Six out of ten UK consumers would be happy for their bank or credit card provider to track their mobile phones in order to confirm card transactions are genuine, new research from Equifax and Gorkana has claimed.

However, despite the growing use of biometric solutions to verify a customer’s identity, the survey found that 48 per cent of people would still prefer to use passwords for making online transactions – ahead of fingerprints (42 per cent), voice recognition (5 per cent) and selfie authentication (3 per cent).

John Marsden, head of ID and fraud at Equifax, said: “Banks are increasingly turning to new technology to improve the customer journey and make transactions more secure. GPS tracking to verify card transactions is a great example of how customers can benefit. People don’t want the hassle of approaching their bank before travelling abroad, or to find transactions are declined unnecessarily while they’re away.

“We expect take-up of biometrics will continue to grow as consumers become familiar with the technology and the speed and ease it can bring to transactions,” he continued. “Strong passwords can be difficult to remember and it may not be long before fingerprint verification overtakes the traditional password. We also expect to see a significant rise in voice recognition and selfie techniques as they become more established.”

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