Biometric security firm HYPR Corp has announced the launch of a secure biometric shopping platform designed for the eCommerce sector.
HYPR has said that its cybersecurity solution decentralizes the storage of encrypted biometric data so that it can be used safely in lieu of alphanumeric passwords. Reliance on this type of data, i.e. fingerprint, facial and voice recognition, has become increasingly popular, especially following numerous data breaches this past year that involved compromised 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 Cybersecurity Group at Microsoft. "By implementing HYPR for a biometric shopping experience, they can drastically decrease the vulnerabilities cause by ineffective passwords."
The biometric security space has gained significant enterprise validation, as traditional identity verification measures continue to fail. HYPR's solution is already deployed across millions of users by large banks, mobile wallets and healthcare providers. The company also works with IoT system makers including connected car, connected home, and smart lock manufacturers. Their next frontier for deploying a secure biometric user experience is retail, an industry that struggles to maintain consumer trust in the age of connected devices.
"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, CEO and Co-Founder of HYPR. "HYPR successfully alleviates potential for credential theft by offering enterprises an array of secure biometric alternatives to passwords."