One day, payments will be risk free.

Published on 20/01/20

How can the annoying dimension of payment be reduced without compromising security? For some time retailers and banks and security providers have been trying to resolve this dilemma, even more so with the PSD2 coming into force. What if the answer lay in the technology?

It’s at your fingertips or in the blink of an eye!

Payment validation by retinal scan or fingerprint is becoming more widespread, on-line and in-store. Safe and convenient, the technology has been in place for some time via the app WELL.COM, in a dozen or so Auchan shops in Romania. But other payment means may well be introduced in the future to complement existing systems.


 

PSD2: The big change.

By tightening authentication requirements on e-commerce sites, the second European Payment Services Directive (PSD2) has forced stakeholders to rethink their secure payment devices. It’s a constraint on customer experience, but as it is placed on all retailers, they are on an equal footing. But AI could well be a game-changer…


 

One step ahead.

You may remember Steven Spielberg’s film, Minority Report, where the police were able to apprehend a criminal…before he’d even committed a crime. What may once have seemed like science fiction is now a reality. The Chinese company Cloud Walk Technology uses facial recognition to predict if an individual risks committing a crime simply by detecting suspicious or unusual behaviour.

And it is exactly what is applied to secure payment.

 


 

UBA = User Behaviour Analytics

This branch of cyber security based on AI is able to study user behaviour and detect the slightest anomaly.

It can tell if a password is typed more slowly than usual, with greater hesitation, or if a large amount of data leaves a network outside normal hours.

These actions could reveal the theft of passwords or data. But the battle is only just getting started…


 

AI versus AI.

ORANGE is in charge of cyber-security for dozens of companies in France. World-wide it collects 27 billion computer events daily, including 2,000 potential cyber-attacks per month. If AI allows them to detect and intercept the attacks, specialists know full well that AI can be tricked by another AI and allow a malicious virus to be spread. We are far from finished playing cops and robbers with technological weapons.


 

The Main Think

Despite fears of hacking and data theft, paying has never been simpler although many fears legitimately exist. Legislation and technology continue to evolve in order to keep up.

 

Crédits photos : DSP2 / WELL.COM