Australia’s New Payments Platform, which will soon allow users to transfer money using only a mobile number or an email address, is raising concerns due to an increased potential for fraudulent transactions, ZDNet reports. Nick Savvides, Symantec's CTO for Australia, New Zealand and Japan, says safeguards under the current system of transfer will not exist under NPP because the transfer happens so quickly. Savvides also says he does not see this as an opportunity to introduce biometric authentication to the financial sector, as the current state of biometric authentication is "not good enough." Savvides notes, “It's OK in closed scenarios like passports and other places like that where it's a closed ecosystem, but in an internet-enabled world I don't like the idea of biometrics being collected."
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