According to speakers at the Finovate Fall conference, many banks have rolled out voice, fingerprint, iris, and facial recognition software during 2014 and 2015. Solutions are needed more than ever, given the rise of mobile banking and the amount of personally identifiable information that has been stolen or is openly available on the internet for fraudsters.
The different approaches in the industry show how unsettled this market still is, and how individual methods of verifying identity have their strengths and weaknesses. In matters of fingerprint authentication, many banks, including JPMorgan Chase, USAA and Citizens Bank, have begun letting mobile banking users log in using the fingerprint recognition technology Apple, Samsung and others have built into their smartphones.
And fraudsters have been able to tie stolen identities to their own biometrics. They steal bank customers identity information (data breaches make this data readily available), buy a new iPhone, and call their bank to authorize the loading of the stolen identity onto the new device.
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