Fingerprint biometrics could open up a new world of security for mobile banking.

With two of the most popular flagship smartphones among consumers now featuring a fingerprint scanner, SA's banks are looking into ways of incorporating fingerprint - and other - biometric technology in their mobile banking offerings.

Mobile banking professionals and security experts say, however, the technology - still in its infancy - needs to improve to the extent that it can offer banks' clients a failsafe way of transacting.

When it reaches this point, says Standard Bank's head of mobile banking, Magnus Taljaard, it could represent an unprecedented level of security in an era where being and transacting online poses a number of risks.

Kenny Matima, security consultant at Wolfpack Information, says as fingerprint technology improves on mobile devices, it will become viable for SA's banks - which he notes are always keen on trying out new technologies - to introduce biometrics to add a multi-factor authentication mechanism for banking on mobile devices.

He notes that another form of biometrics - voice recognition - is also being tested as a solution for mobile banking apps. At least one international counterpart, National Australia Bank, has already replaced SMS pass codes with biometric voice verification. Now, users call the bank's contact centre to register their voice pattern.

Last year, biometricsupdate.com reported that financial institutions had identified voice biometrics as one of the best means to secure client accounts and financial information.

Cautious optimism

On the local front, SA's banks are looking into the potential biometrics holds for their clients, too.

Taljaard says with customer safety being a key focus, Standard Bank is cautiously investigating biometric technology for mobile banking. Citing the fact that both the iPhone 5S and Samsung Galaxy S5's fingerprint scanners have been cracked, he says: "It's clear not all the issues have been ironed out. This is one of those things where you don't go bleeding-edge. You can't push the envelope on innovation when it comes to security."

ITWeb Security Summit 2014 The tailored tracks at the ITWeb Security Summit 2014 cover a wide range of topics, empowering information security professionals to select sessions of particular relevance to their roles within the enterprise. ITWeb Security Summit 2014 takes place from 27 to 29 May at the Sandton Convention Centre. Book your spot now.

He says the bank is "keeping a close eye" on the market and the technology. "We will be doing proof-of-concept around fingerprint biometrics, but before it leaves the lab environment, it will have to prove to be robust enough. We are waiting for the market to mature. When it does, [fingerprint biometrics] will be a better solution than a password or a PIN."

He points out that there are other ways to use the mobile device as a factor of authentication. Standard Bank is currently looking at a "device fingerprinting" or "pairing" option that will eliminate the risk of falling prey to phishing attacks. "The other option is to incorporate gestures, like the technology on Samsung devices."

SA's biggest bank by customer number, Absa, says its customers' security is of the utmost importance, and fingerprint authentication on the iPhone 5S and Samsung Galaxy S5 is still a relatively new technology that will require further extensive testing. "In addition to this, Apple does not yet allow third parties access to the fingerprint reader on the phone. Absa will continue to make use of the current proven security methods while keeping abreast of technology developments."

First National Bank's (FNB's) head of channel: banking app, Giuseppe Virgillito, says FNB always keeps track of the latest technology. "Should new technology be found to be an appropriate, feasible and safe alternative or enhancement to current technology used, a formal announcement of new features will be made once launched."