Banks are being urged to use biometrics as access methods for identification, authentication of payment services and mobile transactions.
According to a whitepaper by Mobey Forum biometrics can be used payment services and mobile transactions more secure.
The research highlighted the fact that biometrics can be used in different areas of financial services including online dealing transactions, insurance, and employee screening.
However, there are hurdles in the way when it comes to deploying the technology as there has to be a common standard, evaluation criteria and certifications prior to mass usage.
The survey showed that banks showed the most interest in implementing biometrics in near future, with handset manufacturers also planning to integrate biometric capabilities into their devices.
However, Mobey recommends banks to carefully choose the factors like system architectures, biometric modalities, and proprietary or open solutions, security, and collaboration versus competition while deploying biometrics.
Info Security cited Mobey Forum executive director Sirpa Nordlund as saying: "Compared to entering a PIN or a password, biometrics offer a fantastically convenient user experience which is well-suited to the mobile environment, so it is easy to see why they are in such demand.
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"Naturally, banks and financial institutions are keen to offer this experience, but must also ensure they strike the right balance between convenience and security."
