Much has been written about the impending death of passwords, with new research showing that passwords may finally be on the out as 93% of consumers would choose biometrics over the traditional security measure.
The Mastercard and University of Oxford research also revealed a major knowledge gap concerning biometric tech, with 92% of financial services professionals wanting the technology despite only 36% of decision makers actively working on its deployment having adequate experience.
Another hindrance in the adoption process could include the ability for fraudsters to beat biometric security measures. The report outlines the main ways in which security could be breached, including measuring physiological properties such as blood pressure, spectral or optical properties of the skin, and pulse.
Further areas that could be studied by a fraudster to beat biometrics could include blinking and pupil or head movement. All of these areas are highlighted by the report as requiring review of industry threat models.
Ajay Bhalla, president, Global Enterprise Risk & Security, Mastercard said: “Effective mobile biometrics melt into the broader experience of consumer-centric financial services, giving people the power to instantly access their financial information or make a payment. They’re driving the trend toward a password-free future where digital identity is all about who we are, not what we remember.”
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Bhalla commented on the importance of the points outlined in the report, he said: “This framework is fundamental to accelerating the deployment of mobile biometrics for consumers and industry alike, but collaboration is key. We can only achieve this if industry, academia, governments and technology vendors understand and contribute to the evolution of the Five Factor Framework for mobile biometrics.”