According to a survey by Digital Persona, nearly 70 percent of the more than 1,100 participants surveyed said they were considering switching their retail POS systems from password-based technology to biometric authentication.
The rising interest in biometrics has come as fraud has taken a greater toll on consumers and retailers. The study cited figures from The Centre for Retail Research’s Global Theft Barometer that revealed approximately $40.7 billion going missing each year as a result of fraudulent employees.
“Despite the overwhelming indication that fraud and theft are major business concerns for POS security, it’s surprising that over half of businesses still use the least secure method of user authentication,” said Jim Fulton, vice president at DigitalPersona.
“The retail industry continues to be a victim of their own inaction – they know the use of passwords is a threat to their business, and yet will accept this situation despite the availability of cost-effective and proven alternatives,” Fulton added.