Why Your Bank Should Implement Biometric Technology

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In 2015 Kaspersky online security experts discovered that an international gang of cyber criminals had attacked 100 banks and financial institutions around the world.

The cyber attacks started in 2013 and around $1bn was stolen.

Besides losing funds due to a data breach, banks and financial institutions also lose confidential customer information, security codes and employee confidential information. Greater security measures are needed and many banks are looking to biometric technology for protection from more advanced cyber attacks. Below are 3 reasons why banks should use biometric technology for high security.

 

  1. The Password Provides Littler Protection

Pin numbers and passwords are easy to guess and a weak defense against cyber criminals. According to Verizon’s annual Data Breach Investigations Report , 63% of confirmed data breaches in 2015 involved the use of weak, default, or stolen passwords.

Due to the excessive amount of accounts a person has, people tend to create weak passwords or use the same password for multiple accounts.

Banks are now considering replacing customer’s pin numbers with biometric authentication. This past summer the U.K.-based bank HSBC introduced voice recognition and touch ID services to 15 million customers, in response to boost their security measures after a recent online cyber attack.

A thumbprint is hard to replicate and is the most secure available verification.

 

  1. Banks Leaders are Onboard

Banks are aware of the risks and costs of a cyber attack, which averages to average of $141,249 per attack, and are willing to invest in greater security measures. It’s estimated that by 2020 there will be 622 million mobile banking apps that offer biometric authentication.

A majority of bank executives who were surveyed are interested in using biometric authentication for mobile banking and payments. 74% of the executives believe that biometric authentication is viable for their firms in two years or less and 24% believe biometric authentication in the financial services sector can be an immediate reality.

 

  1. Consumers are onboard

Introducing a new technology to customers and gaining their trust can be a hard task, but many consumes have expressed a desire for biometric authentication in their banking. A 2016 survey by Experian found that three in five people believe biometric identification is either just as secure or more secure than the original password.

Biometric authentication is also popular among the next generation of bankers. 61% of U.S. millennials said they would use fingerprints for bank account access, and 25% of UK consumers believe that banks should have higher security measures that better protect user’s finances.

In addition to being a secure form of authentication, consumers are interested in biometric authentication because it doesn’t require any memory work from the consumer. 93% of Americans believe that fingerprint recognition is highly convenient and easy way to protect their finances.

 

  1. Biometric Authentication Solutions are Available with Gardevant

With an added layer of encryption, the Gardevant Card uses biometric authentication to keep all cardholders and financial service organizations safe from theft and fraud. The Gardevant Card authenticates and verifies the cardholders’ identity with the scan of a fingerprint to make any purchase.  With the Gardevant Card, users are in full control of their finances and banks are protected against fraud fees. Organizations who are interested in learning more about biometric authentication can contact a representative at info@gardevant.com.