How Biometrics, Crypto, and Instant Transfers are Shaping The Way We Pay

The adoption of blockchain technology and vulnerability to cybersecurity attacks are directly proportional. 

Just as Dark Web, cryptocurrency is also hard to track, it means you can track the source. You can call this a feature or fault but most hackers love this as no one can track the source, cryptocurrency is becoming a go-to currency for giving bribes and money laundering.   

Crypto frauds have increased 70% from FY2022 to FY2023, according to experts biggest jump is yet to come. The lack of security and surveillance is a great factor in this surge of fraud. 

That’s why integrating biometrics is important as this will attach your crypto account to your virtual account to ensure that only you can access your account.  

Let’s dive deeper into this:  

So, what exactly are biometric payments?

Think of yourself like a walking vault with a super secure lock. Biometric payments use unique features of your body, like your fingerprint, face, voice, or even your eye, to confirm it’s you making a purchase. It’s like having a built-in password that no one else can copy!

Why are biometrics so awesome?

• Super Safe: Unlike passwords that can be guessed or stolen, your fingerprint or face is way harder to fake. This means way less chance of someone stealing your money! Did you know that in 2021, a whopping $46 BILLION were lost to fraud in the US alone? Yikes!

• Lightning Fast: No more scrambling to remember a PIN or searching for your wallet under a mountain of clothes. Biometric payments take just a few seconds, making checkout a breeze. Imagine grabbing a soda at the store – just a quick fingerprint scan and you’re good to go!

• Super Convenient: No more bulky wallets or forgotten cards. Your body parts are always with you, making paying for things easier than ever.

How Do Biometric Payments Work?

There are two main ways biometric payments happen. The most common way is to use the cool tech already built into your phone or smartwatch, like a fingerprint scanner or facial recognition. This is especially common with mobile wallets like Apple Pay and Google Pay, which use your phone’s fingerprint or face scan to confirm it’s you before letting you pay.

The other way is using special payment machines at stores. These might be high-definition cameras that scan your face or even fingerprint scanners built right into credit cards!

No matter which way it works, the function involves three main steps:

1. Enrollment Day!
   You register your unique body part (fingerprint, face, voice, etc.) with a system. This could involve scanning your fingerprint with your phone or taking a picture of your face at a store. Basically, the system gets to know you!

2. Show and Tell!  
   When you want to make a payment, you use your registered body part, like placing your finger on a scanner. This tells the system, “Hey, it’s me again!”

3. Payment Approved!
   If the system recognizes your fingerprint (or face, or voice!), it knows it’s really you and lets you complete the payment securely.

Let’s take fingerprint payments as an example. First, you scan one of your fingers using a sensor on your phone. The system stores this unique fingerprint pattern and links it with you, so it knows it’s your finger next time.

Now, whenever you want to pay with your fingerprint, you simply place your finger on the sensor again. The system compares the new scan with the one it stored earlier and checks if they match. If they do, it gives the green light for your payment to go through. This all happens in a blink of an eye!

Biometrics: The Future of Payments

Biometric payments are still young, but they’re getting better all the time. In the future, we might see even cooler ways to pay, like scanning your iris (the colored part of your eye) or using the veins in your hand. Imagine paying for lunch with a wave of your hand!

Is it safe?

Biometric payments are generally very safe, but there are always some things to keep in mind. Security for these systems is still being developed, and some people worry their information might be stolen. That’s why it’s important to choose trusted companies and be careful about where you use biometrics

Conclusion

There is a reason why biometrics are everywhere, from smartphones to laptops. 

Security is the key When it comes to fraud prevention. There are a ton of options when it comes to biometrics, here are some go-to potions 

We are going to enter the age of crypto and blockchain and it is always better to be prepared when lurking in a foreign territory.