Barclays biometric authentication is bringing finger vein scanning technology to corporate banking customers as the bank looks for ways to strengthen online security without adding more complexity to the login process. Beginning in 2015, Barclays plans to provide eligible corporate customers with Hitachi biometric readers that can authenticate users based on the unique vein patterns inside their fingers.
The technology could eliminate the need for customers to remember multiple PINs, passwords, and authentication codes when accessing accounts or authorizing payments. Because vein patterns are located beneath the skin and authentication requires a live finger, Barclays believes the technology can provide strong protection against online fraud while making corporate banking more convenient.
Barclays in the UK announced that in the near future, corporate customers will soon be able to login to their online accounts by scanning their fingers with biometric readers provided by Hitachi.
Starting in 2015, Barclays’ corporate customers will be able to access their online accounts and authorize payments with the small piece of hardware that uses vein authentication technology to authenticate making the process of making and remembering PINs, passwords and authentication codes obsolete. According to Hitachi, unlike fingerprints, vein patterns are extremely difficult to spoof of replicate and the scanned finger must be attached to a live human body for authentication ensuring that the highest level of security is maintained.
Finger Vein Authentication Could Simplify Corporate Banking Security
According to Barclays, the scanner takes only a few seconds to verify a registered user’s finger vein pattern which can then allow the customer to access and make payments without having to enter any further passwords. While the financial institution has yet to comment on the price of the model, one can expect that firms would have to make a significant investment if they plan to deploy these devices widely.
“This solution is at the leading edge of innovation and is in direct response to client concerns about the threat of online fraud while making our customers’ lives easier through its convenience,” said Ashok Vaswani, CEO Barclays personal and corporate banking in an article in Finextra. “We have shown the technology to a range of business and the interest and enthusiasm for the product is tremendous.”
Cost Could Influence Biometric Authentication Adoption
While the cost point will be a significant factor in whether these devices are deployed widely, Barcalys is taking the initiative to ensure that their corporate customers have the best security while still providing a convenient method in which to log in. If the service is unable to gain traction in the immediate future, there is no doubt that over time it will become more popular as the cost point comes down and consumers become more comfortable with biometric technology.
Biometric authentication could provide banks with a way to strengthen account security while reducing customers’ reliance on passwords and other credentials that can be forgotten, stolen, or compromised. For corporate banking customers handling potentially significant transactions, combining stronger authentication with a faster login and payment authorization process could be particularly valuable.
The success of Barclays biometric authentication will likely depend on whether businesses believe the additional security and convenience justify the cost of deploying specialized hardware. Even if adoption is initially limited, declining technology costs and increasing familiarity with biometrics could eventually make authentication methods such as finger vein scanning a more common component of banking security.
Overview by Tristan Hugo-Webb, Associate Director, International Advisory Service
To read the full story, go to Finextra.