Iris scanning for seniors soon at banks? India's commercial banks are exploring the possibility of using iris scans to authenticate transactions, particularly for their older customers, people familiar with the matter say.
Banks are currently in discussions with the Reserve Bank of India (RBI) and other stakeholders to implement iris scanning as the aging process can affect the reliability of fingerprints or thumbprints for authentication.
“The issue was discussed in a meeting last month and it was decided to approach the RBI for further discussion on implementation and challenges,” a bank executive was quoted as saying by ET.
The executive further said that an internal banking committee headed by A. Manimekhalai, managing director of Union Bank of India, has made some initial observations which are currently under discussion.
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“There are implementation issues and cybersecurity challenges, but since such authentication is already available through the Aadhaar platform, further context can be explored,” the executive director said.
Lenders are discussing implementation challenges and exploring options such as re-enrollment for seniors who have had eye surgeries such as cataract surgery, according to a second banker. “All of these challenges are there, but we are looking at multiple options,” he said.
A 2019 study from the Indian Institute of Technology (IIT) Jodhpur highlighted that cataract surgeries can affect the discriminatory nature of iris texture patterns, raising concerns about the reliability of iris-based biometric recognition systems for people who have undergone such surgeries.
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The State Bank of India last year announced plans to explore implementing iris scanners at its customer service points (CSPs) through 'Bank Mitra' channels. This decision was made in response to the difficulties faced by older pensioners and customers. The announcement came after a 70-year-old pensioner was unable to receive her money due to a discrepancy between her thumbprints and bank records.
In the above case, SBI clarified that the pension amount was paid out in a timely manner through manual debit.
Currently, under the Aadhaar Enabled Payment System (AEPS), interoperable online financial transactions can be carried out at the Point of Sale (PoS) or micro ATMs using Aadhaar authentication, which includes both fingerprints and iris scans. However, a recent analysis by the government's Indian Cyber Crime Coordination Center (I4C) found that AEPS scams accounted for 11% of cyber financial frauds in 2023.
Banks are currently in discussions with the Reserve Bank of India (RBI) and other stakeholders to implement iris scanning as the aging process can affect the reliability of fingerprints or thumbprints for authentication.
Expand
“The issue was discussed in a meeting last month and it was decided to approach the RBI for further discussion on implementation and challenges,” a bank executive was quoted as saying by ET.
The executive further said that an internal banking committee headed by A. Manimekhalai, managing director of Union Bank of India, has made some initial observations which are currently under discussion.
Also read | High FD Interest Rates for Senior Citizens: Get up to 8.1% on 3-year fixed deposits; Check the banks list here
“There are implementation issues and cybersecurity challenges, but since such authentication is already available through the Aadhaar platform, further context can be explored,” the executive director said.
Lenders are discussing implementation challenges and exploring options such as re-enrollment for seniors who have had eye surgeries such as cataract surgery, according to a second banker. “All of these challenges are there, but we are looking at multiple options,” he said.
Expand
Also read | Is Aadhaar mandatory for investing in small savings plans like Senior Citizen Savings Plan?
The State Bank of India last year announced plans to explore implementing iris scanners at its customer service points (CSPs) through 'Bank Mitra' channels. This decision was made in response to the difficulties faced by older pensioners and customers. The announcement came after a 70-year-old pensioner was unable to receive her money due to a discrepancy between her thumbprints and bank records.
In the above case, SBI clarified that the pension amount was paid out in a timely manner through manual debit.
Currently, under the Aadhaar Enabled Payment System (AEPS), interoperable online financial transactions can be carried out at the Point of Sale (PoS) or micro ATMs using Aadhaar authentication, which includes both fingerprints and iris scans. However, a recent analysis by the government's Indian Cyber Crime Coordination Center (I4C) found that AEPS scams accounted for 11% of cyber financial frauds in 2023.
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