Banks
and financial institutions
across the world are using biometrics as an authentication
method to
all its customers using their services. The reason behind this is
that there is a huge increase in the number of frauds, identity
thefts and malware attacks from cyber criminals. Along with that the
customers these days are tech-savvy and expect nothing less than the
best and are no longer satisfied with the username password
authentication which is not a great fail-safe solution.
Role
& Need of Multifactor
Authentication
The
need for greater authentication is because banks
and other financial institutions
are on the radar of cyber criminals as money and other valuables are
deposited in it. It is considered as the pillar of any country’s
finance and thus plays a major role in financial stability. There is
great regulation in place for authenticating valid customers.
Historically, identification was done using government ID proofs and
was mostly paper-based, but it is highly susceptible to forgery and
anyone using a high-quality printer can easily forge someone’s
identity. But the same cannot be said about biometrics.
Single
authentication such as using a password raises a lot of security
threats, therefore it is essential to have
a multifactor authentication
which requires more than one identity verification process which can
prevent security breaches and provide enhanced security. The use of
biometrics along with password or PIN’s is increasing in banks and
financial institutions as it offers high-level security and
reliability. Examples of biometric authentication are fingerprint
scanning, face recognition, iris, etc.
How to Create an Invisible
Mechanism of Security?
The
security that is offered by banks throughout the world is seeing
major changes with many opting for biometrics to
provide more secure online transactions. Even the other financial
services are following the same trend to protect information and
resources due to the various instances of identity thefts and other
security issues. The introduction of biometric security will help in
making them more customer efficient, easy to use and have fewer
threats. Since the biometric
technology is
fast and seamless, it is invisible to the user but provides enhanced
security.
Importance of Flawless Privacy
Biometrics
uses an individual's unique characteristics like the voice, iris,
eyes, fingerprints, etc. to recognize, these do not change even as
you age. The biometric
technology enabled
it to be used as personal identification and has also become popular
due to its accuracy and speed. But the personal data that is
collected has to be stored securely as any breach can cause serious
consequences as the users to lose their biometric identity which
cannot be altered. So banks and other financial institutions need
flawless data privacy.
How Biometric can Achieve
Contented and Spontaneous User Experience?
The
Single sign-on termed as the SSO using biometrics can
be leveraged to enhance the user experience and yet ensure optimal
security simultaneously. The user will have to sign in only once and
then use the other services offered by the organization without
having to provide identification again. That enables to save time and
also the user experience is great as the customer can switch to other
services offered. Biometric SSO is secure and user-friendly
authentication that removes the need to remember passwords.
Conclusion
Biometric
slowly and gradually became the inevitable requirement
of financial world
as criminals are themselves using technology to get into the system.
And biometric is such a mechanism where architecture base is on human
factors, which can’t be changed or modified.
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