Australia’s Commonwealth Bank is the only financial institution currently investigating the use of biometrics as a key to account security. It is coming under fire from people who claim the technology behind biometrics is still too new and unrefined to use. Granted biometrics is considered an emerging science, but it has already demonstrated usefulness in other fields, so why not banking?
The way Commonwealth Bank wants to use biometrics is adding a layer of voice biometrics to the customer identity screening process. This would help ensure added security to users accounts. In theory, the biometric mechanism can detect not only a user’s voice but also stress level to prevent being forced to make banking transactions under duress.
I’d be interested to find out how he current biometric systems do when presented a voice for identification that is ill, or if there is a back up method in place for cases of lost voice, voices damaged in accidents or medical procedures, or death. It seems to me that other biometrics, like fingerprinting, might make a better banking security system. On the other hand, I like the idea of a bank embracing emerging technology to benefit its customers.
The current level of security is called SMS two-factor authentication. It is a technology that some pundits say will be obsolete in a short three years; however, and currently Commonwealth Bank is the only bank investigating other options for security with a true eye to the future: biometrics. Other banks continue to concentrate on chip technologies, in spite of the ease with which they are hacked.
“Voice authentication allows multi-factor authentication for telephone banking … In fact, it provides the same for the Internet as it does for phone. So, you can have the same security solution across both channels,” according to Dr Clive Summerfield, director of voice biometric company Auraya Solutions.
