Consumers applying for credit online, such as auto loans and credit cards, better get used to the idea of having their identity checked in the near future by so-called “biometric” means such as fingerprints or eye scans. At the same time, more and more of the auto finance transaction and other financial transactions are taking place exclusively online. “Two-factor” identification, such as having a code number texted to your mobile phone, can also be fooled, Ryan said. Auto loans are a particular target, because increased use of chip-enabled credit cards has made it much harder to create phony credit cards, security experts said. “But the report highlighted that people said they would share more data if there’s a perceived benefit, that is, greater security,” he said.

Source: Forbes February 25, 2019 15:19 UTC