With the increased use of online banking applications, online security is rapidly becoming an important measure to protect against hackers and fraud. Studies show that 81% of adults could be using mobile banking by 2020. In turn, the increase in mobile banking may result in the increase of accounts being compromised.
Furthermore, we are seeing more and more credit unions offering loan and account applications as well as a variety of other transactions over the internet, causing a need for more robust security measures.
According to this article, biometrics may be a helpful solution in today’s ever growing security concern. Biometrics can be broken down into two categories – Physiological and Behavioral.
Physiological biometrics include things like facial recognition, fingerprints, iris recognition, voice recognition etc. Behavioral biometrics on the other hand, is the recognition of certain behavioral patterns each user has. Examples include swipe gestures and patterns.
All in all, a shift toward biometrics rather than traditional username and password is not out of the realm of possibility and we are already seeing the technology emerge as smart phones are continuing to advance.