BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
In 2016, the biometric market in the United States reached $3.52 billion U.S Dollars and is expected to grow significantly in the coming decade. The global market for biometrics verification solutions is over USD 2.1 Billion according to estimation. According to a survey, 48% of the businesses are happily adopting biometrics for verification and providing access to their customers. Biometric identification can help a more secure yet cost-effective alternative for user access than the traditional old method of identification like PIN and passwords.
Biometric Technology Taking Over Identity Verification:
A study revealed that almost by 2020 biometric technology for user authentication will be used by 90% of the business. It is a fact to reckon that the compliance regulations are quite strict when it comes to the collection of biometric data of any person. Biometric verification technology is falling foul of privacy concerns but still, its usage is vastly increasing in almost every sector like healthcare, education, travel industry, financial institutes, etc for security purposes.
Biometric technology is taking over the verification processes as we know it. Facial Recognition Technology is even Pioneered at Olympic and Paralympic Games Tokyo 2020.
Most of the people may have concerns like they say biometric is jeopardizing personal privacy but even then the reality remains eminent that it brings many benefits to our daily lives in this era of digital frauds. It has the following benefits:
- Biometrics ensures accuracy
- The system expels major safety threats
- Many biometrics solutions are cost-effective
- It is easy to use
- User acceptance is increasing
“How Biometric Technology is Creeping in our Daily Lives?”
We are all surrounded by tools and technologies from a simple screwdriver to modern smart devices technology has greatly impacted us all. In recent years, unlike any other technology biometric technology has swept into our lives as we know it. It has made possible what was deemed impossible once. Biometric is such technology that emerged quietly, grew over the years and crept into our lives without any drum rolls.
Following are the major areas where biometric technology can be seen taking over the identification process:
Making passengers skip security clearance lines and changing air travel experience. Face biometrics can remotely identify known criminals. Passengers board faster with self-services biometric kiosks. This technology is widely used in airports to increase the workflow and to run the security process more accurately. Face verification techniques are replacing tickets in the near future. You just have to show your face to get identified and to get all processes done in the blink of the eye at airports. Cool isn’t it?
Making employee attendance more accountable. Eliminating buddy-punching and timesheet fraud. Enhancing productivity and saving money drained in hours not worked.
Saving banks from cyber-criminals as well as physical threats. Making sure visitors are who they say they are. This technology is used to gain customer’s confidence with enhanced security. Banks need to comply with KYC and AML checks per regulatory authorities. In order to perform identity verification process, biometric technology is a great help in streamlining the cumbersome procedure. This technology is being widely used to detect and know the clients in business sectors like banks and other financial institutes to meet KYC regulations.
Replacing traditional payment cards with biometric ones to secure them. Payment authentication with a PIN or an OTPP has become a thing of the past with biometric cashless shopping. According to Biometrics research group inc. the report, the worldwide mobile payment transactions are expected to reach $750 billion by 2020, with more than 700 million users. Biometric technology for payments has enormous advantages and a competitive edge in the market.
Safeguarding civil society with biometric identification of criminals. Criminals can be monitored remotely with biometrics and can be caught before any incident takes place. The study revealed that Americans are totally fine with copes using facial recognition technology to track criminals. Facial recognition is used by the FBI and other police departments spread across California, Maryland, Florida, and Ohio as a new weapon to track people.
Financial Transaction Management
Making users more accountable for the transactions they perform. Management of financial transactions becomes more efficient with biometrically enabled transaction management.
Eliminating need for keys, magnetic stripe cards, chips or RFIDs to check-in to hotels. No more episodes of key or card loss incidents, only unrestricted access with guest biometrics.
Protecting internet banking customers by eliminating passwords and PINs. Users no more need to remember complex passwords and stay stranded at log-in screens. Account takeover fraud and identity theft risks can also be mitigated by using a biometric security system for online banking.
Mobile App Security
Making app security reaches the next level with biometric authentication. Your fingerprint or face is more than enough to order food or book a movie ticket.
PC Login Security
Making PC security unbreakable via biometrically enabled login. Forget passwords, now a touch of your finger or faceprint is enough for you to log in to your PC.
Pharmacy Theft & Fraud
Making pharmacy operations more accountable for biometric identity authentication. No more pharmacy theft and fraud using fake identities or false insurance claims. Hospitals were major target of cybercriminals for data breach cases. To protect private data of patients biometric technology plays a vital role by providing access only to verified persons.
Biometric Verification- All You Need To Know
Biometric verification is not only effective at identity verification but it also has a competitive edge when it comes to processing time. Biometric verification not only enables a business to onboard clients with negligible risk of fraud but also performs this function in no time. This technology is perfect for both onsite and offsite verification of an upcoming user. The following are the important things to consider before choosing a biometric verification solution:
- Method of biometric verification
- Which regulations are governing biometric authentication in that territory where these solutions have to be implemented.
- The targeted audience and their ability to flawlessly perform this.
- It should be checked if the verification has to be performed remotely or on location.
- Before opting for a biometric authentication solution users should also be decided beforehand.
When it comes to business identity plays a vital role and biometrics plays a vital role in this, it is a key component in apprehending and prosecuting a business. Identity theft that led businesses to pay penalties so businesses really need to know who they are dealing with what they are giving access to. Biometric verification has created a lot of ease for this cumbersome verification process. Biometric verification provides a shield to the business from an array of frauds related to identity theft. For organizations to ensure security due to the sheer range of dynamic frauds biometric technology has created a lot of ease. This technology is an easy solution for a cumbersome procedure of identity verification.
Biometric technology is quietly taking over space wherever user identification and authentication is a requirement. Traditional recognition methods have lost grounds to biometrics, due to their shortcomings. Biometrics offers an ideal balance of security and convenience. Unlike traditional authentication methods, it elevates security but not at the cost of user convenience. Biometrics is a single solution that offers logical as well as physical security. It can not only replace passwords on computers but also the door lock it is kept in. With biometrics creeping into everyday life, the day is not far it will entirely eliminate other ways of identification and authentication.