HYPR Corp. has announced today its newest installment of security software for the e-commerce sector: a biometric shopping platform. The technology enables the reading of a fingerprint, voice, face or eye to access personal credentials.
Passwords prove to be a mere speed bump for today’s hackers — Target, Wendy’s and Yahoo! all fell victim in the last year to astonishing compromises of patrons’ personal information. HYPR’s cyber security solution decentralizes the storage of encrypted biometric data so that it can be used safely in lieu of alphanumeric passwords.
“With a noticeable uptick in online identity theft, enterprises and retailers must strive to prevent potentially dire situations,” said Ann Johnson, vice president of the enterprise cyber security group at Microsoft. “By implementing HYPR for a biometric shopping experience, they can drastically decrease the vulnerabilities caused by ineffective passwords.”
Already an installment at banks, mobile wallets and health care providers, HYPR sets to secure the e-commerce sector. And for good reason: Interactions Consumer Experience Marketing Retail Perceptions’ 2016 report, “The Next Generation of Retail” shared that 59 percent of Generation Z shoppers avoid shopping at retailers that have been hit by a security breach — 78 percent trust retailers to keep their personal information safe. Considering the reach and mobile connectivity of this demographic, security is paramount in order to sustain revenue channels.
“The future of retail lies in a biometric shopping experience, and HYPR is working to secure that future. Issues of data privacy have come to the forefront in our connected world, and passwords are no longer offering consumers sufficient protection,” said George Avetisov, chief executive officer and cofounder of HYPR. Consumers are primed for the next phase of cyber security – familiar with biometric reading functionality through Apply Pay and similar touch-activated services, retailers, brands, and e-commerce services should consider showcasing new steps in heightening security in order to maintain loyalty and drawing in new shoppers.