NEW YORK – Hackers are hard at work using advances in artificial intelligence (AI) and other technologies to overcome the biometric defenses increasingly being deployed by banks.
This is according to law firm Backer McKenzie, which asked three experts about the use of biometrics in finance: Elizabeth Roper, partner at Baker McKenzie; Chris Allgrove, director and co-founder of Ingenium Biometrics Laboratories; and Helen Vigue, identity and data director and GSMA.
Backer McKenzie comments that the use of biometrics by governments remains a source of public anxiety but, according the experts, consumers have come to accept its use by financial institutions for the account security it provides.
It notes the advent of touch ID on smartphones a decade ago catalysed the emergence of biometrics as a mainstream identity technology.
As with digital innovation generally, in banking it has been digital-first challengers that have led the way with their use in customer authentication, says the firm.
Today, it adds, biometrics are an everyday tool of authentication used by incumbent and challenger banks alike and are particularly favored in customer onboarding.
Financial institutions typically use biometrics in tandem with other means of fraud prevention – some traditional, such as passwords, PINs and memorable questions, and some digital, such as those provided by mobile network operators (MNOs), Backer McKenzie says.
To read more, click on ITWeb
