Today, the internet broke. Hacks are a huge deal for everyone, especially mega corporations like Twitter, Fox News and HBO that went offline this morning and haven’t come back on yet. The remaining news outlets are full of advice to help businesses prepare and respond to a hack, but what about individuals? The fintech industry in particular is making extraordinary progress in helping individuals combat identity theft and fraud with the development of biometrics, a big step for individuals and cybersecurity.
Biometrics is the measurement and statistical analysis of people’s physical and behavioral characteristics. The technology is mainly used for identification and access control, or for identifying individuals that are under surveillance. While this all sounds very James Bond-worthy, biometrics has been used for years by governments and within specialized businesses. The financial services industry has considered employing biometrics as a safety precaution previously, but it was unclear if consumers would be comfortable using it as an authentication process.
Now it’s 2016 and our iPhones can read our fingerprints, but. dentity theft is still a growing concern for Americans across income levels. According to Raddon Research Insights, about 50 percent of all consumers have been impacted by identity theft or fraud personally, or know someone who has. As banks and organizations begin to utilize biometrics, it will be critical for them to communicate the value of this technology to bank users and consumers especially as it pertains to the security of their identity and their assets, as well as the impact it makes on the user experience.
Here’s to hoping the internet is fixed before a weekend of binge-watching, and that biometrics continue to work overtime to keep our assets safe while we’re on the couch.