When we think about innovative industries, traditional financial institutions may not be front of mind. Instead the industry has developed a public reputation for stability and consistency. Yet many banks have been showing a different attitude when it comes to security. For example, Halifax has been experimenting with a new technology that gives us access to their banking app using our heartbeat.
Banks have long felt the pressure to ensure their security measures are up to standard, and with news that online bank fraud is the UK’s fastest growing area of crime – doubling from £60m in 2014 to an expected total beyond £130m this year- it is no surprise that banks feel they need to be ahead of the game when securing their customers transactions. The security industry has picked up on this need, with many banks being overwhelmed with choice and decisions on what solution to invest in.