With the increase in diverse pandemics, online platforms are rapidly growing. Everything has shifted online, including the banking industry. In this digital world, scammers are trying their best to do forged transactions and deceive different sectors, but the fintech industry is on their priority list. Financial businesses need digital aid that will support them in their daily transactions. Biometric authentication is playing a crucial role in this regard. Businesses need biometric identification solutions within their systems that will provide them with new opportunities for future growth.
According to the survey done from 2021 to 2022, the fintech industry has the highest risk of fraud i.e., approximately 173 cases, and it is increasing with time. To stop these growing dangers, it is necessary to incorporate biometric authentication solutions that will save organizations from criminal attacks.
Biometric User Authentication
Biometric identification is an advanced version of verifying new authentic clients. It is a life-saving tool that completes the process within a matter of seconds and is safer than the traditional methods for validation. It works on the physical characteristics of human beings. Biometric identification system offers businesses body markers including facial features, sound recorders, finger patterns, and vein recognition solutions.
Benefits of Biometric Identification System
Biometric identifiers provide diverse advantages, including:
Biometric authentication has the ability to learn new physical characteristics within a matter of seconds. It instantly records the facial features, voices, and patterns of different human beings, which makes it superior to other traditional verification systems.
- Advanced Authentication
The biometric security system has revolutionized the old ways of verification. Traditional methods include passcodes and pins, which can be easily forgotten and stolen by a scammer. However, advanced biometric authentication is safe and reliable. This verification process does not have any passwords, and it is quite easy to utilize. No one can steal the biometric ID of the users. Therefore, customers in the banking sector can conveniently rely on biometric identification systems for their secure transactions.
Usage of Biometric Recognition
A biometric authentication system is utilized in banks when:
- A customer came to open an account.
- When the clients have to make money transactions.
- When the customers have to use digital or mobile banking.
Classification of Biometric Security System
Biometric authentication is further classified into seven identifiers that are listed below:
- Sound Identifier
Biometric sound identifier detects the voice of potential customers and stores it for later use. In most banks, clients have their sounds saved in the systems and it is taken by their daily conversation so that they do not have to speak special phrases. This identifier can be used at any time and any place.
- Finger Patterns Identifier
It’s the most common identifier for biometric authentication that is mostly utilized in offices, banks, and mobile phones to verify before opening an application.
- Face Recognition
Face identifiers are utilized to validate facial features. It has an advanced 3D facility that makes it easier for the system and the customer to proceed with the process. It can detect new features within a matter of seconds. Most Android and Apple phones also have this feature within them. Through these facial recognizers, customers can effortlessly set them to lock their screens. By utilizing biometric authentication systems, clients can get multiple layers of security.
- Vein Identifier
Biometric vein identifiers are based on the verification of the veins of a specific user. This authentication is mainly used at ATMs.
- Behavior Recognition
On these identification solutions, there is a separate profile for each client according to their behaviors. For instance, the method is based on clients’ behavioral characteristics of using a mouse.
- Retinal Identification
This specific biometric authentication takes the help of the customer’s eyes or blood vessels to proceed with the process.
- Iris Identification
These scanners verify the special colors in the eyes. Most mobile phones also have this feature through which they open locked applications, and can also be used for ATM banking.
Biometric authentication is a necessary thing to be stored in all financial businesses. These biometric identifiers save organizations from higher fraud risks and criminal activities. Biometric identification can be used at digital onboarding, and businesses can enjoy seamless hiring procedures. These verifications are quite safe, fast, and reliable. Customers can rely on these identifiers because they are always stored by legitimate organizations, so there are no chances of data breaches.