Biometric Authentication: One Solution to Fight Many Frauds
Biometric verification is not just a buzzword but this technology a milestone achieved in mitigating risks of forgery and scams. By identifying a person through his unique facial features or fingerprints fraudsters can be authenticated before giving access to the system.
Biometric verification technology has many types such as facial recognition, voice recognition, fingerprint scanning, iris scan, etc. These features are unique to an individual and are hard to spoof. That is why this technology is gaining fame in every sector.
Face verification and biometric verifications are designed to verify a person in real-time. The integration of face verification solution is quite easy and doesn’t require advanced technological solutions.
Face verification is quite easy for the end-users to deliver the input properly, thanks to the face verification features installed in the cellular mobiles. It helps online businesses retain more customers with swift verification. Hefty security protocols often demotivate the customers and make them leave the platform.
Biometric Authentication: Death Blow to Frauds:
Fake identities are a common threat these days. 3In 2018, 3 million identities were stolen in the United States, and more than 50% of these identities were used to defraud businesses and banks. Cheats use stolen or false identities to commit many crimes, buy goods online, free medical services and prescribed drugs, money laundering or terrorist financing, drug trafficking, human trafficking, etc.
A study from Experian found that 74% of consumers in 21 countries are more confident about the security provided by biometrics compared to passwords. This trust is different from consumers, government organisations, the military and security agencies who use biometrics for security purposes. Online biometric verification caters for global entities. One use is Digital Identity Verification. The real identity of a person to prevent fraud is verified by the use of biometric data during online customer integration. The information extracted from the identity card is compared to the image in real time.
Account takeover fraud
Fraudsters often take the accounts of legitimate customers to launder their funds or make purchases on these accounts or to steal the funds. Account takeover fraud can be easily accomplished if the buyer only asks customers to enter the password for verification.
Passwords are no longer secure and this helps cheaters to easily access the platform with credentials stealing from a legitimate customer. Verifying the digital identity using facial features at the time of connection reduces account take-offs. This technology authenticates that a real person is making the connection effort and is not fraud.
Fake identity fraud
Criminals use stolen, fake or synthetic identities to onboard online platforms and once the fraud is committed the merchant is left with no clue to trace the criminals. Face verification ensures that the person using the ID for verification is the original owner of the ID card and not an imposter.
This technology works on identifying unique features of an individual that are difficult to duplicate, so it is hard to spoof such a technology. Due to this, this technology is widely being adopted to fight back different types of frauds.
To wrap up, biometric verification is a valuable tool for online businesses to practice thorough fraud prevention and regulatory compliance. Outsourcing a biometric authentication solution is a cost-effective method to mitigate the frauds mentioned above. Most of the frauds are committed online with fake identities and biometric authentication ensures that these frauds are traced and eliminated before they could damage the business. There are many reasons to adhere to this technology for the sake of authentication.
