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An Examination of the Effectiveness of Biometric Authentication in Financial Transactions: A Study of Fintech Firms in Niger State

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Background of the Study

Biometric authentication has emerged as a key technology in securing financial transactions by verifying the identity of users through unique physical characteristics such as fingerprints, facial recognition, and retinal scans (Bose & Jayapalan, 2023). As fintech firms increasingly handle sensitive financial data, the need for robust security measures to prevent fraud and identity theft has become critical. Biometric systems offer an added layer of security that traditional password or PIN-based methods cannot provide, helping fintech firms mitigate the risk of unauthorized transactions.

Fintech firms in Niger State, like many other regions, are implementing biometric authentication to enhance transaction security. However, the effectiveness of these systems depends on their integration with existing infrastructure, user acceptance, and the reliability of biometric technology in various environmental conditions (Ibrahim et al., 2024). This study aims to assess the effectiveness of biometric authentication systems in securing financial transactions, focusing on fintech firms in Niger State and the challenges they face in implementing these technologies.

Statement of the Problem

Despite the widespread adoption of biometric authentication systems in fintech, challenges remain regarding their effectiveness and reliability. Issues such as false rejections, environmental factors affecting accuracy, and user resistance to biometric data collection are among the key barriers to full implementation. This study seeks to explore how effectively biometric authentication systems are securing financial transactions in fintech firms in Niger State and identify the factors that may affect their effectiveness.

Objectives of the Study

  1. To evaluate the effectiveness of biometric authentication systems in securing financial transactions in fintech firms in Niger State.
  2. To identify the challenges faced by fintech firms in Niger State when implementing biometric authentication for financial transactions.
  3. To recommend strategies to improve the effectiveness of biometric authentication in fintech firms in Niger State.

Research Questions

  1. How effective are biometric authentication systems in securing financial transactions in fintech firms in Niger State?
  2. What challenges do fintech firms in Niger State face in implementing biometric authentication systems?
  3. What strategies can be adopted by fintech firms in Niger State to enhance the effectiveness of biometric authentication in financial transactions?

Research Hypotheses

  1. Biometric authentication systems do not significantly improve the security of financial transactions in fintech firms in Niger State.
  2. The challenges faced in implementing biometric authentication do not significantly affect the overall effectiveness of the systems in fintech firms in Niger State.
  3. Strategies aimed at enhancing biometric authentication do not significantly improve security in financial transactions within fintech firms in Niger State.

Scope and Limitations of the Study

The study focuses on fintech firms in Niger State, with particular emphasis on biometric authentication's role in securing financial transactions. Limitations include potential biases in user-reported data and challenges with accessing the full range of fintech firms in the region.

Definitions of Terms

Biometric Authentication: A security process that relies on unique physical characteristics such as fingerprints, face recognition, or retina scans to authenticate an individual's identity.
Fintech Firms: Companies providing financial services through technology platforms, including payment processing, loans, and other financial transactions.
Financial Transactions: The exchange of monetary values between parties, often facilitated by digital platforms or financial institutions.





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