With the advent of Artificial Intelligence, the world is transforming rapidly. For instance, biometric technology is becoming part of several business norms. From digitization to automation, biometric technology is playing an important role. Its one of the most praised use-case is in digital payments. Fraudulent transactions started residing in online platforms such as e-commerce, online banking portals, gaming & gambling, and other online businesses.
Fraudsters steal the personal and financial (credit card) information of the online users. This is usually done through phishing attacks, identity theft, spoofing attacks or data breaches. Unauthorized access to user accounts can be harmful to both consumers and the company. Identifying such loopholes, biometric authentication provides a layer of security to online platforms.
At the time of online account creation
At the time of online account creation, identity is registered with the unique biometric features. Biometrics not only include fingerprint scanning, but also face verification, hand geometry verification, and iris/retina scanning are part of it. While account registration, unique information is stored in the database. Now, whenever a user opens an account, biometric login is performed. This ensures that an authenticated user is trying to access the account, not a fraudster.
Following are some of the Use-cases of Biometric Authentication:
Digital Mobile Payments
With the evolution of AI and similar underlying technologies, biometric systems are expanded to digital mobile payments. The cashless and cardless payment trend is on the rise. According to a report by the biometric research group, by 2020, mobile payment transactions are expected to reach $750 billion. The users will be increased up to 700 million users. Taking into consideration this rising trend, there is a dire need to secure it by all means and measures.
Before the biometrics, traditional security methods were used that are not considered efficient now. Passwords and pin codes can easily be bypassed. Fraudster runs malicious automated executables that use a combination of usernames and passwords to get illegal access to online users’ accounts. The overhead of using appropriate passwords and changing them after some time is eliminated by the use of a biometric authentication system.
The user using mobile payment systems now can seamlessly verify themselves within seconds. Here the risks of online payment scams can easily be handled. Additionally, the objective of online secure payments can be achieved.
Social media and several online platforms have now embedded methods of biometric sign-in. To ensure the security of online users and their data, face recognition biometric technology is used. Facial recognition technology identifies the unique facial traits and stores it in the database. Facial verification works based on underlying AI technology that undergoes several checks. For instance, the physical presence of individuals through liveness detection to combat spoofing attacks. Every time a user tries to access the online platform, he will be validated in real-time. If both stored and real-time captured facial features match, identity is verified.
Biometric sign-in reduces the incidences of identity theft, unauthorized account access, phishing attacks, email phishing, and data breaches. Online retailers are using this technology to prevent high-risk frauds.
Better Customer Experience
Apart from the security perspective, another advantage of biometric authentication is increased customer experience. 2017 visa study shows that about 70% of users find biometric verification easier than passwords. About 46% of respondents find biometric authentication systems more secure. Online users can now verify themselves in seconds. With seamless biometric verification, users do not need to remember passwords anymore. Just with one step of fingerprint or face verification, s seamless transaction can be performed. Hence, biometric technology is successful with respect to security and enhanced user experience.