Biometrics

Five Factor Framework

by Mark Rowe

To bring mobile biometrics to life, using your phone to shop and pay, banks need to focus on Performance, Usability, Interoperability, Security and Privacy. So say the authors of a report, ‘Mobile Biometrics in Financial Services: A Five Factor Framework‘ by the payment card company Mastercard, and the Department of Computer Science at the University of Oxford.

Some of these factors are more visible to the consumer, having an impact on user experience; others run behind the scenes. But, long-term success for a bank requires that they address all factors equally to protect against threats, it is claimed.

Prof Ivan Martinovic, from the Department of Computer Science at Oxford, said: “Biometric authentication has a lot of potential, but it is important to address the objectives of each of the Five Factors when designing solutions. Working together with Mastercard enables us to solve for realistic threats to the industry with the best technical and scientific ideas. Users will need consistency, quality and assured security for this technology to thrive.”

Ajay Bhalla, president, Global Enterprise Risk & Security, Mastercard, commented on the research initiative in a blog, saying: ‘Effective mobile biometrics melt into the broader experience of consumer-centric financial services, giving people the power to instantly access their financial information or make a payment. They’re driving the trend toward a password-free future where digital identity is all about who we are, not what we remember.’

Considering that global sales of smartphones are expected to reach $400 billion by next year, people everywhere will increasingly have access to the tool that makes mobile biometrics possible. Banks see that as an opportunity, the report says. A biometrics could be using a fingerprint, an iris scan or a ‘selfie’ to confirm identity.

Bhalla added: ‘This framework is fundamental to accelerating the deployment of mobile biometrics for consumers and industry alike, but collaboration is key. We can only achieve this if industry, academia, governments and technology vendors understand and contribute to the evolution of the Five Factor Framework for mobile biometrics.’

For a July 11 webinar visit http://opusresearch.net/wordpress/2017/06/12/webcast-guidelines-for-deploying-mobile-biometrics-in-financial-services/.

Comment

Anthony Duffy, Director of Retail Banking, UK and Ireland at Fujitsu, said: “The news that biometric authentication is now consumers’ preferred choice for their financial services security is further evidence that biometric technologies are coming of age. Biometric solutions have been used overseas for many years, with Brazilian, Japanese and Turkish banks all using Fujitsu biometric solutions to support day-to-day banking transactions. However, it is only recently that British banks have started to deploy the technology on a significant scale. We are seeing a growing confidence in the security and effectiveness of biometric technologies, perhaps in part brought about by both Android and Apple mobile devices using finger/thumb print scanner technology as an unlocking option. After all, as the technology goes from new to familiar, there’s a natural acceptance and understanding, which breaks down previous barriers to entry.

“Financial institutions are keen to enhance their security measures further and to improve customer service. Biometric technologies, by being unique to the individual, help achieve both goals. Their use often reduces the use of passwords, or even eliminates them altogether, while often also providing an audit trail. When deployed to help identify customers, their use can speed up the identification and log-on process, by removing the need for security questions.

“The reliability, security and accuracy of biometrics make them ideal for banking. Add to that the widespread adoption of biometrics on mobile devices, and it’s clear the technology is set to flourish. Consequently, at Fujitsu, we believe that the use of biometrics in banking is something we will see much more of in coming years.”

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