Biometric logins that use fingerprints, voice recognition, or identify you based on how you type look set to replace conventional passwords for accessing online banking and credit card services, online payment companies and even internet stockbrokers.
James Pope of the College of Business Administration, at the University of Toledo, Ohio working with Dieter Bartmann of the University of Regensburg, Germany, explain that the security of online financial transactions is becoming an increasing problem, especially as security loopholes in login systems and web browsers emerge repeatedly. Simply logging in with a password looks set to become technically passé.
"Passwords have been widely used because of their simplicity of implementation and use," the researchers say, "but are now regarded as providing minimal security." Moreover, as repeated scare stories about hacking and identity theft pervade the media, consumers are becoming increasingly concerned about online security. Further development of e-commerce and banking will be stifled if the issues of fraud and identity theft are not addressed.