Biometric Technologies Reshaping Identity Verification
Information security spending reached $76.9 billion USD in 2015 globally and it is expected to reach $170 billion by the end of 2020 with the worsening intensity and frequency of hacks.
Biometrics is gaining traction as a most robust security measure and is reshaping the online identity verification industry. In the absence of universal digital identities that can be used across services and cross-border digital identity, document verification and biometric authentication services remedy the issue of trust between service providers and their users.
Online businesses have huge growth potential so is their exposure towards cybercrimes. Digital identity verification empowered with facial recognition is the ultimate fraud prevention solution for online businesses to reduce their fraud losses and to improve profits.
Enabling new customers to sign up for an account on a mobile device or computer instead of going to a physical location greatly increases the opportunity for businesses to acquire customers. An important step is “identity proofing” – the process of proving a person’s identity before they set up an account. Biometric authentication uses unique physical characteristics to verify the identity of a person. These unique identifiers include fingerprints, face, retina, iris patterns, voice, hand geometry, and DNA. Biometrics provide legal non-repudiation when properly deployed in an end-to-end authentication solution because of the difficulty in copying or stealing someone else’s biometric information.