Samsung has introduced a new security solution for biometric payment cards, which combines a fingerprint sensor, a secure element and a secure processor into a single chip. The solution aims to make transactions more secure, convenient and inclusive, using smartphone-like technology.
The chip can be discretely integrated into any bank card and allows the user to authenticate their fingerprint by holding the card up to a point of sale (POS) machine. The machine wirelessly supplies power to the chip, which verifies the fingerprint and approves payment. The chip stores up to three fingerprints on the card itself and does not share the data with the POS or card provider.
This solution is more secure and easier to integrate than other card biometrics implementations as it combines all components into a single entity with on-device encryption making it difficult for fraud even if the criminal has the password.
The solution can also replace or supplement existing methods of PINs and cardholder signatures, making the misuse of stolen cards nearly impossible. Additionally, the solution can facilitate banking access for people with learning disabilities and other limitations.
The company does not intend to produce the bank cards themselves, but to sell the chip to companies such as Visa, American Express and MasterCard. The solution could be a game changer, making cards more secure, convenient and inclusive all at the same time.
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