Survey shows consumers wary of growing biometric market ... is the sentiment warranted?

November 21, 2019

Consumers cling to old habits they believe are more secure

Biometrics may be the most advanced opportunity for convenience and security, but consumers are wary of new technologies

Biometric identity verification technologies provide one such avenue for businesses to offer customers another layer of security when using digital identities. The growing adoption of voice-based products like Siri and Alexa, coupled with the near ubiquitous presence of smartphones, indicates that consumers are becoming increasingly familiar with thumbprint, voice recognition and other biometric solutions in their everyday interactions with technology. At the same time, however, only 17% of consumers report preferring to verify their identity through biometrics or related digital channels. And, while mainstream adoption is growing, consumers still report a general lack of trust with newer biometric technologies.

When it comes to verifying their identity, consumers are still most comfortable using identity verification methods that they are familiar with, including traditional documents (54%) such as a passport, driver’s license or birth certificate, as well as passwords (51%), compared to newer forms of verification.

Biometrics offer greater security

“Consumers are understandably wary about using biometric verification methods when it comes to their personal data and finances,” explains Cindy White, Mitek's Vice President of Global Strategy. “After all, a major hack1 of biometric facial data was just reported earlier this year, and that leaked information poses a potential risk for any exposed users when using biometric security technologies in the future. The fact remains, however, that biometric identity verification solutions offer much greater security than traditional username/password methods. As the technology continues to grow in its sophistication, malicious access to this data will become increasingly difficult for hackers, providing both a more secure and convenient solution for users to access and verify their digital identities.”

Recent findings also show that the global biometric market is expected to be valued at more than $59 billion by 20252, continuing a rapid upward trajectory driven by growing concern over traditional identity security measures. Moreover, the potential for new biometrics-based applications in healthcare, financial services and various other industries provide further opportunities for expansion of the technology. As the use of biometric verification technologies becomes more mainstream, companies can address the lack of trust by educating consumers on the added layers of security and safety that facial recognition provides in the verification process.

Read the report here


Sources

1. “Huge security flaw exposes biometric data of more than a million users,” The Verge. August 2019. https://www.theverge.com/2019/8/14/20805194/suprema-biostar-2-securitysystem-hack-breach-biometric-info-personal-data

2.  “Global Biometric Technology Market Expected To Reach Around USD 59.43 Billion By 2025: Zion Market Research,” Zion Market Research. September 2019. https://www.globenewswire.com/news-release/2019/09/10/1913407/0/en/Global-Biometric-Technology-Market-Expected-To-Reach-Around-USD-59-43-Billion-By-2025-Zion-Market-Research.html

Research Methodology 
Mitek, in partnership with OpinionRoute, surveyed 1000+ respondents located in the United States and over the age of 18 on their awareness and use of digital identity. The survey was fielded from July 9-16, 2019, and included 40 questions on respondent’s awareness, comfort level, usage, benefits and concerns about digital identity, as well as demographic information on respondent’s location. Results were collected with an overall margin of error of +/- 3.1% at a 95% confidence level.