The password is dying, but biometrics brought their own flaws


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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