NU Online News Service, Dec. 10, 2:42 p.m. – Meridien Research, Newton, Mass., today released a report on the growing market for biometric technology in the financial services industry.

Biometrics technology allows determination and verification of one’s identity through physical characteristics, including the face, fingers, hands or irises, according to Homeautomationtimes.com.

Biometric systems have sensors that pick up a physical characteristic, convert it into a digital pattern and compare it to stored patterns for identification, according to the site.

“Security Fears: FSI’s Face Up To Them With Biometrics,” predicts that the use of biometrics to secure financial transactions is likely to move at a faster rate than in the past because of increased security concerns sparked by the terrorist activity in the United States.

“The horrifying events of September 11 have caused many Americans, as well as people around the globe, to take a closer look at how we protect ourselves and our identities,” says Christine Barry, who wrote the report and is an analyst at Meridien, a financial technology analyst firm.