Consumers Want Biometric Authentication for Online Banking, Shopping: Survey

Consumers are concerned about security in their online banking and shopping, and see biometric authentication as a means to address that issue, suggest new findings from a survey by MYPINPAD.Consumers Want Biometric Authentication for Online Banking, Shopping: Survey

In a statement announcing its Consumer Trust and Mobile Payments Growth survey, the company says that 67 percent of respondents expressed concern about online security, and 61 percent said that reports of data breaches had “impacted their trust of online shopping and banking.”

Forty percent of respondents said that banks and businesses could improve trust by using a cardholder PIN for authentication, while 50 percent said they “would like to use a combination of both PIN and biometrics”.

While MYPINPAD did not disclose any details about methodology in its announcement, its survey findings track with other recent research from EyeVerify, which found that 42 percent of respondents said they wouldn’t use banking and payment apps that don’t use biometric authentication, and 86 percent said that biometric authentication is easier than that based on passwords.

Those changing attitudes bode well for many members of the FIDO Alliance, of which MYPINPAD is a member, and whose authentication standards are a natural fit for many biometric authentication solutions.

July 10, 2017 – by Alex Perala