Royal Bank of Scotland and Natwest will now be allow for customers to use Touch ID on their Apple smartphones to unlock their mobile banking app and access their accounts. The new unlocking capabilities are currently only available on iPhone 5S, 6 and 6 Plus, with the features only being activated at the customer’s decision via the security information options. From then on, the app user would only be required to use their fingerprint.
Although Touch ID helps make it easier and more convenient to access finances on the move, there have been many concerns about its security after it was breached by hackers only 1 day after release by creating a spoof fingerprint. Apple themselves suggest that Touch ID is secure however should not be used to completely replace existing security methods involving password logon. After 3 failed logins, full passwords credentials will be required in order to regain access to the account, making it that little bit more secure.
Statistics show that banking apps have been downloaded more than 12.4million times in Britain with around 5.7 million people each day making transactions using smartphones and other devices. Nearly 50% of Britain’s combined banking customers use online banking, with around 3million accessing their accounts via an app each week. Britain won’t be the first place to introduce fingerprint banking, with American Express, Discover and US Bank already making Touch ID an important mobile banking tool.