Pros and cons of 'selfie pay'
It appears that the banking industry may be ready to branch away from rigid PINs and password challenges.
The use of physical unique identifiers appears to be slowly catching up with the more traditional payment tokens like cards and mobiles.
These new techniques based on biometric information will certainly be easier for some consumers to use, and they could also help banks streamline their processes whilst keeping a cap on fraud.
These are interesting times; if banks are to accommodate the preferences of target customer segments, they will have to offer a wider choice of Identity Verification mechanisms, as not everyone will be comfortable with selfie photography as a natural part of the banking experience. This move away from ubiquitous, one-mechanism for all, could end up being quite confusing and potentially counter-productive if fraudsters devise new social engineering scams as a result.
There is a palpable feeling of change – perhaps in the not too distant future, customers will chose their favourite identity verification provider completely separately from their choice of credit card, bank account or alternative payments provider.