January 11, 2018 -
Nearly a third of all large corporations in Asia believe biometric authentication modalities like fingerprint, face, voice, and iris recognition are far more secure than current practices, and plan to use them in the near future, according to research by East & Partners Asia.
The market research firm interviewed 947 chief financial officers and corporate treasurers from the top 1,000 financial institutions across ten major markets in Asia, and found that while only 3.2 percent currently use biometrics, passwords are gradually becoming a thing of the past. Only two out of five respondents said they are comfortable with using passwords to secure payments.
Behavioural analytics based on distinctive patterns in keystrokes or gestures are the preferred authentication method for almost 16 percent of those surveyed.
“For payment service providers, success will hinge on offering a fast, secure and frictionless payment solution without compromising on customer’s personal data. The key perhaps lies in grasping a better understanding of the trade-off between convenience, security and privacy needs from a user point of view,” said East & Partners Analyst, Sangiita Yoong.
Traditional authentication methods like security tokens and one-time access codes (OTP) are expected to decline in use from 52.7 percent of Asian corporations to only 38.9 percent in the near future, according to the research. Biometrics and pattern-based authentication will be added as a layer of a multi-factor authentication process, in part due to consumers becoming accustomed to biometrics with the proliferation of technologies like fingerprint scanners in mobile devices.