Independent Banker - February 2023 - 35

PORTFOLIO
◎FOCUS FRAUD
Biometric banking:
Smarter every day
The field of biometrics is evolving every day, incorporating new
technology that could enhance community banks' defenses against
fraud. Industry experts explain how this technology works and its
importance to protecting customer data. By Elizabeth Judd
t some stores like Whole Foods
or Amazon Fresh, customers can
make a purchase simply by placing
their hand on a sensor. No cash, no
credit card, not even the flash of a
banking app on their phone.
" You basically link your palm
print to your credit card, and
so then at the point of sale, you
don't have to present any credit
card-you just show your palm, "
explains Anil Jain, professor of
computer science and engineering at
A
Michigan State University.
Jain notes that contactless palm
readers boost reliability by using
two forms of biometrics: the pattern
of lines on a palm, as well as the
arrangement of the underlying veins.
For community bankers, biometric
measurements like palm prints-and
the far more common fingerprint or
face scans-are an intriguing way to
fight fraud.
Alongside improvements to
the technology come increasingly
positive attitudes toward biometric
authentication. As recent data shows,
arguments about Big Brother and
inconvenience are dying down.
For instance, when 2,200
consumers based in the U.S., the U.K.
and Singapore were asked about their
preferences for self-authentication,
the traditional username and
password method was seen as poor
from a security perspective, according
to David Mattei, strategic advisor for
Aite-Novarica Group.
While usernames and passwords
still predominate in authentication,
they have a problem: They're
notoriously easy to hack, says Mattei.
Until quite recently, though, their
popularity made them difficult
to dethrone.
That's changing. Mattei notes
that nearly three-quarters of
consumers surveyed in late 2022
expressed a willingness to switch
from password protection to another
authentication method.
" If that many people are willing to
ditch the username/password in favor
34 // ICBA Independent Banker // February 2023
Illustration by BSD Studio/Adobe

Independent Banker - February 2023

Table of Contents for the Digital Edition of Independent Banker - February 2023

Table of Contents
Independent Banker - February 2023 - Cover1
Independent Banker - February 2023 - Cover2
Independent Banker - February 2023 - Table of Contents
Independent Banker - February 2023 - 2
Independent Banker - February 2023 - 3
Independent Banker - February 2023 - 4
Independent Banker - February 2023 - 5
Independent Banker - February 2023 - 6
Independent Banker - February 2023 - 7
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