Banks and other financial institutions have long used biometrics to ensure that only authorized employees have access to sensitive account information. Biometrically enabled background checks through the Financial Industry Regulatory Authority (FINRA) are a legal requirement for brokers and many other financial industry professionals.
In recent years, banks have started to extend the use of biometrics into the customer-facing arena as well. Biometric ATMs can now confirm an account holder’s identity without a card which can be stolen or hacked. Banks use biometric identity confirmation for some online actions, making those transactions both more secure and more convenient. And with the advent of biometrically enabled payments, banks are now able to deploy strong tools which fight against fraud by both consumers and outside actors alike.
Most common biometric modalities used in finance: