Biometric technology is moving to banking

Apple was one of the first companies to incorporate a fingerprint reader on their most recent iPhone devices. Apple acquired this technology when they purchased AuthenTec in 2012.

Not long after Apples release, Samsung introduced its Galaxy S5 with its own similar version of biometric security. Using biometric security on devices is becoming more popular with technology companies. Although banks are now taking this idea to a whole new level!

RBS and NatWest recently announced that their customers will be able to log onto their online banking using their fingerprint rather than using passwords or pin numbers. In order to secure online transactions and ATM withdrawals, biometric security has helped to increase customer trust and prevent security breaches.

Biometric features are unique for each person and fingerprint or iris scans are difficult for hackers to forge. Therefore biometric authentication is widely used within many businesses to grant people access, to process transactions and to allow consumers to purchase products or services. Currently in Japan, around 15 million customers use biometric verification to process banking transactions.

Recent studies have shown that 8/10 of Brits are prepared to stop using their passwords and pins in exchange of biometric security. Does this include you?