Banks register a growing use of fingerprints and other biometrics to verify customers’ identity, but despite this fact, the research found traditional passwords are still the preferred method for making online transactions. 48% of respondents selected passwords as their top choice to make online payments, ahead of fingerprint, voice recognition and selfie authentication.
Fingerprint verification came in a close second, with 42% of respondents choosing this as their preferred method for carrying out payments. Voice recognition and selfie techniques lagged far behind with only 5% and 3% of respondents selecting these options respectively.
John Marsden, Head of ID and fraud at Equifax, said that banks are turning to new technology to boost the customer journey and make transactions more secure. GPS tracking to verify card transactions is a great example of how customers can benefit.
He added that biometrics is expected to grow as consumers become familiar with the technology and the speed and ease it can bring to transactions. Strong passwords can be difficult to remember and it may not be long before fingerprint verification overtakes the traditional password.
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