Biometrics involves the capture, measurement, and statistical analysis of an individual’s unique physical and behavioral characteristics. The technology is mainly used for identification, authentication, and access control in banking, mobile access, law enforcement, public transport, schools, home assistant technology, and for access into buildings. According to the current analysis, biometric technology has made the COVID-19 period easier to cope for more than 45 percent of consumers.
A biometric system has two phases- enrollment and recognition. Enrolment occurs when a person's biometric data is fed into a database. Recognition happens when newly acquired biometric data, also called a probe, is compared with the enrolled biometric data to generate a match score. Biometric verification and authentication are becoming increasingly common in consumer electronics, and public & corporate security systems.
Components of biometric devices include the following:
Biometric security software is used to recognize people on the basis of their biological and behavioral traits. Fingerprint recognition is the most commonly used biometric technology because of its simplicity and affordability. Iris recognition is widely used in high-security environments as it provides greater accuracy. As the vascular network patterns within an individual’s palm are broader, complicated, and very unique to a particular individual. Also, palm recognition is another biometric security software that is currently in use. Many biometric security systems use multiple detection technologies for identity verification purposes.
The other types of biometric identifiers are
Although biometric security systems offer many advantages, but there are potential risks to consider-
Companies are slowly realizing the benefits that biometric security devices can bring to the safety of physical environments as well as that of computers and other assets. In corporate buildings, unauthorized people can be restricted from accessing secure networks and systems, and sensitive files using any of the biometric security technologies.
Advancements in biometric identification technology are offering seamless, “no-touch” experiences to tourists, helping them navigate various touchpoints without having to be in physical contact with human operators. Over 75% of airports are investing in biometric solutions, with airline investments in biometric boarding projected to increase by more than 50% by 2024. Paper identification may soon become a thing of the past; just as paper plane tickets have. Fear of misplaced identity papers, showing identification documents at every stage, and getting through security checks, luggage inspections, and long lines, all add to the stress for travelers. Biometric technology can alleviate many of these stresses and make the travel experience more enjoyable.
With over 20% CAGR, the global fintech industry is expected to gain a revenue of approximately USD 300 billion by the end of 2022. This steady growth has driven the extent of cyber-attacks within the industry. Fintechs need to safeguard customer data, along with providing exceptional customer service. Biometric authentication might help in attaining both purposes. Secure identification is being made possible with the help of emerging technologies such as blockchain, biometrics, and artificial intelligence. In order to overcome the shortcomings of manual KYC and streamline the entire verification process, digital KYC solutions or e-KYC have evolved. Digital KYC helps combat identity thefts and data breaches, preventing sensitive information from getting into the wrong hands. Newer KYC and Anti Money Laundering (AML) regulations are challenging service providers to deliver strong and intuitive identity proofing.
Through face liveness detection, user identity is checked and presentation attack detection (PAD) is carried out. For a KYC with a biometrics onboarding process, photo verification technology matches the image on an ID with the live person in front of the camera. The Fintech sector, just like other global industries, is undergoing digital transformation at every level. With so much currency and customer loyalty at stake, every operation needs to be seamless and secure. Two-step authentication is the way to go. It incorporates both biometrics and digital ID to identify customers first and foremost through their digital identity and then via biometric authentication. This will not only serve to maximize safety but improve overall customer experience.