Barclays is to launch a new ‘biometric reader’ that will replace the oft-forgotten PIN with the veins of your finger.
Instead of using a password, internet banking users will simply press their finger onto a scanner plugged into their computer which will analyse blood flow under the skin to prove their identity.
VeinID, technology developed by Japanese electronics company Hitachi, will allow the unique ‘vein profile’ of each customer to be stored on a SIM card inside the scanner and, according to Barclays, is far more secure than using a PIN because sharing a finger-vein profile with someone else has a one in a million chance.
‘We have to stay at the forefront of technology to combat fraud – because the fraudsters will use everything in their power to go after us,’ said Barclay’s spokesman Ashok Vaswani.
‘We must continue to increase our arsenal to protect the company against the bad guys.’
The technology has already been introduced in Japan and parts of Norther America. Poland became the first country to trial the scanners earlier this year.
James Daley of consumer website Fairer Finance told MailOnline that, assuming the technology is as safe as Barclays claim, biometric banking will quickly replace PIN technology in all major banks.
‘I can see other banks following suit pretty quickly,’ he said.
Fraudulent transactions cost customers more than £450m in UK banks last year – a 16 per cent increase on 2012.