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Just under half of British consumers are ready to completely replace traditional verification methods with biometrics for withdrawing cash (46%), starting their car (45%) and unlocking their front door (41%), according to new research from Equifax... More
Brits care more about online payment security than convenience — Equifax — “Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity. Security ranked highest across all age groups, and was a particular concern for over 55s (75%) compared to just over half of 18-24 and 25-34 year olds (52% and 53% respectively).”
Brits cite money saving product recommendations as the biggest incentive to use open banking — Equifax — “Two fifths (40%) of Brits willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through open banking include the ability to easily compare products from different financial institutions (36%), being offered tailored incentives for switching to a new provider (34%), and a streamlined process when applying for mortgages (28%) and loans (25%).”
The White House and Equifax agree: Social security numbers should go — Bloomberg — “The Trump administration is exploring ways to replace the use of Social Security numbers as the main method of assuring people’s identities in the wake of consumer credit agency Equifax Inc’s massive data breach. The administration has called on federal departments and agencies to look into the vulnerabilities of employing the identifier tied to retirement benefits, as well as how to replace the existing system.”
FTC probes Equifax, top Democrat likens it to Enron — Reuters — “The US Federal Trade Commission said on Thursday it was investigating Equifax Inc’s massive data breach, and a top Democrat suggested the credit monitoring company’s corporate leaders might need to resign… Senate Democratic leader Chuck Schumer compared Equifax to Enron, the US energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud.”
Motorists using oil and gas company ExxonMobil’s mobile payments app can now apply for the ExxonMobil Smart Card credit card directly through the app... More
Six in ten UK consumers (60%) think that having fewer than three security steps including passwords, card readers or letters from a memorable word is “insufficient” to secure their bank account, research released by Equifax and YouGov reveals... More
More than half of UK consumers (56%) would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online, research released by Equifax reveals. 33% would prefer to use fingerprint recognition, 31% would like to use iris scanners, 7% facial recognition and 3% voice recognition. More
Nearly one in four UK consumers (23%) think the country will become a cashless society within 10 years, research from Equifax and Gorkana Surveys reveals... More