The era of passwords, PINs, and security questions is drawing to a close. At least, as far as banking and other financial services are concerned. With one major institution after another reporting that their customers’ information has been compromised, and with customers growing increasingly weary of remembering security credentials, institutions are turning to biometrics to authenticate customers. The growth of biometrics in banking is not only important to banks and their customers, it should be a top consideration for any fintech startup entering the financial sector.
In 2013, Target announced that hackers breached 40 million card accounts, affecting more than 70 million customers. Ultimately, the retail mammoth would rack up $162 million in related expenses, including setting a $10 million class-action lawsuit for letting it happen.