OPINION: Facial recognition and fingerprints, foolish or foolproof?

Biometric technologies play an important role in the move towards more automated decision-making processes. They are often coupled with artificial intelligence and deep learning to perform tasks traditionally associated with human intelligence such as recognising patterns and confirming the identities of users. 

There are already numerous examples of biometric use within the fintech industry, such as Citibank’s’ use of voice recognition and Halifax’s testing of heartbeat monitors to verify customer identities. However, despite the obvious benefits of convenience and efficiency, concerns still exist around its use within the fintech industry.  

In essence, a conflict exists between an individual’s right to privacy and control of their biometric data and the moral responsibility to protect the security of society. Privacy advocates are quick to highlight unethical uses of facial recognition for identification and social scoring, arguing that in many cases personal data is collected and used without the consent or knowledge of the target. Sceptics also point to the challenges biometric systems face and the ease by which they can be tricked. For example, fingerprints were shown to be cloneable at a Black Hat cybersecurity conference. Also, researchers at the University of North Carolina at Chapel Hill demonstrated how facial recognition systems can be potentially evaded using 3D models of a face constructed from photographs taken from an individual’s social media account.   

In the end, the question of whether biometric use within the fintech industry is foolish or foolproof may depend on which side of the fence you are looking from. In reality, biometric use within the industry will continue to grow and when used as part of a two-factor authentication strategy offers some of the strongest security available today.

You can read more expert views of biometric security in the story on Fintech Times' website.