Banks in Australia will need to ensure they are able to catch the fraudulent transactions in less than 30 seconds.

Despite the hype around biometrics and its place in the finance sector, Savvides isn't convinced it is the right solution when it comes to authenticating NPP transactions.

"It's OK in closed scenarios like passports and other places like that where it's a closed ecosystem, but in an internet-enabled world I don't like the idea of biometrics being collected," he told ZDNet.

"The other thing is that the amount of data that you're going to collect and then store, I don't think is going to give you enough to do very strong biometric authentication because you're always going to be limited by the sensors on the device.