The Royal Bank of Scotland (RBS) is partnering up with NatWest to develop a new app that will allow bank users to access their accounts using fingerprint recognition technology.
With such impacting digital currency opportunities from Apple Pay to bitcoin readily available, it appears that the former is willing to utilize its tech to empower users to check their finances. In what is being claimed by the Royal Bank of Scotland as a first in Britain, Apple's Touch ID fingerprint sensor will be included in mobile banking apps around the country.
The move aims to replace the need for passwords, secondary security measures, and pass codes for banking purposes. RBS said that nearly half of its 15 million cutovers utilize online banking as their preferred method of service. More than 3 million customers use the RBS mobile app every week. Combined, RBS and NatWest, have 1.8 million active iPhone users, of which 880,000 directly use an iPhone 5s, iPhone 6, and iPhone 6 Plus.
RBS hopes that by infusing this next level of technology into the mainstream will make banking easier and more convenient for customers. According to Stuart Haire, managing director of the Royal Bank of Scotland and NatWest Direct Bank, "There has been a revolution in banking, as more and more of our customers are using digital technology to bank with us." The introduction of Touch ID, whether it comes from Apple or elsewhere, does raise some concern among security experts.
Banking officials have doubled down on the idea that after three failed login attempts, customers would have to re-enter their security information. Even some of the in-app features used will require additional verification, while others would set limits on such things as online payments or bill pay. Customers who do not want to even use Touch ID can still access their mobile banking using their own created passcode.
Ben Schlabs of SRLabs, a German hacking think tank, attempts to break down the security implications of Touch ID, saying, "I think it has been shown that it is pretty easy to spoof it and the risks aren't fully understood." The dangers are still there in spades, even when passwords or pins have been removed from the occasion. He continued: "Just the fact that you are carrying the key around with you and leave copies of it exposed everywhere you go makes it a very different risk to something that is inside your brain. The risks are poorly understood."
With actual crimes involving the iPhone sensor yet to be reported, it seems that people have no fear of being compromised when using Touch ID.
