Preventing security breaches and safeguarding the data of customers is the topmost priority for any industry. Similarly, seamless digital onboarding, convenience, and positive client experience are other aspects businesses need to consider. Therefore, to address fraud attempts along with enhancing their overall operations, e-industries including FinTech, retail, and others require biometric security services.
AI-powered tech solutions to verify customers are becoming readily adopted methods. Governments and other industries are implementing mobile biometrics to identify individuals either by using sensors in their digital devices or by attaching portable gadgets. With the market size forecast to cross $59.32 billion by 2026, this technology is further sure to reap considerable growth. This blog covers top trends in biometric recognition as it applies to various industries.
Biometric User Authentication – Major Tech and Market Trends
Biometric innovations are seen taking over in every industry with their applications to influence individuals’ everyday experiences. Furthermore, this technology is undergoing continuous evolution while coming up with new trends every time. Therefore, industries need to stay aware of changes within biometric recognition technology to enhance their operations.
With an increase in fraud risks, regulatory bodies are toughening their stance toward customer verification and digital onboarding of legit entities. If businesses fail to validate users, they will become vulnerable to identity theft, money laundering, illegitimate purchase, investment scams, and fraudulent payments. Therefore, online service providers need to establish biometric security solutions to assure security and data protection.
AI-powered biometric user authentication solutions are serving as the game changers in the IDV world. With its tools like fingerprint, facial, voice, and behavioral analysis, this technology is widening the paths towards positive customer experience, adherence to regulatory standards, and streamlining overall workflow. Further details regarding major trends in biometric screening solutions are in the next section:
Real-Time Selfie Helps Place Instant Orders from Retail Stores
Current log-in and customer verification methods are no more enough as they are prone to fraud attacks. The use of passwords, PINs, and OTPs are outdated as criminals can easily hack into these details by using socially engineering scams. This involves copying scattered details and using them to make a password for accessing accounts.
Microsoft and Intel are implementing biometric security systems to safeguard their users from security breaches and account takeover at large. They restrict fraudsters from unauthorized access while adding additional layers of security.
The retail industry can further streamline its operations by asking buyers to upload a real-time selfie or scan faces within the webcam to make a purchase. Biometric screening tech also helps online stores combat payment fraud.
Biometric Solutions are Leveraging Security to Online Payments
AI-powered biometric ID verification technology is in use by the financial sector to guard digital payments. It leverages security to smartphones for Point Of Sales (POS) purchases and Two-Factor Authentication at ATMs before fund withdrawals as well as transfers.
Apply Pay is making online transactions way more secure by using the fingerprint and face IDs of users. Banks and other financial institutions are also using biometric screening to safeguard digital banking services.
Customers can simply scan their faces upon logging in to their accounts and escape the hassle of remembering complex passwords. Biometric security measures are streamlining online transactions in majority of the prominent banks such as Deutsche, American Express, and ING Bank.
Biometric Technology is Streamlining E-Payments in E-Commerce Industry
The popularity of the e-commerce industry has seen a noticeable increase. While a huge number of customers are shifting to online shopping and digital payments, it has become more crucial for e-stores to retain data security. Biometric identity verification solutions are helping the e-commerce industry to assist customers in a better way while keeping data privacy and convenience intact.
AI-powered biometric recognition solutions are mitigating failed deliveries while making it easier for customers to place orders. With services like facial verification, buyers won’t have to undergo complex identification checks.
Biometrics is Combatting Synthetic Identities in Healthcare Services
As fraudsters are deploying various techniques such as synthetic identity fraud, false insurance claims, and illegitimate payments, healthcare service providers need more than just patient verification. Biometric user authentication helps medicare centers to validate individuals’ presence during onboarding while cross-checking their records. This way they can provide digital medical assistance to the patients.
Multi-Factor Authentication (MFA) is the Future of IDV
Industries are using MFA to add extra layers of security to their IDV processes. AI-powered biometric recognition uplifts accuracy in customer verification by employing fingerprint, voice, DNA, retina, facial, and heartbeat scans. Hence, businesses can combat fraud attempts in a more efficient way.
It All Adds to
Businesses are taking biometric security solutions more seriously than ever to enhance their security and safeguard overall operations. As these AI-powered tools undergo continuous evolutions, they provide advanced security for the digital onboarding of customers. From streamlining mobile payments and online shopping to preventing spoof attacks within digital devices, biometric recognition solutions are providing result-driving benefits to every industry.