Biometric Authentication In Fintech And Its Role In Increasing Security Of Financial Services

Abstract

Purpose: The current study aimed to examine the role of biometric authentication characteristics “Unique Biological Traits, Multifactor Authentication, Non-Replicable, Continuous Authentication, and Anti-Spoofing Measures” in fintech in increasing security of financial services from perspective of IT managers departments within banking industry in Jordan. The study hypothesized that “biometric authentication can increase security of financial services of fintech from the perspective of IT specialists in Jordanian banking industry”.

Methodology: Realizing main hypothesis of study was done depending on quantitative methodology. For that, a questionnaire was built and distributed on (63) IT managers within Jordanian banking sector. SPSS was employed in order to mitigate primary data.

Findings: Results of study indicated the acceptance of the study main hypothesis and confirmed that “The biometric authentication can increase security of financial services from the perspective of IT specialists in Jordanian banking industry”. Regarding sub-hypotheses, study indicated that (anti-spoofing measures) appeared with a strong correlation of 0.899 and a variance of 80.9%. this meant t[1]hat measures of anti-spoofing is able to support the security of financial services through making sure to prevent all trials and actions that may jeopardize the financial services through hacking, piracy and unauthorized usage of financial accounts. Study recommended increasing individuals and organizational awareness on the importance of authentication and the fact that it is still exposed to malfunctions and errors.

Significance: Significance of current study lies in its ability to guide decision makers, IT specialists, customers and regulatory bodies in Jordanian banking sector towards adopting the best and most efficient biometric authentication methods based on their existing security measures and regulatory needs.