Can We Overcome The Biometric Knowledge Gap?

In our last post, Financial IT’s Top 50 FinTech Start-Ups, we discussed the rising interest in biometric technology for protecting payments, with Mastercard leading the field of big brands looking into the prospects. This week, in collaboration with the University of Oxford, Mastercard has released a study confirming consumer appetite for mobile biometric authentication is “undeniable”, however, the interest of consumers is at odds with the abilities of the banks.

Results of industry and user surveys reveal 93% of consumers would adopt biometric solutions while only 36% of relevant banking executives feel they have adequate experience to deliver. This is not to suggest that the banks are not interested, with 92% of respondents confirming they want to adopt biometric technologies.

“Industry professionals recognise that biometrics have the potential to improve security against fraud and convenience for users. However, there is a wide gap: individuals that are supposed to be taking decisions in deployment of biometrics often do not have sufficient knowledge and experience to make well-informed choices.”

To overcome this knowledge gap, the University of Oxford has set out A Five Factor Framework for Mobile Biometrics in Financial Services, recommending bank executives focus on performance, usability, interoperability, security and privacy when developing solutions.

It seems inevitable that financial services are turning to adoption biometrics for authentication; research has proved the advantages over traditional pins and passwords and the potential for biometrics to improve convenience and security for users. Differences in opinion between various stakeholders and the highlighted knowledge gap are delaying deployment, and as current trends and challenges are reviewed, banking executives need to thoroughly and comprehensively understand the modalities and options available to them.

With the fallibility of first generation biometrics such as fingerprint and iris recognition increasingly coming to the fore, it’s already time to move away from external biometrics to something more secure.

B-Secur has invested heavily in ECG biometric technology as an authentication solution. As an internal biometric to the body, dynamic, utilising a live signal for both liveness detection and accuracy and not requiring expensive equipment, ECG biometric authentication offers incredible flexibility and the opportunity for a highly secure and cost-effective solution.

 

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