[vc_row][vc_column][vc_column_text]56% of Brits would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online, according to Equifax research. A survey, conducted by YouGov and involving 2,059 people, found that 33% would prefer to use fingerprint recognition as a security method to access their accounts. A further 13% would like to use iris scanners, 7% facial recognition, and 3% voice recognition.

Only 19% cited passwords as their favoured security method and just 13% selected memorable questions. The research also shows that the technology available to consumers doesn’t reflect their preferences. 64% of respondents with a bank account (64%) are currently unable to use fingerprint recognition to manage their finances, and 68% are unable to use voice recognition.

“Mobile banking is the first choice for many consumers, and as mobile technology continues to evolve, banks and other financial providers must address the disparity between consumer demand for biometric security and its availability,” says John Marsden, Head of ID and Fraud at Equifax.” Biometrics offer consumers the combined advantage of security and convenience and are a great solution to password fatigue and PIN overload, but they are not a panacea. Even biometrics can be compromised and once that happens, it’s difficult to rectify. We believe multi-layered defences incorporating biometrics and device recognition are the best way forward for both security and a positive customer experience.”[/vc_column_text][/vc_column][/vc_row]

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com