Innovation without compromising security

The continuing growth of FinTech is poised to further modernize the financial system, though security will figure prominently on how safe that process is.

The rise of FinTech as a bubbling category portends an intriguing future where consumers will have a more seamless experience in how they choose to pay for things, and security will figure prominently within that experience.

Security is vitally important for both consumers and merchants, who are each keen on protecting themselves, but also for solution providers who need to be compliant with a complex regulatory environment.

News headlines are generally focused on the most egregious examples of cyber theft and consumer fraud, where compromised accounts and data can lead to serious repercussions. Improving the overall payment experience, while maintaining the security behind each transaction, will grow in importance with the rise of FinTech.

Near Field Communication ( NFC) has been a standard feature in many smartphones for the last few years, and beyond just being a simpler way to pair with Bluetooth devices, it is becoming a key bridge for mobile payments.

Biometrics, like fingerprint or retina scans, may offer new ways to make payments that would also be difficult for criminals to exploit. It’s estimated 50 percent of smartphones will come with a fingerprint scanner by 2019. Other security solutions have included temporary card numbers and various encryption methods to protect transactions and data from being stolen. However, these solutions haven’t yet proven to be bulletproof.

For some insight into the options FinTech companies have in countering such threats, Suzan Denoncourt, Managing Director, Canada, for Ingenico Group, and Richard Giannini, SVP Product Development, Canada, also of Ingenico Group, offer their perspective on some common myths.