Consumers trust biometric technologies to help combat identity theft crimes

A new survey by Unisys reveals UK consumers place most confidence in biometric technologies, such as fingerprint and eye retina recognition, to help combat the rapidly growing identity theft industry, which is now estimated to be costing UK industry £1.7 billion per year.1

The independent survey, commissioned by Unisys, surveyed 1,000 UK households to investigate the incidence of and attitudes towards financial fraud and solutions. The survey revealed that 2 in 3 consumers believe that banks should be turning to biometric technology in order to combat identity theft – a widespread problem which now affects 1 in 4 British adults according to Home Office statistics.

Despite token security being presented as an online authentication standard by some industry bodies, 92% of respondents were unfamiliar with the term and unaware of its use as a security measure. Once explained, only 42% of consumers believed that banks should adopt token security to help combat identity theft. In comparison, the majority of respondents (73%) stated that biometric technology would assist banks in the fight against fraud and 48% placed confidence in smart cards.

Commenting on the findings, Nigel Moden, Retail Banking Partner at Unisys explains: “Despite some historical resistance around biometric technology, the survey demonstrated a high level of support for this security method – with 73% of consumers placing confidence in biometrics ahead of token security rings and smart cards in the fight against fraud. Whilst a thorough assessment of the prevention technologies available is critical when determining a strategy to combat fraudsters, banks must not overlook the attitudes and preferences of their customers in the process. Consumers are only going to use technology they are comfortable with and understand.”

Moden continued, “Identity theft now costs the UK economy £1.7 billion each year – which equates to £35 per person. Given the ever-increasing media interest and scrutiny regarding identity fraud, financial institutions must address the high level of concern expressed by their customers. Identity theft is becoming far more sophisticated and consequently the technologies for fighting it are constantly evolving. ID cards or biometrics alone will not stop forgery or fraud – only through an integrated, holistic approach to prevention and protection can banks continue to safeguard the trust consumers put in their brand.”

 

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