In light of the online security breaches that are seemingly uncovered on a daily basis it should come as no surprise that consumers are losing faith with the common username/password combination that has been the norm until now. Big losses faced by the financial sector are now behind much of the growth in the study and introduction of biometric security measures.
In a survey conducted by Telstra it was found that two-thirds of UK internet users would prefer to use biometric. It was also found that a quarter would be willing to entrust their security companies with their DNA information if it meant that it would keep their data safe.
Two-thirds of those polled believe that biometric data is more secure than passwords attached to usernames. The same survey found that 32% respondents had been victims of identify theft, a figure below the global average of 38%; 40% respondents believe that the company entrusted with the data is to blame for any incidence of identify theft; 60% would change bank if they were to become victims of identify theft.
As a result of the growing role that mobile and online technology now plays in the role of the average citizen, USAA, the Texan financial services company, became the first major US financial institution to roll out facial recognition technology across the board. Using the mobile app, customers tap their smartphone camera and blink when prompted to prove that they are live person and not a photo. USAA has also given its members the option of using voice recognition technology to log in.
South African financial institution Standard Bank has launched a biometric mobile banking application, making it the first of its kind in the country. This is a move that has really put banking at the fingertips of the consumer.
Financial institutions in the UK are also waking up to the demands of the young British consumer. In September 2014 Barclays announced plans to launch biometric readers for its UK customers. Barclays Wealth and Investment Management department already uses voice recognition software to verify the identify of its international banking customers.
Other banks are investing in biometric technologies in response to new polling data. Research done by Visa Europe found that 75% 16 to 24 year-olds would be in favour of using biometric security. 69% that number believed that it would it be faster and more convenient than using a pin code. Previously, Intelligent Environments found that 52% consumers were in favour of fingerprint scanning being integrated into banking apps; 33% in favour of iris scanners; 30% liked the idea of facial recognition being used as a security measure; 29% were in favour of electrocardiogram heartbeat monitors; and 27% were in favour of voice recognition.
Big hardware manufacturers such as Apple have already added fingerprint scanners to their devices, it is only a matter of time before more apps are released to take advantage of this and other impending biometric utility hardware. There is a convenience factor that the average customer is drawn to - it is easier to log into your online banking app with a fingerprint scan than it is to remember a passcode.
Most recently Ohio-based ATM manufacturer, Diebold, announced their plans to introduce a revolutionary, screen-less ATM that makes use of iris scanning technology.
However, just as the manufacturers are working hard to make their hardware more secure and the financial institutions, retailers and other affected parties work to close security loopholes, it is important for users to remember that professional criminals are working to find more loopholes. The question has been posed that whilst a compromised password or pin can be replaced what is a user to do when their biometric data is stolen and misused? The answer is surely to be found in multi-factor authentication, a combination of biometric and alphanumeric - a means of safeguarding data without completely inconveniencing the common customer.
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