Technology

Why Biometrics Should Not Be Relied In Financial Matters

Twenty five thousand users in every one million using fingerprint biometrics cannot be enrolled, a new report shows.

Titled Biometrics in Digital financial services, the report further indicates that while in every one million users using finger vein biometrics, 0.08 per cent cannot be enrolled.

Released by the Financial Sector Deepening Africa in partnership with Consult Hyperion, the report describes both biometrics as time consuming and expensive to use hence the poor output.

“Biometrics are increasingly being used in DFS helping to provide a better user experience. But it is important to understand the context in which they are used before deciding which biometric to use and how to use it,” principal consultant with Consult Hyperion Dick Clark said.

Authored by Clark, the report urges financial services organizations to rely on third party identification to meet customer due diligence requirements, in most applications, as opposed to relying heavily on biometrics for identification.

For banks, it recommends a straight forward system for low cost enrolment and life cycle management, using a biometric that offers a level of security appropriate to the action being undertaken.

 

Previous ArticleNext Article

Leave a Reply