With their ever-growing reliance on technology, financial institutions such as banks and credit unions need to stay one step ahead of cybercriminals. To reduce fraud risks such as identity theft, use of biometric technology has helped both corporations and consumers secure their sensitive data.
But apart from optimizing one’s security system, you should know that further integration of biometric technology can bring about other notable benefits to your organization. To convince you further, this guide will explain why you should expand your use of biometric authentication.
Biometric Types Commonly Used in Banking
As modern technology continues to grow, biometrics has become more sophisticated. Here are the biometric types commonly used by financial institutions to improve their operations.
1: Facial recognition
Facial recognition technology confirms a person’s identity by analyzing a person’s facial features. This type of ID verification can be commonly integrated with smartphone applications to suit the security needs of mobile banking.
2: Vocal recognition
Speech recognition software analyzes the user’s voice by breaking it into individual sounds. This system analyzes each note using complex algorithms to determine the person’s identity.
3: Fingerprint scanning
Fingerprint scanners are highly common among smart devices. Upon enrollment of biometric data, these scanners are able to analyze the ridges and patterns of a finger to carefully determine if an individual is authorized to access the gadget or not.
4: Iris scans
Iris scanners illuminate the iris using infrared light to pick up patterns that are generally not visible to the naked eye. The verification process typically takes a few seconds to grant the user access to a platform.
5: Palm print scanning
Like a fingerprint scan, a palm print scanner analyzes the entire hand to determine identity. This includes recognizing the patterns and ridges of the skin, vein placement, and other unique features that cannot easily be replicated.
Why Banks Should Expand Their Use of Biometric Authentication
Using biometric authentication is a great way to increase your organization’s security. Apart from reducing the risk of fraud, it provides other notable benefits.
1: Criminals may steal passwords and pins, but cannot replicate biometric data
Unlike passwords, biometric data is more complex to replicate since no two people share the same biological features. While this does not mean that biometric data cannot be stolen, using one’s body as an authentication factor makes it nearly impossible for cybercriminals to commit fraud.
2: Improved transactions among mobile banking users
Through multi-factor authentication (MFA), biometric security ensures that only the account owner can authorize transactions. Pairing a passcode with a biometric system will grant you more layers of protection just in case a passcode or PIN gets compromised.
3: Streamlines the authentication process of clients
Compared to typing out complex passwords, biometrics can streamline the authentication process for your users. Going passwordless hits two birds with one stone: it optimizes security and allows users to access their accounts easier, safer, and faster.
4: Optimized staff management
For banking or financial institutions that plan to install authentication systems in their facilities, biometrics can be used to manage the time and attendance of employees. Being able to monitor the people who go in and out of your office will help you calculate wages more efficiently while helping you identify suspicious behavior. Paired with cloud based security solutions from Q5id, you’ll be able to secure and optimize your operations with ease.
5: Compatible with other common security methods
Biometric solutions are highly reliant on the softwares and systems that are used to implement it. With the help of open authentication protocols such as OIDC, biometrics systems can interact smoothly, granting both your employees and clients more layers of protection. Upon adoption, you can integrate it with other security methods such as OTPs, traditional passwords, and the like.
6: Increased development of biometric supported devices
Through fingerprint scanners and facial recognition software, modern devices such as smartphones are now designed to support biometric authentication. Enrollment can be done as quickly as three minutes, paving the way for smooth, easy, and secure transactions.
7: Settles increasing demand for safe online management
As data breach cases rise through the years, the need for robust cybersecurity solutions is higher than ever. Fortunately, the convenience and ease of use brought by biometric systems will secure the safety of both clients and corporations when conducting transactions online.
Improved Security at Your Fingertips
Now that millennials are more comfortable conducting business online, financial institutions should make it a point to follow suit. As digital transactions become the norm, investing in biometric solutions will keep security threats at bay and make a huge impact on your operations. Get in touch with us today for more information about biometric security solutions.
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