Survey shows many consumers are open to this kind of biometric authentication. By Bill Handel
Survey shows many consumers are open to this kind of biometric authentication.
By Bill Handel
Sponsored by Fiserv
Biometric security capabilities are making their way into everyday life, due in no small part to the growing numbers of smartphones enabled with touch identification capabilities.
As consumers’ familiarity with biometric authentication grows, so does their willingness to use these technologies. According to survey results from Raddon Financial Group announced in May, a majority of U.S. consumers are willing to use biometric authentication—in the form of palm authentication—to verify their identity at a credit union or bank. In fact, 83 percent of survey respondents said they believe palm authentication is a valuable security measure. In addition, most (63 percent) said they are comfortable using palm authentication technology as a way to protect their privacy and financial data.
In the survey of 1,200 consumers, conducted as part of the Raddon Research Insights program, Raddon also found that consumers that have been affected by identity theft or fraud were significantly more likely to express comfort with palm authentication technology. Almost three quarters of respondents (70 percent) who were identity theft or fraud victims confirmed this to Raddon during the survey, which was administered through a national panel of U.S. consumers, with respondents qualified by having or sharing financial service decision-making responsibility for their household. Among survey respondents, 23 percent reported having been a victim of either crime. Additionally, 25 percent said they have an acquaintance that has been directly impacted by identity theft or fraud.
A handful of credit unions and banks are already preparing to use palm authentication technology in retail branches. The technology is powered by a small device that scans the palm of a consumer’s hand—without touching it directly—and verifies the person’s identity with about 99.9 percent accuracy. This process boosts the confidence of tellers and branch representatives that the member is who he says he is before a transaction or service request gets underway.
Biometric identity verification has been used to safeguard sensitive government and military information for decades, but its use among the general public has been historically limited. The financial services industry is a leading adopter of biometric identity verification, through methods such as palm authentication, as part of an ongoing effort to increase security and reduce the risk of criminal activity.
Bill Handel is VP/research for Raddon Financial Group, Lombard, Ill., part of CUES Supplier member Fiserv, Brookfield, Wis. Raddon Financial Group arms financial industry decision-makers with objective data gained through innovative research techniques and unique database resources. It also provides strategic guidance, tactical solutions and marketing solutions. For more thought leadership and industry insight from Raddon, visit TheRaddonReport.com.
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