Biometric Banking Waits in the Wings While Compliance Show Goes On

By Brian Orsak

Back in 2000, at the twilight of the tech boom, security professionals often predicted that biometrics would soon revolutionize the financial industry by securing transactions with little to no inconvenience to users and making authentication as simple as a handshake, wink or smile. Biometrics identify people by physical characteristics, such as fingerprints, or behaviors, such as how they walk. In Asia and Europe, financial institutions have begun adopting biometrics to authenticate transactions. The Bank of Tokyo Mitsubishi introduced ATM authentication tools that measure a user's vein patterns. And Netherlands-based ABN Amro, said it will launch a voice authentication for consumers...