Research from Equifax, the consumer and business insights expert, shows that 56% of people online would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online.
The online survey, conducted by YouGov, found that a third (33%) of people would prefer to use fingerprint recognition as a security method to access their accounts. A further 13% would like to use iris scanners, 7% facial recognition, and 3% voice recognition.
Only 19% of people cited passwords as their favoured security method and just 13% selected memorable questions, indicating that consumers are suffering from password fatigue and want the convenience that biometrics can offer.
The research also shows that the technology available to consumers doesn’t reflect their preferences. Nearly two thirds of respondents with a bank account (64%) are currently unable to use fingerprint recognition to manage their finances, and 68% are unable to use voice recognition.
John Marsden, Head of ID and Fraud at Equifax, said: “With major data breaches and hacking scandals regularly making the headlines, people are losing trust in the protection passwords can offer. Consumers are embracing new technologies, and want to use these advances to provide them with extra security and easy 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. 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.”
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,059 adults. Fieldwork was undertaken between 20th – 21st February 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,500 employees worldwide.
Some noteworthy achievements for the company include: Named to the Top 100 American Banker FinTech Forward list (2015-2016); named a Top Technology Provider on the FinTech 100 list (2004-2016); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2016); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015-2016).
Equifax Limited is one of the Equifax group companies based in the UK. Equifax Limited is authorised and regulated by the Financial Conduct Authority
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