The use of fingerprint authentication for banking could save young people from themselves because, unlike bank details, biometric information can’t be shared.
Both the Royal Bank of Scotland and MasterCard have recently made announcements regarding fingerprint authentication services and, if research from Visa Europe is anything to go by, the technology could be the best way to help users keep their bank details secure.
The research revealed those aged between 16 and 24-years-old are very liberal with personal details.
For example, 34% of this age group have shared their debit or credit card pin numbers with someone, compared with 23% for all age groups. Some 32% have shared their smartphone password and 20% have shared internet banking passwords.
Fingerprint authentication will ensure these details are not misused, with only the account holder able to make transactions.
The Visa Europe research also showed three-quarters of those aged between 16 and 24-years-old are comfortable using biometric security to access their bank accounts, and half believe passwords will be defunct by 2020.
Some 69% think biometric technology will make things faster and easier.
Apple made fingerprint authentication popular with its Apple Pay service, which was launched in the US in October 2014.
Fingerprint authentication is attractive to those in the 16 to 24-year-old age group because they want to avoid security slowing down the process of making a payment, with 64% of those surveyed saying they found existing security irritating.
Visa Europe executive director Jonathan Vaux said there are more logins and passwords than ever, which the generation of 16-24-year-olds feel are an “unnecessary burden”.
Vaux added that the banks face two challenges: “Firstly, to continue and quicken the pace of development on biometrics to answer this demand from generation Z.
“Secondly, to continue to evaluate the increasing range of authentication options to ensure customer convenience and security, as payment increasingly becomes embedded into a range of applications.”
Fingerprint authentication is the most popular biometric security step for those aged between 16 and 24-years-old, with 70% of this age group saying they would rather use it than passwords by 2020.
Both the Royal Bank of Scotland and NatWest have recently announced that customers can log into the banks’ mobile banking app using their fingerprint.
Meanwhile, MasterCard will launch a biometric authentication and verification pilot in 2015 as part of a $20m increase in spending on improving its cyber security technology.
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