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 gained traction as a secure and efficient method for verifying user identities in financial transactions. By using unique biological characteristics such as fingerprints, facial recognition, and voice patterns, biometric systems offer enhanced security and convenience compared to traditional authentication methods like passwords or PINs (Abdullahi & Musa, 2023).
In the fintech industry, biometric authentication has been widely adopted to prevent fraud, enhance customer experience, and ensure compliance with regulatory requirements. Fintech firms in Niger State are increasingly integrating biometrics into their platforms to address the growing need for secure and user-friendly authentication methods (Ahmed & Yusuf, 2024).
Despite its advantages, biometric authentication faces challenges such as data privacy concerns, implementation costs, and potential vulnerabilities to spoofing or hacking. Understanding its effectiveness in securing financial transactions within the context of Niger State’s fintech sector is crucial for promoting its widespread adoption.
Statement of the Problem
The rise in financial fraud and identity theft has prompted fintech firms to explore more secure authentication methods. While biometric authentication has shown promise, its effectiveness in preventing unauthorized access and ensuring transaction security is not fully understood in the context of Niger State (Bashir et al., 2023).
Challenges such as the accuracy of biometric systems, user acceptance, and technical limitations hinder its adoption. Furthermore, there is a lack of empirical evidence on the effectiveness of biometric authentication in reducing fraud and enhancing security in financial transactions.
Objectives of the Study
1. To evaluate the effectiveness of biometric authentication in securing financial transactions in fintech firms in Niger State.
2. To identify the challenges associated with implementing biometric authentication systems.
3. To assess user perceptions of biometric authentication in financial transactions.
Research Questions
1. How effective is biometric authentication in securing financial transactions in fintech firms in Niger State?
2. What are the challenges associated with implementing biometric authentication systems?
3. How do users perceive biometric authentication in financial transactions?
Research Hypotheses
1. Biometric authentication does not significantly enhance the security of financial transactions in fintech firms in Niger State.
2. Implementation challenges do not significantly affect the adoption of biometric authentication systems.
3. User perceptions do not significantly influence the effectiveness of biometric authentication.
Scope and Limitations of the Study
The study focuses on fintech firms in Niger State, analyzing their use of biometric authentication in financial transactions. Limitations may include data access restrictions, rapidly evolving biometric technologies, and potential biases in user feedback.
Definitions of Terms
• Biometric Authentication: The use of biological characteristics to verify a person’s identity.
• Financial Transactions: The exchange or transfer of money between parties.
• Fintech Firms: Companies that use technology to provide financial services.
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