Two-thirds of UK consumers regard biometric technology as more secure than usernames and passwords for banking, and a quarter are ready to share data about their DNA for identification purposes.
 
Biometric authentication could change the perception that making things easier to use makes them less secure and financial services companies need to invest in the technology or risk losing customers, according to a report from communications supplier Telstra. As more people use mobile banking apps with the promise of instant services at your fingerprints, they don’t want to constantly type in usernames and passwords. Small touchscreens can make it particularly difficult on the move.
 
Telstra found that, in the UK, two-thirds of consumers believe identification technologies such as voice, fingerprint, iris and facial recognition are more secure than passwords and would help reduce the risks of fraud. A total of 32% of UK survey respondents said they had experienced identity theft either directly or indirectly, compared to the global average of 38%.