Financial institutions advised to monitor authentication innovation
By Nicole Reyes, TMG Senior Fraud Prevention Analyst
In fall 2013, Apple impressed the mainstream consumer world by equipping its latest smartphone device, the iPhone 5s, with fingerprint identification. For financial institution (FI) leaders charged with staying abreast of changing consumer expectations, authentication methods will be an important area of innovation to watch and the iPhone’s fingerprint scanning technology has provided a good test of the market.
Are consumers ready for biometrics? In a recent survey, nearly half of respondents indicated they are comfortable with the idea of using biometrics, such as fingerprint, palm or iris scanners, as authentication methods.
Indeed, many iPhone 5s users have welcomed the innovation, largely because it has made life just a little bit easier for them. While those of us in the security profession would like to think the increased safekeeping of personal data and information intrigued iPhone fans, we know that most people are as excited about its speed and simplicity as they are about its security. A recent survey, for example, found only 28 percent of respondents are very concerned with the privacy and security of their phones or mobile devices.