{"id":39298,"date":"2020-07-04T11:11:28","date_gmt":"2020-07-04T03:11:28","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=39298"},"modified":"2020-07-04T11:11:34","modified_gmt":"2020-07-04T03:11:34","slug":"72-percent-of-filipinos-are-happy-to-provide-their-bank-with-a-biometric","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2020\/07\/04\/72-percent-of-filipinos-are-happy-to-provide-their-bank-with-a-biometric\/","title":{"rendered":"72 percent of Filipinos are happy to provide their bank with a biometric"},"content":{"rendered":"\n

FICO, a global analytics software firm, released its\u00a0Consumer Digital Banking\u00a0Survey<\/a>,\u00a0which found a notable percentage of Filipinos are not taking the necessary precautions to protect their passwords and logins when banking online.<\/strong><\/p>\n\n\n\n

The study found that only 53 percent are using separate passwords to access multiple accounts; 18 percent have between two to five passwords they reuse across accounts; and a staggering 14 percent use a single password across all accounts. Additionally, 15 percent of respondents use an encrypted password manager \u2014 which many consider best practice \u2014 while 29 percent adopted risky approaches to recall passwords, such as writing them down in a notebook.<\/p>\n\n\n\n

\u201cAs the pandemic drives take-up of online services by consumers, criminals are preying on this reliance and targeting consumers with malicious activities such as phishing and social engineering,\u201d\u00a0said\u00a0Subhashish Bose,\u00a0FICO\u2019s lead for fraud, security and compliance in Asia Pacific. \u201cWith social distancing restrictions in the Philippines still in place, most Filipinos are only able to access their finances digitally, so it\u2019s essential for them to educate themselves and adopt security best practices.\u201d<\/p>\n\n\n\n

FICO\u2019s study shows that consumers struggle to recall their current passwords. Nearly a third of respondents (32%) reported that they have abandoned an online purchase because they forgot the login information, and 30 percent saying they were unable to check an account balance. Forgotten usernames and passwords also affect new account openings, with 18 percent saying that it has stopped them doing so with an existing provider.<\/p>\n\n\n\n

This is noteworthy as consumers are more willing than ever to bank online. The study found that 76 percent of Filipinos say they would open some kind of financial account online, such as personal loans (33 percent), credit cards (38 percent) and everyday transaction accounts (40 percent).<\/p>\n\n\n\n

Filipinos have at the same time become more accepting of biometrics, with the study revealing that 72 percent are also happy to provide this information to their bank. The use of fingerprints was the most widely accepted approach (76 percent), facial scans came second (40 percent) and eye scans came in third (23 percent). A more popular alternative with Filipinos was analysis of how they type in their password (77 percent), a technique known as behavioural biometrics.<\/p>\n\n\n\n

The survey also asked Filipinos about the current security used when logging into their mobile banking apps beyond traditional usernames and passwords. The five most widely used security alternatives were:<\/p>\n\n\n\n