The biometrics industry as a whole has enjoyed considerable growth in recent years, and not least in the financial services sector. More and more banking and other financial transactions are being done online, and fraudsters have followed suit, launching ever-more sophisticated attacks. As the risk of digital fraud and theft has escalated, many organizations have looked for solutions in the form of biometric security. These kinds of solutions also happen to be way more convenient for end users, who appreciate being able to replace a complicated password with a fingerprint or face scan.
With these factors in play, the rise of biometric FinTech has only become more pronounced in recent years and months. Here are some of the latest trends in the ongoing ascent of biometric banking and payments:
The rise of mobile payments means the rise of biometric authorization:
Biometric authentication is also coming to physical payment cards:
And biometrics are increasingly being used for account access, even replacing debit cards at the ATM: