The use of biometric technology in the banking sector is on the rise.
If you haven’t heard the news, more banks are adopting biometric technology for customer authentication to increase security. Banks all around the world have been searching for more advanced technologies such as biometrics for better protection against identity theft, fraud, and cyber-crime often perpetuated by stolen customer identities.
Biometrics acts as a strong authentication tool to help secure transactions and also helps to increase customer trust and improve brand reputation. Biometrics in banking has evolved so rapidly across the world that it raises the question as to whether the technology is going to entirely take over banking security. We believe it is.
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From border and immigration control to identifying criminals to time and attendance in workforce management, the practical uses of biometrics are growing rapidly. Source: Pixabay
Over the years, we have seen steady upward growth of biometric technology across the globe for myriad reasons but mostly due to the fact that personal identification and authentication is considered more and more important. From border and immigration control to identifying criminals to time and attendance in workforce management, the practical uses of biometrics are growing rapidly.
Many businesses consider biometrics to be applicable for government use only but they are quickly learning that the applications of biometrics extend far beyond the government use exclusively. In this post, we will discuss the top 5 uses of biometric technology across the globe — places where the technology is used to create more security and convenience for everyday citizens.
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As global financial entities become more digitally-based, banks are piloting new technologies to improve customer and employee identity management in an effort to combat fraud, increase transaction security, and enhance customer convenience. One cutting edge technology increasingly used at many of the world’s top financial institutions is biometrics. In today’s post, we have identified the factors that drive demand for biometrics and the impact it’s generating, especially in the context of identity management in the banking sector. Continue reading →
Biometrics in Banking
Smartphones are powerful tools, and when used for authentication purposes in banking, they can become even more so. Source
The rising demand to more effectively secure online and mobile banking and financial services transactions through accurate customer identification to prevent identity theft and banking fraud has sparked an interest in the use of biometric identification technology.
Biometric identification solutions provide quick and accurate customer authentication by using unique physiological characteristics (who you are) for identification instead of PINs (what you know) or ID cards (what you have).
Biometric identification technology is difficult if not nearly impossible to forge, meaning that through the use of biometrics, the banking and financial services sector can drastically reduce or even completely eliminate losses incurred by customer identity theft and fraud. A lot of banks around the world are already using biometric technology for customer identification, and a lot more are following suit.
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Biometric technology has become an integral part of our everyday lives
Did you know that biometric identification management technology has been around since the 19th century when police began to use it to track criminals? The implementation of biometric technology is around us and expanding fast, quickly becoming a part of everyday life.
A number of biological characteristics such as fingerprints, finger and palm vein patterns, and iris and voice recognition have proven to be useful in the evolution of biometrics and biometric identification capabilities are now becoming standard on many devices we use each day.
Listed here are 5 ways biometric technology is impacting your everyday life:
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Banks and financial services are shifting towards biometrics to ensure security and customer convenience.
As the volume of financial service security breaches, transaction fraud, and identity theft increases, the need for highly secure customer identification systems is becoming extremely important. As a result, in the banking and finance sectors, the “Know your customer” (KYC) initiative is getting more traction to prevent fraud and identity theft. One technology that is getting a lot of attention to help increase security and customer convenience is biometrics in banking for customer identification. Continue reading →
Voice biometrics is playing a larger role to help better secure transactions in the financial services industry.
When it comes to banks, there is a constant need to update security measures to ensure the safety of bank accounts. Biometric voice recognition technology now enables bank customers to use their voice as an added layer of protection for their bank accounts.
Voice biometrics is a very promising innovation that will protect accounts from call-in center scams, wherein felons call a bank’s customer service hotline pretending to be in a situation that will move the assisting representative to give them access to confidential data and inevitably, to the account’s funds. Continue reading →
The following guest post was submitted by Felipe Alexander
There have been a lot of advancements in the field of biometrics over the past few years. Biometric
technology is observed by many as the most effective and safe method of individual identific
ation. Biometric technology is described as the automatic techniques of recognizing or confirming the identity of a living person in particular centered on a physiological or behavioral trait. Therefore, biometric technology can be either a recognition or an authentication method.
Biometric technology is not new and its utilization has turned out to be progressively prevalent than most people imagined. It could be interpreted that biometrics offers a high level of detection and security operations that have a lot of advantages over conventional methods. The advantages that biometrics provides are that the information is distinctive for every person and it can utilized as a technique for individual identification. The top benefits of Biometric technology are authentication, privacy or data discretion, authorization or access control, data veracity, and non-repudiation. Continue reading →
Biometric banking systems are now an important solution to secure transactions and prevent identity theft and fraud. Image source: Tax Credits
The use of biometrics in banking is increasing because more consumers understand its potential as a predominant method of identifying themselves to access banking services such as branch banking, online banking, ATM networks, and mobile banking.
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Biometrics will help banks to maintain accurate customer identities and effective Know Your Customer (KYC) management to prevent fraud and regulatory fines.
“Know Your Customer” (KYC) refers to detailed and authenticated information required by financial institutions and other regulated companies before conducting business with a customer. According to Wikipedia, Know Your Customer (KYC) is the process of a business verifying the identity of its clients. KYC policies mandated by regulators globally are becoming increasingly important to prevent identity theft fraud, money laundering, and terrorist financing.
As more banks and financial institutions begin to augment their customer identification security policies, evaluation of using biometrics for KYC management is rapidly increasing. The use of biometric identification management technology for accurate customer identity verification has proven to deliver efficiency and convenience for organizations and also helps comply with government regulations to prevent identity theft and money laundering. Continue reading →