Today In Data: Bank Of America And Biometrics

27. September 2017.

Following the Equifax data breach, biometrics and data security have come under increased scrutiny as more companies and consumers consider their security-enhancing features. As a result, new biometrics solutions are popping up, adding additional layers to protect data and secure accounts that need extra care.

Apple unveiled a facial recognition (Face ID) replacement for fingerprint scanning on its new top-of-the-line iPhone X, and several other companies took a page from Apple’s playbook by adding their own biometrics-based authentication abilities. Kentucky Fried Chicken (KFC), for example, is now accepting payment via Face ID tech at certain locations in China.

Similarly, financial institution ANZ is also looking to boost mobile payment protection through biometric authentication. The company recently debuted Voice ID, a new system to better authenticate and protect users making mobile payments through voice-based biometrics. Additionally, Bank of America is looking to strike a difficult balance between customer convenience and security from data breaches.

“We need to know what our customers really want to use before we can commercialize something and put it out to [them],” said Hari Gopalkrishnan, managing director of Consumer-Facing Platforms and Technology for Bank of America. “Once we know they want something, then we can make it part of our platform, because then we’re confident they’ll use it and not leave themselves vulnerable.”

Here are the numbers:

21.72 billion | Predicted market value of biometric identification for vehicles by 2022

12.82 billion | Projected value of the fingerprint sensor market by 2023

143 million | Number of consumers impacted by the Equifax data breach

89,000 | Cases of identity fraud reported in the U.K. in the first six months of 2016

80 | Percentage of surveyed Americans who told researchers they are interested in a mobile driver’s license app

75 | Percentage of Saudi Arabians who believe biometrics are more secure than usernames and passwords

30 | Countries around the world offering biometric protection for passports

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