Biometric Authentication – the Changing Face of Cybersecurity
Expert Tips for cybersecurity
Once the preserve of the younger, more tech-savvy amongst us, online or mobile banking is now becoming the norm for most people. As expected, 97% of millennials regularly use the internet for their banking transactions, with Gen Xers not far behind at 91%. Most surprising perhaps is the uptake with the older generation, the Baby Boomers, who seem to find value in online banking too, to the tune of 79%.
This reliance by many online transactions has evolved due to convenience and has been shored up by the relative security offered by the encryption software currently in use. Still, many worry about cybersecurity, particularly when it comes to their hard-earned cash, and rightly so. With the dawning of biometric authentication, some worries have been appeased. As it further develops, we should be able to have more confidence in our online movement of money, but how does it work?
What is Biometric Authentication?
“Biometric authentication is a user identity verification process that involves biological input, or the scanning or analysis of some part of the body,” according to Techopedia. We already see it used at airport immigration and in some offices to keep track of employees’ attendance or provide entrance to the building. Many of us have mobile technology that uses biometrics to allow us, and only us, access to our devices.
Fingerprinting, retina scanning, and facial recognition are amongst the most common forms in use at present. So how does this physical security translate to cybersecurity and banking?
Biometric Authentication in Banking
Whether clients use third-party apps such as PayPal or Stripe to manage online payments or are simply using their debit or credit cards, cybersecurity is the forefront in their minds. With the added layer of security that biometric authentication offers, consumers are more confident while spending or moving money.
This is particularly true when it comes to the security of their cash in their bank accounts. With more online banking transactions occurring daily, banks are stepping up their security by offering fingerprint recognition, instead of PINs or passcodes, on their mobile banking apps.
While we are moving ever closer to a cashless society, some people still prefer to feel the crisp notes in their wallets. Therefore, ATMs are also beefing up their security using biometrics such as facial recognition when dispensing cash or accepting payments.
Both methods of banking are using voice recognition as a means of accessing accounts, allowing customers to discard their PINs and leave their ATM cards at home.
The use of vein pattern authentication is being tested by some banks exploring the possibilities of using our unique patterns of veins to identify us, as they are almost impossible to replicate for fraudulent purposes.
The future is looking more and more like a Hollywood movie as biometric technology becomes mainstream. At Accunity, we live for tech and develop our e-commerce websites and apps with the future in mind. Get in touch to see how we can help you grow your online business with cybersecurity built-in, giving your customers the security they desire.
Not big on reading? That’s okay. Watch “Biometric Authentication – the Changing Face of Cybersecurity”.
Using the power of Artificial Intelligence, we turned this blog into a video for you. Watch it below.