Fingerprint scanners and other biometric hardware on consumer devices are rapidly gaining popularity amongst the users of financial services. One recent survey found that 56% of respondents in the United Kingdom preferred to use biometrics to access online banking services. This reflects a growing frustration with passwords, Frans Labuschagne writes in International Finance Magazine, but it’s far from a perfect solution. Biometrics can be faked or hacked, so they should be supplemented with “two-factor” authentication, which uses separate communications channels, and other new technology. The overall goal, Labuschagne writes, should be a low-friction solution that’s tailored to different users and tasks.
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