Biometrics technology has replaced passwords and PINs for logging in to apps, devices and secure locations. These technologies use a person’s morphological (fingerprints, hand shape, or vein patterns) or biological (eye, iris, or face) data to verify their identity.
Unlike passwords and ID cards, biometric data cannot be forgotten, stolen, or exchanged. This makes them far more difficult to hack than passwords.
Fingerprints
Fingerprints offer a highly reliable, yet simple form of biometric identification that provides banking customers with an enhanced digital experience. Customers no longer have to remember passwords or codes, but simply touch a sensor or speak into a camera to verify their identity. This approach also ensures that no two customers are the same, preventing fraud and eliminating security holes like phishing, where cybercriminals trick people into giving them their passwords or account numbers.
Additionally, fingerprint authentication can help banks streamline their customer onboarding process. The KYC verification process typically involves presenting documents at the bank in person, which is costly and time-consuming. Biometrics can eliminate this step altogether, allowing customers to access their accounts in minutes.
Banks can even use fingerprints to authenticate their ATM and online banking services. This allows them to provide customers with a consistent and convenient experience across all channels, whether they are online or at an ATM. They can also use a device-centric solution that leverages the sensors on a smartphone for out-of-band authentication, such as voice recognition or keystroke analysis.
Iris
Biometrics technology that is based on the human eye is becoming increasingly popular. This type of technology uses video to capture sequences of the iris, and then converts them into a template for verification and authentication.
The irises of a person are unique and distinctive, making this biometric trait one of the most difficult to fake or spoof. It is also very accurate and reliable, making it a strong security measure. It is a good option for enhancing the security of mobile devices and computers.
However, there are privacy concerns associated with this type of identification system. Some people worry that it could be used to surreptitiously track their movements and behaviour without their knowledge or consent. This is why it is important for companies to have good cyber security practices and implement biometrics responsibly.
Facial
While customers value security, they also demand convenience. And, while passwords and PINs can be convenient in the short term, they’re vulnerable to fraudster attacks and rely on knowledge-based authentication (such as names and dates of birth).
Facial recognition is already widely used for unlocking smartphones and making payments using the Apple Pay system. It’s also used by some financial institutions to verify customer identity during the account opening process and to meet KYC compliance requirements.
The technology uses artificial intelligence and facial liveness detection to prevent fraudsters from fooling the systems by stealing photos and video footage of real customers. Some companies are even experimenting with using face recognition to verify employee identities for access control in company buildings. It’s also been deployed to replace passwords and PINs for online banking and other FinTech services. Voice recognition is another popular biometrics technology that can be embedded in intelligent mobile devices and FinTech systems. It uses AI and machine learning to measure speech modulation, accents, tones and frequency to create a unique voice print for identification.
Voice
Voice biometrics are being used as a form of authentication during bank calls. This type of security measure is less intrusive than traditional methods such as passwords and PINs. In addition, this technology can be used on mobile phones that don’t have a keyboard or touch screen.
Unlike facial information, fingerprints and iris patterns, voice identification cannot be faked or stolen. However, there are privacy concerns around the use of voice recognition systems.
These technologies collect personal information about identifiable individuals without their knowledge and consent, which is a breach of the privacy principle of purposeful collection. They also use this information for purposes unrelated to their original purpose. This is an issue with many government and corporate uses of facial recognition technology, which is a growing area for privacy concerns.
Using voice biometrics to authenticate customers during calls is a simple way for banks to protect their clients’ financial data and provide a secure, user-friendly experience. It is also a convenient alternative to other authentication methods like passwords or pins, which can be easily forgotten or compromised.