New fingerprint authentication for banks
In an industry first, RBS and Natwest have announced that its customers can now access their bank accounts on their smartphone, only using fingerprint recognition technology.
Using existing Apple technology, this is currently available to around 880,000 customers using iPhone, 5s, 6 and 6 plus smartphones. The banks have released the new login system in order to provide an easier and more convenient way for customers to manage their finances.
According to the banks, customers have to set up the feature using their existing security information and after three failed logins where a fingerprint is unrecognisable, customers then have to reset their security information and re-enter passwords.
Some security experts have expressed concerns that this identification method is not secure enough and that Apples’ touch ID is easy to trick after a hacking group managed to void the fingerprint system one day after its launch.
This news also comes shortly after an announcement from Russian security company Kaspersky, stating that a hacking ring has stolen up $1billion from banks around the world, by gaining access to bank computers through methods such as phishing schemes.
Ben Schlabs, of SRLabs, a German hacking think tank, told the BBC: “Just the fact that you are carrying the key [your fingerprint] around with you and leave copies of it exposed everywhere you go makes it a very different risk to something that is inside your brain. The risks are poorly understood.” However, he continued to say that “[t]here have not been any reports that I know of with the iPhone sensor of actual crimes being enabled by it”.
Related post: Should two factor authentication be the norm?