Sergiy Frantsishko: Use of biometric authentication reduces number of fraud cases by 50% -

16:22 - 9.06.2026

June 9, Fineko/abc.az. Companies investing in Passkey technologies (fingerprinting, facial recognition, etc.) and artificial intelligence will define the payment market of the future.

As reported by ABC.AZ, this was stated by Sergiy Frantsishko, the Head of Digital Solutions for the CIS and Southeastern Europe (CISSEE) region, said this at the X International Finance and Banking Summit held in Baku.

According to Sergiy Frantsishko, currently one of the main trends in the global payment industry is the transition of customer authentication to Passkey technology: the Visa Payment Passkey solution is based on the new FIDO standard and fully protects customer authentication. Research shows that using biometric authentication instead of one-time passwords (OTP) reduces fraud by about 50%. In the modern payment ecosystem, tokens protect payments, and Passkey protects user identification. This approach is based on the principle of building security within the system itself and ensuring maximum user convenience."

By Elmir Muradov