California-based market research firm Frost & Sullivan believes that biometrics may be the solution that can secure mobile payments against security threats during card-not-present transactions, an August 7 press release stated.
“Protecting the mobile device itself is a first step, necessary to secure mobile payments.” Jean-Noel Georges, the global program director at Frost & Sullivan, said in the statement. “Although a personal identification number (PIN) can do the job, in 2011 more than 60 percent of smartphone users were not using a PIN to protect their mobile access.”
Georges went on to conclude that mobile payment providers should now begin developing biometric security solutions. For his take on the issue, read the full release here.