Interswitch has found a way to outplay fraudsters from prying into its merchants’ and customers’ privacy likewise stealing funds from its network via advanced security to promote safety levels. Interswitch plans to launch a new technology to enhance security measures — integrating biometric systems with Automated Teller Machines (ATMs) and Point of Sale terminals powered by Interswitch.
Interswitch plans to debut heightened security systems in Nigeria despite the silos connection existing on Interswitch’s electronic network. Likewise, merchants and customers are likely to upgrade their profiles on the electronic network. Interswitch biometric system is developed by SterlingPRO to enhance security solutions for every system networked through the digital payment company.
Interswitch’s partnership with SterlingPRO does not change its custom priority to focus on the African market and promote financial inclusion for the underserved communities. Still, the soon coming biometric solutions strengthen Interswitch’s payment portal from possible fraud activities.
It is a no-brainer that fraudsters have consistently devices means to beat high-end security systems to obtain confidential data such as Personal Identification Numbers (PINs), passcodes, and other sensitive credentials to defraud their targets.
The means to which fraudsters succeed has reportedly gained a viral audience, and people still get victimized via despicable means orchestrated by fraudsters to invade the encrypted system.
According to Interswitch’s report, fraudsters are earning stolen funds from every cranny of the world which tends to be alarming because the victims are looking for the most preferred encrypted FinTech network to secure their assets and funds.
Interswitch has been dependable on the regular passcodes and Pins that are highly penetrable via simplified coding to bypass the silo firewall. The soon-coming biometric systems authenticate electronic transactions as well as posing as a higher security level that controls fraudulent actors’ invasion.
Interswitch Managing Director, Payment Processing & Switching, Akeem Lawal, said “biometrics is changing the payment landscape and will shape the future of digital identification. Therefore, we are set to introduce the biometrics feature on PoS & ATMs to the market. We are excited about the introduction of this solution because we are confident that on successful activation of the solution across the market, Nigerian cardholders can easily transact without the fear of their accounts being compromised.”
Aside from securing Interswitch’s customers’ credentials, the biometric systems also give users the edge to access their electronic assets without the fear of forgetting passcodes or pins. The Interswitch biometric solution also saves users the stress of updating or changing their respective passwords or pins whereby physical characteristics such as fingerprints do not change.
The Interswitch biometric solution serves as a profound impact on financial institutions and customers under the digital world-oriented for Africa. Interswitch will promote its biometric solution by allowing customers to personalize their cards as well as issuing instant cards across Nigeria.
Card management and issuance can be done in a blink of an eye without processing time-wasting portfolios in banks.
In sum, electronic payment gateway systems continue to enhance security measures with high-end technology that does not warrant cardholders to be nonchalant about sensitive credentials that could be leaked to potential fraudsters. Still, Interswitch has made electronic payment gateway less vulnerable to electronic fraudsters.