PAYMENTS ARE JUST A TOUCH AWAY
The purpose of this study is to find out can biometrics be the next new inventive way for s...
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(Fall 2012) Payments Are Just a Touch Away

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The purpose of this study is to find out can biometrics be the next new inventive way for someone to exchange money and why hasn’t it been successful. Previously there has been a couple companies who’ve tried to make this effective, but it ended up falling through for several reasons. Even though these new inventive ways have become more popular in other countries, it still hasn’t become a main source in this country. This study will show the pros and cons of the new innovation and what company has been pushing this new invention forward.

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(Fall 2012) Payments Are Just a Touch Away

  1. 1. PAYMENTS ARE JUST A TOUCH AWAY The purpose of this study is to find out can biometrics be the next new inventive way for someone to exchange money and why hasn’t it been successful. Previously there has been a couple companies who’ve tried to make this effective, but it ended up falling through for several reasons. Even though these new inventive ways have become more popular in other countries, it still hasn’t become a main source in this country. This study will show the pros and cons of the new innovation and what company has been pushing this new invention forward. Sterling Carter, Aurielle Greene, Michael Brockly, Stephen Elliott Overview PLACE WHERE CREDENTIAL WILL GO WHAT THE CRENDTIAL WILL BE FOR • Phone • Smart Card • Computer • School • Bank • Grocery Store • Clothing StorePay-by-Touch was a company that wanted to use biometrics to make everyone's life a lot easier. It consisted of BioPay and Pay-by-Touch. The concept was to use a biometric as a form of payment. There were advantages and disadvantages of fingerprint recognition were: ADVANTAGES DISADVANTAGES • No PIN to remember • Greater security • Reduced maintenance effort compared to PIN Pad • Capability to add biometric on top of PIN • The security couple “What I have” (the card) and “What I know “(the PIN) is replaced by a much more powerful “What I have” (the PIN) and “What I am” (biometrics). • Concerns regarding personal privacy • Lack of secure, convenient, user-friendly options for authentication and identification • The ability to share the information with other networks • People worried what will happen to their fingerprint once it is in the system • Fingerprints are associated with police and federal government • Worried that their information will be sold away to identify thieves • Lack of knowledge about the process • Laziness by the consumer PROBLEMS SOLUTIONS • Ever-increasing costs for managing customer accounts • The penalties of online fraud • Loss of business because people unwillingness to create another account • Businesses and governments cannot successfully identify the individuals • Hoaxed websites • Stolen passwords • Compromised accounts • All these Indications of insufficient authentication devices • There could be a credential system used so that all of your information isn't given out all a once, just the needed information is • It will be a secure system used by the government too • The credential will be for different types of establishments • The credential can be programed in to your phone or computer AllTrust began when Pay-by-Touch filed for bankruptcy abruptly in 2008. After a while there were several law suits against them. In 2008, the asses were acquired by Phoenix Check Cashing, which renamed itself AllTrust. The assets of Pay-by-Touch are now owned by YOU Technology. Identity Ecosystem Historical Timeline of Payments Successor Companies

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