Nowadays, scams are becoming arduous; they target people of every age and gender. It is challenging to spot emerging scams; they come in many forms, from phone calls to emails. Companies are driving ways to minimize fraudulent activities and fortify the customers’ interests. Technological advancement has resolved this issue; biometric authehtication is the best technology for preventing scams. In 2022, the biometric technology market was about 28 billion US dollars and is expected to reach 70 billion dollars in 2027. Terrorism and money laundering have increased the need for biometric identification; artificial intelligence and machine learning have simplified this process.
What is Biometric Authentication?
The individual’s identity is verified through the unique biological and physical traits; this is done to check the client’s authenticity and liveness. The following are the types of biometrics:
- Voice Recognition
- Fingerprint Recognition
- Sound Recognition
- Retina and Pupil Recognition
- DNA and Saliva
How are Biometrics Replacing Passwords?
Passwords are no longer reliable because hackers easily decode them, so now, a biometric authentication system is used to secure the clients’ accounts. Most of the scams are committed due to weak passwords. Secondly, primarily, people use single passwords for their multiple accounts. If a hacker gets access to one password, all the client’s statements are on the edge of risk.
How Biometric Identification System is Working in Banks?
Banks are at a higher risk of getting scammed; therefore, they must install biometric identities. This ID helps banks reduce the scam rate and prevent their customers from committing cyber crimes.
- Convenient User Experience
Customers do not have to remember lengthy and complex passwords; they just have to face the camera, and their verification is done. They do not have to understand burdensome instructions; biometric user authentication is convenient and quick.
- Secure the Banks
These systems are predominantly installed in areas that require high security, like banks, insurance companies and investment agencies. The scanners are more secure than remembering passwords because these biometrics can not be stolen. No one can pretend to be a client and unlock the account, and systems allow only authentic clients to bypass the account.
- Promise a High Success Rate
Biometric user authentication provides a streamlined user experience and smooth client onboarding. Customers also prefer businesses that keep their data safe. Satisfied clients recommend the company to their family and friends.
- Excellent Accessibility
Biometric authentication systems are easily accessible to clients, as they can get their verification from any place in the world. This saves the time of both the clients and employees; the labor rate is also decreased as the system performs the whole task.
These systems are very reliable as they are free from any kind of error. Traditional methods were prone to human error; humans performed the whole activity. Operators gather, collect and analyze data; humans become tired and sometimes intentionally commit mistakes. There are also chances that the company’s employees expose the office’s sensitive data to competitors for the sake of money. As these solutions involve no humans, there are no chances of such errors.
The solutions are swift, as the single click performs the whole function. Traditional methods of verifying customers sometimes took weeks to execute the entire process. Customers usually get fed up with lengthy verifications, as they have to stand in a queue and wait for their turn.
- Cost Cutting Technology
Biometric authentication saves the company from unnecessary miscellaneous expenses, as they comply with the latest KYC (Know Your Customer) and AML (Anti Money Laundering) regulations.
- Sense Customer Feelings
Companies spend thrifty on marketing activities and understand the client’s preferences. These solutions are so advanced that they sense the client’s feelings by looking at their face. Biometric identification scans clients’ faces and checks whether they like the product.
Cutting-edge technology helps in generating huge revenue and even promotes the company on a global level. Businesses can build customer trust and satisfy them by preventing fraudulent activities and keeping their credentials secure. Streamline onboarding is also convenient for customers as they do not have to visit the office for their verification. Companies install biometric security systems to keep their territories safe; these scanners allow only authentic people to enter. Any suspicious activity is immediately noticed and reported to the respective authorities. Customers are scored against their risk rate, and the high-risk and low-risk clients are treated accordingly.