Banks are increasingly using biometrics security checks in their branches and as additional verification methods. However, ubiquitous use of smart devices is required to provide the required broad base for biometric verifications to be used during mobile banking transactions.
Further, many of the biometric capabilities of smart devices, particularly those of new smartphones, such as Apple and Samsung, are not yet secure enough to be used as an identification method for mobile banking, highlights Muvoni Biometric & Smartcard Solutions technology and business development director Dr Nick van der Merwe.
Even the latest smart devices cannot capture biometrics as well as traditional biometric devices to the extent that consumers feel confident enough to provide personal financial information using such a device.
“Even though these smartphones might be about 80% accurate, that is still far from good enough.”
“This is one of those things where you cannot be on the leading edge, as the fingerprint biometric features of smartphones have been cracked [by cyber criminals]. “You cannot push the envelope on innovation when it comes to security,” says financial firm Standard Bank mobile banking head Magnus Taljaard.
Standard Bank is “cautiously investigating” biometric technology for mobile banking, with customer safety being a key focus, he emphasises.
While there are many types of biometrics, ranging from voice recognition to iris detection, Van der Merwe believes that the effectiveness of fingerprint biometrics remains unsurpassed.
“Fingerprints, when applied correctly, outperform all current biometrics in terms of effectiveness and cost. “The problem with implementing it in mobile devices is that it needs to be properly built into the device, with credible technology that captures the full extent of a fingerprint,” he says.