Experts consider passwords to be a weak form of authentication. For this very reason, a fintech company is moving toward biometric authentication instead. As security is becoming increasingly important with daily data breaches, particularly for money, transactions, and finances, businesses around the world employ various security measures to eliminate suspicious transactions.
History of Payment Methods
Currency has come a long way until now. History dictates the medium of exchange has evolved over time into more convenient methods. Payment methods can be traced back to the barter system, where transactions were cashless. The goods were exchanged with each other. Due to issues with scalability, this system was replaced with currency exchange.
Here, gold or silver coins have been used as a medium of exchange. They were later replaced with paper currency, which we are very familiar with. And now, the world is moving toward digital currency.
It is evident that the whole premise of this evolution revolves around the concept of safe and convenient transactions. Gold coins were heavy, and carrying them around took its toll, leading to their replacement with paper bills. Nowadays, instance transactions are a basic necessity, which is why digital payment methods are more lucrative.
Biometric Authentication Is Safer Than Passwords
Password authentication deals with a set of characters that can be easily infiltrated by hackers.
Besides, passwords often consist of characters that can easily be read or dictated. Users can be manipulated or compelled to give it out to scammers. Thus, biometric authentication is a game changer here.
Biometric authentication uses the unique biological data of each user to restrict access. With this system, only the user can access the payment gateway. The type of passcode cannot be stolen or dictated to potential criminals. Furthermore, it will enhance the user’s ID verification process.
The Different Modes of Biometric Authentication
Currently the most popular method of biometric authentication, the fingerprint scan is utilized on numerous mobile devices worldwide. It yields extremely precise and accurate results.
ATM users and mobile and digital banking customers authenticate using facial recognition. It is dependent on user environment factors, such as lighting and face position, making it a less effective security option than others.
It examines over 200 distinct data points stored in the institution’s database. This is why most biometric experts consider iris scans to be the most reliable method of user authentication.
Finger Vein Verification
This method identifies or verifies a person based on the unique pattern of the veins in their palm, finger, or eye. Because vein patterns are as unique as fingerprints, they cannot be replicated easily.
The Benefits of Biometric Authentication
Using biometric technology can be beneficial for both customers and sellers.
Benefits For Sellers:
Faster transactions mean shorter queues and less time spent on checkouts. This should enable employees to allocate their time more efficiently to replenishing stock and assisting customers.
When there are fewer cash transactions, there is less cash on the premises. This will prevent consumers from entering a store without first verifying their identity and ability to pay, making shoplifting nearly impossible.
A terminal that accepts card payments at your store can also accept digital payment gateway payments. In addition, biometric authentication will eliminate verification issues.
Benefits for customers:
Biometric authentication is specific to each individual. It is extremely difficult to duplicate or steal a person’s biometric data.
There is no requirement to remember a PIN or password for payment authentication. This will fasten the payment process, along with making it secure.
There will always be a method for consumers to verify their identity and complete a transaction. Fingerprints are impossible to misplace or forget.
Easy Biometric Authentication With M2SYS
M2SYS is one the best biometric solution providers that hold a prominent position in the biometric industry. The company aims to revolutionize the industry by providing advanced solutions that will change the way we view security. It offers a vast array of applications in a number of industries, thereby providing users with top-tier security solutions.