Title: The problem of fraud in the banking industry: Are biometrics the answer?

Authors: Peter D. DeVries

Addresses: Department of Finance, Accounting, and CIS, University of Houston–Downtown, Houston, TX 77002, USA

Abstract: Fraud is a growing problem in the banking industry. New legislative requirements have highlighted biometric technology as a reliable secondary means of authentication. This study is a review of literature on biometrics with a focus on feasible alternatives and implementation issues in the banking industry. The literature indicates that techniques like retinal scanning show promise. However, standards are needed in the following areas: (1) allowable degree of invasiveness, (2) desired ease of use, (3) use of biometric data and (4) security of biometric data templates. It is difficult to quantify savings from implemented systems. Therefore, top management should be involved in adoption decisions.

Keywords: banking fraud; biometrics; identity theft; technology; crime; bank services; biometric standards; authentication; retinal scanning; security; banks.

DOI: 10.1504/IJSS.2011.045055

International Journal of Services and Standards, 2011 Vol.7 No.3/4, pp.310 - 327

Published online: 20 Jan 2012 *

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