March 27, 2017 -
Equifax has published new research that found that 56 percent of UK consumers would prefer to use biometric authentication over traditional options like passwords to access their financial accounts online, according to a report by Information Age.
In an online survey conducted through YouGov, Equifax found that 33 percent of UK consumers prefer to use fingerprint recognition as an authentication method to log into their accounts, followed by iris scanners (13 percent), facial recognition (7 percent), and voice recognition (3 percent).
In comparison, the study found that only 19 percent of people choose passwords as their favoured security method while just 13 percent selected memorable questions, which shows that UK consumers are growing tired of traditional authentication methods and would rather use biometrics.
The study’s results also indicates the technology that is currently available to consumers does not reflect their preferences.
Sixty-four percent of respondents said they are currently unable to use fingerprint recognition to manage their finances, and 68 percent are unable to use voice recognition.
“With major data breaches and hacking scandals regularly making the headlines, people are losing trust in the protection passwords can offer,” said
John Marsden, head of ID and fraud at Equifax, said that ongoing data breaches and hacking scandals are causing consumers to lose their trust in passwords.
As an alternative, consumers are turning to authentication technologies such as biometrics to provide them with additional security and seamless access to their financial accounts.
“Mobile banking is the first choice for many consumers, and as mobile technology continues to evolve, banks and other financial providers must address the disparity between consumer demand for biometric security and its availability,” Marsden said. “Biometrics offer consumers the combined advantage of security and convenience and are a great solution to password fatigue and PIN overload, but they are not a panacea.
“Even biometrics can be compromised and once that happens, it’s difficult to rectify. We believe multi-layered defences incorporating biometrics and device recognition are the best way forward for both security and a positive customer experience.”
Earlier this month, CardinalCommerce published its fourth annual “Consumer Authentication Survey”, which found that 41 percent of global merchants and 54 percent of global organizations use or support consumer authentication to protect themselves against fraud and false positives.