Here are a few major market trends we can expect to see during this growth period that will impact the adoption of biometric technology in the banking industry from a security perspective.
PINs and Passwords Are No Longer Enough
While many banks ensure that their customer data is safe and secure with passwords and PINS, customers are still at risk of fraud. Companies such as Microsoft and Intel are beginning to recognize the pressing need for powerful security and are building biometric authentication systems into their future products. Biometric single sign-on (SSO) is a password management technology that protects data from unauthorized users. These forward-thinking companies are paving the way for banks to enter the biometric space for mobile banking.
There is More Than One Option for Biometric Security
There are different modes of biometric authentication that institutions can adopt such as fingerprint, voice, retina, heartbeat, facial recognition, etc.
Android app Development Boston
HSBC recently introduced fingerprint and Touch ID sign-in to its mobile banking app with many other banks to follow. This eliminates the pains of remembering passwords and suffering the dreaded account lock after too many password attempts. With this new technology, users are provided with enhanced user experience (UX) and security.
Multi-Factor For Powerful Security Assurance
Using PINs and Passwords as the sole security option positions consumers as easy targets for fraud. Many organizations are now considering multi-factor authentication (MFA) by combining a fingerprint with either retina, voice, or facial recognition, for example. MFA makes it extremely difficult for a hacker to infiltrate customer accounts. This security method combines something a user is and something a user knows. Mobile banking users will likely see biometric recognition paired with PINs and passwords for two-factored authentication before manual.
For More: https://www.fortifive.com/
Loading
