Companies across the world are increasingly making use of biometrics to improve security and, especially in the financial services industry, reduce fraud. According to a recent report, the worldwide mobile biometrics market is expected to exceed $50.6 billion in revenue by 2022, growing from a base of $6.5 billion in 2016. Despite this growth, financial services institutions and consumers alike harbor legitimate concerns about whether mobile biometrics actually delivers on its promise of improved security.

Taking a look at some of the major breaches that have compromised biometric data proves that concerns are not unfounded. In 2014, for example, around 22 million people fell victim to an attack where personal data, including fingerprints, were stolen from the Federal Government Office of Personnel Management. And within days of the launch of Apple's iPhone X, hackers were able to use 3D printed masks to beat its facial recognition security system.

Why the Hype Around Biometrics?