Businesses support biometric signatures for online banking
83% of businesses think their bank should offer biometric signature authentication for online banking.
In April 2007, businesses with online banking facilities were asked, in a representative survey, if a biometric signature would be preferable to their current method of authentication. 60% said “yes”. Furthermore, 83% said that their bank should offer it as an option…
Opinions from the heartland of British business
An independent market research company, neo:researcher, undertook a telephone survey of medium size businesses, to gain their opinions of their current online banking facilities and the authentication and authorisation methods used. The businesses came from a wide cross section of sectors. Respondents were all senior representatives who had direct use and responsibility for online banking.
Lack of security awareness
Users of internet banking or online transactions apparently are not aware of the weaknesses inherent in current authentication methods. This is a cause for concern. Only 36% had any doubts about the security of their online banking facility. However, there is a major problem with convenience of use. When asked specifically about the use of multiple passwords and PINs as an authentication method, 60% said the problem was remembering/forgetting passwords
Yet, checking the use of passwords and PINs for online banking access, there was evidence from the survey that passwords and PINs were being written down and, that whole departments knew how to access online accounts, rather than on a strictly ‘need to know’ basis.
Biometrics preferred as alternative authentication
When provided with alternative methods of authentication 50% would prefer a biometric to any other method: the largest segment. This repeats findings from other surveys which clearly demonstrate that users prefer biometrics to passwords and PINs.
Of those preferring biometric authentication 80% saw it as being more secure and 27% saw it as more convenient than having to remember passwords and PINs.
Banks urged to offer signature biometric authentication
When asked if a biometric signature was preferred to the current method of authentication 60% said “yes”, with 83% saying their bank should offer biometric signature authentication as an alternative authentication method.
Signing up to the signature
There’s no doubt that a simple signature is the most familiar and authoritative way of signifying agreement and approval. It confirms intent and is integral to the legal process.
Instead, it identifies the unique characteristics of the way the signature is signed -its acceleration, speed, pressure and time, and not the way it looks. This makes it virtually impossible to copy – or to refute.
The signature has come full circle. Once it was almost the only way for individuals to confirm their identity in a simple, convenient, authoritative and legally acceptable way. Passwords, PINs and Smart card technology have tried to replace the signature in a digital world.
But now, thanks to KeCrypt’s biometric signature verification, it has made them all redundant and the signature again can take its rightful place as the most appropriate means of authorisation.
KeCrypt Systems
KeCrypt Systems is the global provider of electronic identity validation through the use of its advanced applications and patented biometric signature technology. Our products enable authentication and traceability of transactions by applying signature biometrics. We provide a proven, reliable and language independent method of biometric authentication without any reliance on signature templates. Our latest solutions include KePay which enables enterprises, financial institutions and their customers to manage both simple and complex transactions securely, alleviating fraud whilst exceeding regulatory demands. KeCrypt’s new digital authenticator (KDA) enables transactions to be validated both on-line and remotely, delivering the most secure way of authentication in your pocket.
Contact: John Dale: john.dale@kecrypt.com
Published: Tue.28.Aug.07
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