Biometric authentication options are fast becoming mainstream, as Touch ID technology seeps into our digital lives. For the most part, the connected customer seems to be enthusiastically accepting, and in fact, driving the biometrics market, but is there any resistance, and are users’ security concerns valid?

Nowhere is biometrics entering the mainstream consumer consciousness more so than mobile payments and financial services.

Recent research by Goode Intelligence demonstrates that over 120 customers are using mobile biometrics daily in their everyday financial transactions. Furthermore, the report predicts that by 2020 over 16 billion mobile biometric payment transactions will be made.

This marks an incredible adoption, but despite widespread this, old authentication habits die hard as the historical use of passwords and PINs prove a difficult habit for financial institutions to break.

At the recent EmTech Asia 2016, Tony Chew, Citibank’s global head of cybersecurity regulatory strategy revealed that 70% of consumers wanted better mobile banking but were nervous about security.

The evidence is there – consumers want the convenience of digital financial services but they want it with security measures they can trust.

Investing in Security

Secure identity solutions provider HID Global, has identified security trends for the year ahead, with trust and security leading key:

Trend #1: “Mobilizing” security will make it more pervasive and personalized: a new, more secure identity lifestyle will be built around the convenience of ever-present mobile devices.
Trend #2: Security will move to a much greater focus on the user experience: This will help close the gap between planning and compliance, while ensuring that security adapts to rather than defines end-user habits and lifestyles. Old ways of authenticating will be replaced by more satisfying alternatives.

Biometrics has the potential to give consumers the security they want in a way they can trust, ditching single passwords and PINs.

Chew went on to state that biometrics is the way forward:

It is definitely superior and better than the [security] Q&A [process], which is a ridiculous form of authentication. This isn’t science anymore. This is a business decision.
11th April 2018

B-Secur Lauds New World-First Cyber Innovation Centre

Read Now
23rd March 2018

B-Secur Presents ECG Biometric Authentication Tech on Royal Vist

Read Now
22nd February 2018

RELEASE: B-Secur and NXP Semiconductors Announce New Partnership

Read Now