The bank is known as the life-blood of the modern economy. A place to keep our money safe, but is it safe? External fraud and internal banking fraud are some of the well-known threat enough to give us a nightmare. This fraud occurs due to lack of accurate identification of the account holder and non-account holder. Banking authorities are continually looking for a solution to overcome these threats. Introduction to biometric technology in the different part of our life has brought advancement and safety. Make our life easy and comfortable. Its blessings have spread to the banking system too. The fingerprint that can not be copied, stolen or forgotten makes its a reliable source of security to everyone including a bank. Yes, the only fingerprint-based authentication system can ensure safe banking transaction.
Loopholes in Traditional Transaction
The traditional method authenticates an account holder with their photo id. These can be misleading and time-consuming. Sometimes employees do not get proper time to verify photo id which leads to external fraud. At the same time, there is no such system to verify non-account holder credit history. Bank rely on document and years old database to do that which is also time-consuming and lead to the defaulter. All these loopholes need to be filled to ensure safe banking and transaction. We need something high-tech solution that is impossible to break.
Fingerprint Based Authentication System and Secure Banking
The fingerprint-based authentication system can bring security to the banking sector.
Reduce External Fraud
External fraud occurs due to lack of proper history check. In fingerprint based banking system this could be quickly done within a matter of second. The bank could not check non-account holder history accurately that lead to external fraud. The fingerprint-based system can eliminate it so quickly. With the fingerprint shared database bank can get all the required data within a second. It creates a hard way for defaulter to make any obvious fraud. These how fingerprint creates safeguard towards the bank’s external fraud.
Reduce Internal Fraud
The fingerprint-based system creates a concrete audit trail within the organization. It creates an accurate log of system transaction and activities. The fingerprint-based system can be particularly helpful to reduce litigation expenses in the event of a lawsuit or legal action by an employee who may dispute a transaction.
Every bank wants to authenticate their customer in the fastest and effective way. The fingerprint can do it within a second but accurately. In a traditional system, bank verifies their customer using their photo id which can be misleading and time-consuming. Sometimes bank employees hardly get enough time to authenticate correctly. The fingerprint-based system only takes a few minutes to validate but do it accurately that ensures secure authentication of a customer.
CertisID™ a biometric-based banking solution. It authenticates customer through their fingerprint. In short, it is used to enroll and identify account holders and the employees of the bank since it identifies bank employees that build audit trail among the employees on their data access and activities. It also provides analytics gives a quick overview of the system data.
Banking as known as the lifeblood of the modern economy to secure this lifeblood we need secure banking transaction. Only fingerprint based transaction system can provide such safety, so it is high time the bank should deploy a fingerprint-based authentication system to ensure a safe transaction.