The all-too-common frustration of forgetting a password may soon become a thing of the past, as people become more comfortable with new forms of biometric authentication. Fingerprint, facial and voice recognition are increasingly becoming ways to authenticate a person for access and payments. They’re faster, easier and more secure compared to the traditional use of passwords or PINs, which are difficult to remember and easy to steal. But does this mean the password could soon go the way of the dial-up modem? According to the results from a recent survey commissioned by Visa, consumers are ready to leave the password behind.
Among 1,000 Americans surveyed, the findings revealed:
- More than 65 percent of consumers are already familiar with biometrics¹
- 86 percent of consumers are interested in using biometrics to verify identity or to make payments
- 70 percent of consumers believe that biometrics are easier and 46 percent think they are more secure than using passwords or PINs
For financial institutions, integrating biometric technology into banking apps and payment experiences for customers makes sense, but how does biometric technology actually work? We asked Visa’s biometrics team to start with fingerprint authentication and explain why it can be more secure than traditional methods like password and PIN. Learn about how the simple touch of a fingertip triggers capacitive scanners, conductor plates and electric currents (including the one flowing from your skin) in this informative video.
For more information about the survey findings, click here.
¹ Research conducted by AYTM Market Research, September 12-19, 2017, among 1,000 U.S. adult consumers who use at least one credit card, debit card, and/or mobile pay.