Greeks prefer biometric authentication for their purchases

Visa research in Greece, found that there is an increased demand from consumers for biometric payments, as they are now considered a more secure way of transaction compared to traditional methods. 91% believe that fingerprint recognition is the safest method of identification, followed by scanning the iris of the eye.

Convenience also plays an important role in the preference for biometric methods, with 24% of respondents saying they have left an online marketplace because they forgot their password.

Biometrics are set to become even more popular, given the requirements of the Payment Services Directive 2 (PSD2) regarding Strong Customer Identification (SCA). Strong Customer Authentication (SCA), under PSD2, was designed by Banking Authority (EBA) and affects anyone making, receiving or servicing online payments across Europe. It entered into force in September 2019, while in relation to e-commerce payments the SCA will come into force in Europe from 31 December 2020.

The goal of SCA is to reduce fraud by adding additional layers στις διαδικτυακές και ανέπαφες πληρωμές. Απαιτεί από τις τράπεζες να πραγματοποιούν επιπρόσθετους ελέγχους ώστε να διαπιστώσουν την of the cardholder making a payment. Specifically, it requires two ways of verification from the consumer.

Using biometrics – such as fingerprints, voice or facial recognition – is a fast, secure and easy-to-use way to confirm a payment. This is because the biometric identity – verifying who the consumer is, through a registered and connected device – satisfies two of the required factors, quickly and easily responding to SCA requirements.

Businesses, on the other hand, should ask their providers to "activate" a technology called 3D Secure (preferably, if available, the latest – EMV 3D Secure). This technology checks payments as they are made, to assess whether they are unsafe and, if necessary, allows the customer's bank to request identification.

Η revealed that cardholders don't always remember their passwords when shopping online. In addition, it highlighted potential security risks such as data, identity theft and malicious actions: 17% of Greeks who make online purchases use the same password for all their accounts and only 25% have a unique password for each account. This fact can make the consumer vulnerable to multiple attacks if a hacker tries to discover their password.

While temporary passwords are a potential solution to overcome the need to remember multiple passwords, 52% of Greek consumers are still concerned that they may be "locked out" of their account - after multiple failed attempts to complete a . Conversely, using biometrics is considered faster (72%) and easier (77%) than using a password. Despite being a recent authentication method, many people in Greece have already used some kind of biometric method, with 64% having used fingerprint recognition in the past.

In view of the introduction of the Strong Customer Identification Directive (SCA) in Greece, the Visa survey reveals the need to use biometric methods, with 44% of cardholders pointing out as an advantage that they no longer need to remember many passwords and 33% that biometrics are impossible to forget or lose.

According to Andriana Pappa, Head of Visa for Greece: “Commercial businesses operating online will need to be fully compliant with PSD2 by December 2020, so it is important to start the transition early to avoid any disturbance to their. "Merchants who are not sure they are ready should contact the payment service provider they work with to make sure they are fully compliant and that their business is not affected."

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