In keeping with an business survey performed by biometric authentication supplier authID.ai in partnership with Market Measurement, 80% of fintech decision-makers harbor average to excessive ranges of concern concerning the dangers related to legacy id authentication choices. Three-quarters of the executives additionally expressed no less than a average diploma of concern about potential buyer dissatisfaction with one-time passwords (OTP) and knowledge-based authentication (KBA) questions.
Legacy IT safety instruments possess vulnerabilities able to being exploited, together with seizure of SMS pin codes by cyber criminals or fraudulent account takeovers utilizing easy-to-guess safety prompts.
Regardless of executives’ issues of those instruments, fewer than 1 / 4 (22%) of respondents are presently utilizing another system, reminiscent of facial biometric id authentication. Nonetheless, of significance, the vast majority of respondents (70%) are more likely to take into account switching to that various within the subsequent 12 months. In actual fact, over the subsequent 12 months, 75% of respondents mentioned they plan to extend their funding in IT safety, together with id authentication.
These findings sign an emergent development for new enterprise security solutions, together with biometrics, as establishments look to higher safe their prospects’ knowledge and enhance the client expertise in digital, usually cloud-based transactions. On condition that 88% of respondents mentioned they had been accustomed to facial biometrics, additionally known as “facial matching,” it’s extremely possible that this safety answer will play a rising position in id authentication transactions in monetary establishments, private shopper know-how, and extra.
Over a two-day interval, concurrent with the fintech business convention Cash 20/20 USA, the corporate polled 113 senior fintech executives in roles spanning administration, gross sales/advertising and marketing, and data know-how to know their issues and familiarity with legacy id authentication options and their modern options.
Learn the full report by authID.ai and Market Measurement.
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