18.04.2019

Safer mobile banking with Biometric authentication

Why using Touch or Face ID is a more secure way to protect your banking information.

Numbrs is the smartest mobile banking application, designed to help you live a healthier financial life. Being smart also means enabling you to use a safer and more convenient way to access your banking information.

What is Biometric identification and how does it work?

Biometric Authentication is a technology using uniquely distinguishable biological traits of an individual to grant access permission. Mobile devices use two main biometric technologies, fingerprint or face recognition.
Our smartphones today combine some of the most advanced software and hardware technologies, to provide a secure and reliable way to authenticate yourself.

Is it safe for mobile banking?

While the technology has been in market for a few years already, some still wonder if the technology is reliable, especially in the context of online banking.

The chances of Face ID unlocking the wrong person are 1 in 1,000,000. For comparison sake, the odds of guessing a typical 4-digit passcode are 1 in 10,000

First, when using biometric authentication, your data is transformed into a mathematical representation of your face or fingerprints, which is then protected in an encrypted key.

Both Face and Touch ID rely on machine learning to continuously improve their security. For example, if the software detects a close match, and you then enter a password successfully to unlock your phone, the algorithm will update its data to reflect that input.

The chances of Face ID unlocking the wrong person are 1 in 1,000,000. For comparison sake, the odds of guessing a typical 4-digit passcode are 1 in 10,000. Although some codes, like “1234,” might be more easily guessed, there is no such thing as an easily guessable face or fingerprint pattern.

Also, when enabling face id with third parties such as the Numbrs app, your biometric data is never shared with us. Instead we only receive a notification whether the authentication was successful.
This is quite different to passwords, which are stored with third parties. As such, using the same password for online banking and less reliable websites might not be a good idea.

Using Face ID on Numbrs

Not only does using this technology make accessing your data more secure, it also makes accessing your data easier, since you don’t need to remember your password every time.

If your bank doesn’t support Touch or Face ID, you can always download Numbrs, link your accounts and you will then be able to use this feature.

To start using biometric authentication in Numbrs, you must first set up Face ID or Touch ID on your phone. Then open Numbrs and you will receive a prompt asking you if you wish to enable this feature. Alternatively you can go to the more menu then “User Account” and enable it from there.

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