The time has come for the banking community to listen to its customers and realise that the UK public is ready for biometric card authentication. Based on recent research by IDEX Biometrics, over fifty percent (53 per cent) of cardholders would trust using their fingerprint to authenticate payments a lot more than their PIN.
A further 56 percent of research respondents stated that they would feel more secure conducting purchases with their card, if they were authenticated with their fingerprint. It seems that payment card users are very aware of the limitations of their PIN with almost half (45%) admitting that they never change them. And a third (29 per cent) expressing concerns that PINs cannot be relied on to keep their money secure.
This scepticism around current card safety measures also extends to contactless payments with 63 percent questioning their security and 70 per cent believing that they actually leave them subjected to theft and fraud when used.
It is evident, that as a nation, we're ready for the introduction of biometric fingerprint card authentication. The only area of concern users admitted to, was how their fingerprints could be stored. 45 per cent were worried that criminals could mimic their fingerprint biometric data along with a further 51 per cent was concerned about the possibility of it being kept in a bank's central database – leaving them subjected to identity theft or their private information being used without their knowledge.
These findings highlight that banks need to provide reassurance that biometric fingerprint authentication can be used in a user-friendly manner. There is no need for this information to be retained centrally which any fingerprint data is kept with the user on their own cards. Providing customers with the confidence that they can embrace fingerprint biometrics as a more secure and personal method of authentication for their payments.
“Consumers are ready for the use of biometric fingerprint methods of authentication for card payments which is set to be a reality in 2021, but banks possess a responsibility to address security concerns, specifically in relation to how and such data is held. It is ultimately as much as the banks and the financial services sector to reassure customers to drive adoption and ultimately tackle fraud head-on,” comments Dave Orme, SVP at IDEX Biometrics.
“With a convincing 53% of consumers stating they would trust using their fingerprint to authenticate payments a lot more than the traditional PIN, this should be where the UK banking industry focuses its attention. Chip and PIN is now 12 years old, and has seen its course. The customer demand for fingerprint methods of authentication is a reality, with two-thirds (66%) of UK consumers expecting their unveil to authenticate in-store card transactions by 2021.” added Orme.