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Trust in biometric security for financial data online is growing in U.S., Canada, Fico survey says

Trust in biometric security for financial data online is growing in U.S., Canada, Fico survey says
 

While trust in physical and behavioral biometrics to secure financial accounts is growing, numerous Americans and Canadians still do not take the proper measures to secure their online information when banking online, found the Fico Consumer Digital Banking survey on how consumers protect their financial information online.

As many as 78 percent of Americans and 72 percent of Canadians would let their bank analyze behavioral biometrics such as typing speed to improve financial information security, but only 43 percent of Americans and 37 percent of Canadians have good password hygiene, using unique passwords to secure their accounts.

A high interest and trust in biometric security was noticed, with 65 percent of Americans and 64 percent of Canadians willing to provide biometric information to their bank. When asked about account security, 60 percent of Americans and only 43 percent of Canadians would use fingerprint scans.

Fico warns that reliance on online services is growing due to the current global health crisis, therefore it is vital for consumers to take better security measures for online transactions. Because they could not remember their login details, 28 percent of Americans and 26 percent of Canadians abandoned their shopping cart and abandoned transactions. Bad practices observed include reusing the same two to five passwords across accounts, using only one password for all accounts and even writing passwords down.

“We’re seeing more cyber criminals targeting consumers with COVID-19 related phishing and social engineering,” said Liz Lasher, vice president of fraud portfolio marketing at Fico, in a prepared statement. “Because of the current situation, many consumers are only able to access their finances digitally, so it’s vital to remain vigilant against such scams and take the right precautions to protect themselves digitally.”

As the number of online accounts is growing, consumers are having a hard time remembering their login information, which is why 26 percent of Americans and 25 percent of Canadians are not even able to check their account balance. Despite their poor online behavior, consumers’ interest in digital business has skyrocketed, as 82 percent of Americans would even open a credit card account online.

To log into their mobile banking apps, 39 percent of Americans and 45 percent of Canadians would prefer fingerprint scans, and 24 percent of Americans and 23 percent of Canadians chose facial scans. The most popular method, however, remains one-time passcodes via SMS or email. The least preferred method is one-time passcode spoken into a mobile phone.

“While Canadians are more comfortable with online banking and are open to security innovations, these are unprecedented times. With more Canadians banking online and through their mobile devices than ever, it’s a critical time to evaluate how we protect ourselves and our financial information,” said Kevin Deveau, Vice President and Managing Director of Fico Canada, in a separate statement. “The latest security tools and biometrics are a good place for Canadians to start improving their authentication habits. More importantly, remember to keep information security top of mind to help combat scammers now and in the future.”

Nearly two-thirds of Canadians are pleased with how financial service providers secure their financial information through a good number of questions when opening accounts, which is why they do not feel as at risk of identity theft, compared to other countries in the survey.

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