UK consumers want more biometric security options for online banking

Equifax research
FACE THE FUTURE: UK consumers want to see biometric security replacing passwords

More than half of UK consumers (56%) would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online, research released by Equifax reveals. 33% would prefer to use fingerprint recognition, 31% would like to use iris scanners, 7% facial recognition and 3% voice recognition.

Only 19% of the 2,059 respondents in the survey conducted by YouGov cited passwords as their favoured security method and 13% selected memorable questions.

However, nearly two thirds of respondents with a bank account (64%) are currently unable to use fingerprint recognition to manage their finances and 68% are unable to use voice recognition.

Added security

“People are losing trust in the protection passwords can offer,” says John Marsden, head of ID and fraud at Equifax. “Consumers are embracing new technologies and want to use these advances to provide them with extra security and easy access to their financial accounts.

“Mobile banking is the first choice for many consumers and, as mobile technology continues to evolve, banks and other financial providers must address the disparity between consumer demand for biometric security and its availability.

“We believe multi-layered defences incorporating biometrics and device recognition are the best way forward for both security and a positive customer experience.”