introduce major vulnerabilities if not properly secured . This is especially true as hackers are becoming more sophisticated by the day in targeting payment systems to access funds or manipulate individuals into revealing passwords or payment credentials .” Andrew Doyle , CEO of NorthRow comments .
Jon Horddal , Group Chief Product Officer , emerchantpay explains : “ Two of the most impactful cybersecurity threats facing businesses today are card data breaches and phishing attacks , where sensitive data is obtained through increasingly sophisticated fraudulent emails or websites . Also , with the advent of AI , we ’ re seeing tools that are being exploited by criminals , such as technology that can mimic people ’ s voices , so people think they are speaking to a trusted source and hand over their details .”
So , with the world continuing to become increasingly digital and the development of AI , what sort of measures can we expect to see in the future regarding the payment security landscape ?
Doyle believes : “ We ’ ll see the widespread adoption of biometrics – whether it ’ s fingerprints , face scans or voice recognition , biometrics will be used as proof of identity and an added layer of security when accessing financial products and services .
“ Technologies such as MFA and biometric authentication provide enhanced security compared to traditional methods . As these new technologies become more accessible and accepted among consumers , security will improve .”
How MFA will benefit organisations One of the major benefits of MFA is how it will enhance an organisation ’ s security ,
requiring users to identify themselves by more than just a username and password . Whilst of course an important aspect to security , usernames and passwords are vulnerable to brute force attacks , and can be easily obtained by third parties . Through the enforcement of thumbprints or voice recognition , organisations can help remain safe from cyber criminals .
“ Technology is evolving faster than adoption . We live in an increasingly connected world where technology and consumer behaviours evolve at lightning speed ; at the same time , consumers may not realise that more of their private
78 November 2023