Biometrics Verification is becoming quite popular over the years due to the inefficiency of the physical and traditional checks in safeguarding valuable data and assets. The world is growing dangerous day by day and the misuse of sensitive data and assets is causing destruction for society. It is very important for businesses and government agencies to protect their data against criminal misuse and theft. Biometric authentication serves the purpose of the most efficient security parameter.
Considering the increasing trend of digital frauds, money laundering, and terrorist activities in the modern world, biometric security is even more important now. Biometric security isn’t limited to fingerprint scanning only. With technology advancing rapidly, biometrics security is also taking a new turn in the form of face verification, retina scanning, and voice recognition.
What is Biometric Verification?
Biometric authentication is the process of authenticating the authorized entities on the basis of their unique behavioral or physiological features like fingerprints, iris, voice, face, etc. Biometric authentication is actively used as a biometric security solution. In these solutions, the system converts the biometric data into digital format and then authenticates the identity by using the AI algorithms to make a match.
Biometric authentication systems are secure and convenient because unlike passwords biometrics can’t be stolen or exploited. With the little or no chance of being misused biometrics security is becoming vital for financial institutions, retailers, online businesses, government institutions and so on.
Biometrics Replacing Traditional Passwords
The passwords have use for decades as the authentication checks but the technology advancements have made them vulnerable to attacks. Cybercriminals are continuously looking for new ways to exploit the user credentials; phishing and brute force attacks are proving to be quite effective ways to exploit them.
Due to increased hacking and identity theft incidents in online industries, the current password systems are strongly criticized. Biometric verification is overcoming the limitations of previous authentication checks. Many countries and organizations are readily integrating biometric security to safeguard their potential data and assets. Experts predict that very soon passwords and pin codes will be replaced by biometrics.
Biometrics in E-commerce Industry
There is no industry that isn’t benefiting from biometric technology. In e-commerce platforms, the trend of fraudulent purchases and chargebacks witness more often. To protect the business from digital frauds and chargebacks while keeping the fraudsters at bay. Online retailers are implementing biometrics, specifically face verification solutions with their platforms.
Online biometric verification hinders the imposters from accessing the user’s account in real-time. Moreover, by authenticating the payments at the time of checkout protects the businesses from chargeback loss. In fact, the big giants like Mastercard, Apple, Amazon, Ali Baba, etc. Have introduced their payment methods that authenticate transactions on the basis of facial biometrics.
Employee Identification and Workforce Management
Fingerprint biometrics now mostly use in the corporate sector to make employee identification and management faster, convenient and accurate. Employees may forget their id cards to or pins but fingerprints are something they always carry with themselves. Through fingerprint scanning in organizations, attendance is very easy that eliminate employee time theft frauds.
Moreover, through biometric verification of employees. The system can save the cost and manual effort for calculating the employee working hours and their salary, henceforth saving company resources. Moreover, through biometric authentication. Only the authorize person to allow to physically access the building and internal resources of the organization, for instance, files, systems, etc.
Combating Identity Fraud and Security Breaches
Multiple organizations and government agencies around the world are using biometric verification and authentication to combat security breaches and identity frauds. Through the implementation of biometrics, the organizations are securing their confidential data, protecting it from the bad boys out there.
Biometric technology is rapidly growing in the IT sector facilitating businesses in their secure growth. It means that it not only acts as a strong defense against cybercriminals and fraudsters but also improves user experience. According to research, the global biometrics market expects to reach $23.54 billion by 2020.