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Fingerprint Banking ….!!!

Fingerprints as the bank password …. Heard right…!!! But only if you have an APPLE iPhone…

Two banks in the United Kingdom will soon allow their customers access their bank accounts using Touch ID-based fingerprint identification technology, reports BBC News… This feature has been available for customers of Royal Bank of Scotland and NatWest. They will become the first of any UK-based bank account holders to log into their accounts using fingerprints passwords. It was already popular with banks in the US and other countries.

It uses “Apple’s fingerprint sensor”, which was introduced in 2013, is one of the best scanning implementations till date. This is now available with all latest models of iPhones, enabling the user to securely unlock their devices…

Let’s see how this works…

  1. Users need to activate the touch ID Service on their IPhones and log into their bank account app using PIN number.
  2.  After logging in, give permission to banking app to the link with ID Service Technology.
  3. Press finger or thumb at bottom of the phone to examine and compare the print with the previous one.
  4. Once verified, the account can be accessed.
Demo of fingerprint Banking
Adding finger perint to mobile banking app makes it even easier and more convenient for customers to manage their finances on the move and directly responds to their requests

Fingerprints provide more secured way of bank account accessing… Making it easier and more convenient to access their finances as they don’t have to remember a tricky password…  After three failed login attempts they would have to type in their security details to re-enable the option. Mobile banking users whose iPhones are stolen can deactivate their Touch ID by calling the bank…

There is a little bit doubt in its security… some experts don’t agree with this app, they say criminals could easily break into someone’s bank account by using a high-quality photograph or clear image of the phone-owner’s fingerprint. Such an image could even be obtained from the phone’s screen itself. More sophisticated fingerprint-recognition systems can detect the warmth and veins within fingers.
Ben Schlabs of the German think tank SRLabs said: “Fingerprints are not fit for secure local-user authentication as long as “fake fingers” can be produced from these pervasive copies. It is a very different risk to something that is inside your brain [such as a PIN code].”
Professor Mike Jackson, a cybersecurity expert at Birmingham City University said: “Almost anybody, given enough chance, would be able to break it. If you can get hold of a good finger print, it is very easy to fool [the technology]. It is that insecure.”

However online and mobile banking has grown enormously in recent years and customers are using digital technologies to track their finances. Let’s hope that more and more revolutions which make our transactions simpler, speedy, safer is on the way…

You can find more information here..