Increasing Instances of Fraud and the Need for Strong Authentication Measures Drive Adoption of Biometrics in the Banking and Financial Services Sector
Growing need to protect financial transactions from fraud and security breaches is poised to drive the global Biometrics for Banking and Financial Services market to reach US$9.2 billion by 2024 . The increasing sophistication of intruder attacks, the increasing use of mobile devices for financial transactions, rising popularity of biometrics as a strong authentication method are also driving growth in the market. Banks and financial services firms across the world are confronting significant threats on account of rising incidences of fraud, security breaches, and identity thefts, which are affecting banks and their customers. In the present day highly digitized world, customers are extensively using the Internet for carrying out financial transactions through desktops as well as mobile devices. As a result, customers are required to manage growing number of PINs and passwords, which has adverse impact on overall customer experience. Threats are also emerging due to the high risk...