More than half of Brits would prefer to use a biometric security method over traditional options like passwords to log into their financial accounts online, new research has found.

The Equifax research discovered that 56 per cent of those surveyed would prefer to use biometric technology to access their online account. The survey, which was conducted by YouGov, also found that a third of people would prefer to use fingerprint recognition as a security method to access their accounts. A further 13 per cent would like to use iris scanners, seven per cent facial recognition, and three per cent voice recognition.

Only 19 per cent of people cited passwords as their favoured security method and just 13 per cent selected memorable questions, indicating that consumers are suffering from password fatigue and want the convenience that biometrics can offer.

The research also shows that the technology available to consumers does not reflect their preferences. Nearly two thirds of respondents with a bank account (64 per cent) are currently unable to use fingerprint recognition to manage their finances, and 68 per cent are unable to use voice recognition.

John Marsden, head of ID and fraud at Equifax, said: “With major data breaches and hacking scandals regularly making the headlines, people are losing trust in the protection passwords can offer. Consumers are embracing new technologies, and want to use these advances to provide them with extra security and easy access to their financial accounts.

“Mobile banking is the first choice for many consumers, and as mobile technology continues to evolve, banks and other financial providers must address the disparity between consumer demand for biometric security and its availability. Biometrics offer consumers the combined advantage of security and convenience and are a great solution to password fatigue and PIN overload, but they are not a panacea.

“Even biometrics can be compromised and once that happens, it’s difficult to rectify. We believe multi-layered defences incorporating biometrics and device recognition are the best way forward for both security and a positive customer experience.”

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