Innovative technologies are currently addressing banking and financial security concerns. Biometrics is among the foremost technologies to speed up the way to data security. It is now seen as a secure method for providing authentication in order to prevent fraud in online banking.
It has been estimated that the use of biometrics in financial and banking services will reach around $8 billion by the year 2020. The projected increase of biometrics in the banking industry is due to concerns that traditional authentication systems have become less reliable and increasingly vulnerable to hacking.
As the use of mobile device grows, older authentication systems have become increasingly taxing. Biometric authentication in the banking and financial sectors will help to reduce such challenges, offering a more simple and secure method for accessing confidential financial data stored within an app, which can then be used to initiate payments or money transfers.
The broad field of biometrics includes the use of anything uniquely inherent to a single individual for the purposes of identification. Unquestionably, this includes fingerprints, but may also include the iris and retina, as well as the sound of an individual’s voice. The capacity to identify an individual in the most secure manner possible is of vital importance to the banking industry, particularly in the prevention of fraud.