Biometric technology has proved to be a boon for modern businesses and organizations, struggling to cope with password based security systems that have failed woefully to keep up with the increasing ferocity of cyber attacks.
Biometric technology has also dispensed with the need of actual physical presence at the time of executing contracts. One can now execute a contract online, signing it off digitally, with the knowledge that once sent; the message cannot be changed or manipulated, as it has been digitally secured.
Signature is something that is very unique to an individual; making it very difficult to copy without some error creeping in. Electronic signature pad uses sophisticated algorithms to record acceleration, speed and pressure at the time of signing. This information is used to confirm or deny the authenticity of a signature during online transactions. This novel method of authenticating financial transactions, legal transactions has caught on lately, with a number of private and governmental organizations recommending its use.
Each electronic signature has a key embedded into it which validates the authenticity of the sender and the message. Once the message has been digitally signed, the contents of the message cannot be modified, without concurrently invalidating the signature itself.
The security key can be stored in a computer, but, this causes the security of the keyword to be dependent on the computer. The moment the computer is compromised the security keyword risks getting compromised as well. In order to avoid this situation the user can use a smart card that stores the security key. The smart card can be protected by a pin number, protecting it against unwarranted use.
Survey in UK reveals that consumers prefer signature based authentication system
A recent research in U.K revealed that 60% of online banking user’s preferred biometric system based on Electronic Signature Software over other biometric systems. 83% of the respondents said that they would like their banker to offer electronic signature software as an alternative to their current authentication system.
Experts say that it is a cause of concern that online banking user’s are not aware of the loopholes in the system that can be taken advantage of by those, who know the system like the back of their hand. However, the research did reveal that the users were inconvenienced by the current password based security system. 60 % of the respondent said that they had difficulty remembering passwords and would prefer a system based on electronic signature software.