The Way We Bank Now study showed that there are over 7 million ‘log ins’ per day via internet-based banking technology and over £6.4bn is transferred per week using mobile and internet banking.
RBS and NatWest announced that its customers who use an iPhone 5 and 6 can now use the fingerprint recognition technology to access their accounts via their app. Banking technology clearly saves customers time and money as they no longer really have to go to their branch in order to carry out their day to day banking needs.
This ethos behind RBS and NatWest’s reasons for using this revolutionary technology is the concept of making it easier and more convenient for its customers. My immediate thought however is: “is it secure?”
It has been pointed out that there are limitations within the app which mean extra security verification is required for certain operations, such as making a payment. However, the customers would have access to basic features and details of their accounts.
Within days of Apple launching this technology, hackers had managed to get round it, which shows that no one truly understands the risks. Apple told the BBC that the technology was not “a total replacement for traditional security measures”.
With this in mind, why would the banks replace the traditional username/password account security with such a technology? Is it secure? Would you feel that your account details and money are totally safe?
Lisa Smith is the Resourcing Consultant at BrightPool.