5 Good Reasons to Use Biometrics for Mobile Banking

Security has always been a top priority for banking organizations and consumers. It’s not unusual for legitimate banking and government agencies to send warnings about how unscrupulous individuals may attempt to solicit sensitive information from consumers as a way to access their bank accounts. This early warning enables the public to easily identify possible attempts at fraud and avoid becoming victims of this activity. In this article, we will be discussing biometrics for mobile banking.

Many consumers also do their part in keeping their accounts safe. They check their bank accounts for unauthorized withdrawals, use two-factor authentication (2FA), opt to receive alerts for transactions, and keep their PIN secret, to name a few. There’s also the option to use biometric authentication, which refers to the use of biological measurements or physical attributes to improve the safety and security of one’s bank accounts. Most modern phones can scan a person’s fingertip or face, and these capabilities make biometrics a convenient security measure for mobile banking customers. Here’s why you should also consider using this method of safeguarding your mobile banking account.

It Does Away with Passwords

Many mobile banking applications do not remember usernames and passwords for a good reason: doing so will make it easy for hackers to guess your login details and access your bank accounts. As such, if you log into your mobile banking app the traditional way, you’ll have to type your username and password in their entirety every time you need access. While inconvenient, this step is understandably done to improve safety. However, if you need to access your bank account using your phone several times a day, typing your login credentials every time can quickly turn into a time- and energy-consuming process.

Switching to biometrics will enable you to skip having to input your username and password repeatedly without compromising your security. With a short press of a finger or a quick selfie, you can log into your account. If you set your fingerprint or face as a key, you’ll always have the key with you, and no one can use it without your express knowledge or permission. You also won’t have to worry about being locked out of your own account because of a forgotten password.

It Offers Better Account Control

Adding biometric authentication to the security measures you use to safeguard your bank account enables you to quickly check your account whenever you need to. If you’re not sure how much money you have in the bank or whether or not your purchase has been credited to your account, you can simply scan your finger or face to see a specific number. If you need to pay something quickly or confirm the receipt of a particular amount, these processes will only take you a few seconds if you have enabled biometric authentication on your phone.

It Improves Social Inclusion

Many people in the Philippines remain unbanked, but the popularity of smartphones and the availability of reliable internet connections are slowly helping to change this. Thanks to digital technology, people who live far from banks now have the option to use mobile banking services to create and maintain their bank accounts. However, some people may find it difficult to type in usernames and passwords every time they need to access their bank accounts. They may not be so familiar with using technology or have limited physical ability. Activating biometric authentication can help them get around this issue. If they can use their fingerprint to access their bank account, then they can skip having to type their credentials just to log in.

It Ramps Up Account Security 

Biometrics can be used to secure your bank account in conjunction with other measures. You can use it as a part of your 2FA process, for example. Using biometric authentication to secure your bank account means that hackers and fraudsters need to overcome another step to access your account. This step, unfortunately for these criminals, involves getting your physical measurements. Unless the would-be criminals can perfectly replicate your physical attributes or get your consent, they can’t touch the money under your name. Of course, to make sure that your bank account remains perfectly intact, you need to read up on the typical strategies that criminals use to get to bank account owners. This way, you’re unlikely to fall victim to illegal schemes and attempts at fraud.

It Cuts Transaction Carbon Footprints

Biometric authentication plays a role in making mobile banking more secure. This security measure makes transactions conducted online more trustworthy and less liable to being infiltrated by criminals. If people are capable of carrying out safe transactions using their phone, then they no longer have to go to the physical bank to do routine activities. This means that there is less incentive for them to travel and consume fuel just so they can check their bank account, transfer funds, and complete transactions.

Biometric authentication can make mobile transactions faster and more accessible to you without compromising your security. Perhaps using this particular feature can help you have a better level of control over your finances and maximize your financial capabilities while banking online.