As New Technologies Falter, Identity Remains a Top Concern for Businesses
EXCLUSIVE—Facial recognition and other forms of biometric authentication may not have their golden moment in 2018, as the recent iPhone news suggests, but that doesn’t mean identity is less of a problem for business, merchants, and payment providers.
“You need to encrypt the data when it comes to you, you need to provide tokenization when it’s at rest, and for identity, you make sure the merchant is using things like EMV or fraud detection solutions,” Chris Kronenthal, president and chief technology officer for FreedomPay, told Bank Innovation.
When it comes to payment security merchants will get semi-integrated solutions that will leave themselves vulnerable, Kronenthal added, which FreedomPay solves “by providing a fully integrated piece of technology, so we are directly integrated into their software, into their ecommerce, into their point of sale.”
As a solutions sale, FreedomPay seeks to “guide enterprise merchants” onto its platform so it “essentially becomes that fabric that ties everything together and provides that security,” Kronenthal said. Merchants on the FreedomPay platform number in the hundreds of thousands, though the company does not disclose the specific figure.
In terms of payment security, FreedomPay takes “a hybrid approach,” Kronenthal said. That approach has identity protection in its center, though the addition of other, more experimental forms of authentication (namely, biometrics or a blockchain) remain somewhat murky for the moment.
Like many in the space, FreedomPay is looking to implement some of the emerging methods of authentication, he said, adding that the company was having discussions around the technologies previously mentioned above. “We’re exploring, in the payments space, emerging authentication methods, whether or not that’s facial recognition, or your fingerprint, or two-factor authentication which historically exists for a lot of banking applications — all of those are topics or discussions for up in the air,” Kronenthal said.
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