Top 5 Advantages of Biometrics System in Banking
Sep 9, 2021
A biometric based identity document replaces the need of a physical ID and serves as an undeniable proof of citizen’s identity. By providing fingerprint based identity documents, government is able to create a safe environment as well as ensure proper access of services and welfare to citizens. Fingerprint biometrics is used to create a national database of verified voter records that enables reliable storage and quick searches for voter records.
Biometrics is hugely important for every business across the globe. However, it is proving to be quite effective for banking system.
The old-fashioned username and password system has become obsolete. Even pairing it with two-factor authentication is no guarantee that it’s uncrackable. With cybercriminals using increasingly sophisticated attack vectors, we’re moving into the era of biometric verification.
While this seems like something entirely new, you’ll already be familiar with the technology. Biometric systems include tech such as:
- Fingerprint readers
- Voice recognition
- Facial recognition
Why Are Banks Interested?
Fraud in the banking industry is rife, both online and in branches. Clients are targets for phishers, identity thieves, and even employees within the banking organizations. Credential stuffing attacks may lay a client’s banking profile open to fraudsters.
The point is that there are several attack vectors for criminals to employ. Password protection provides little of a challenge for many of these.
Biometrics allows banks to protect their client’s privacy more effectively. It provides evidence of who accessed an account, within or without the bank. It’s also a convenient way to verify the identity of the person concerned.
Benefits of Biometrics:
Better Security: Biometrics uses biological features to verify who the person is. These features are unique, so scanning them is an accurate way to identify someone.
While there are ways to work around these scans, it requires some skill. For the average person, the system is unbeatable. Banks will further improve security by adding more authentication layers. These might be in the form of a password or random security code generated on a mobile device.
Fraud Prevention: Humans are fallible. We may not choose good passwords, and we’re not always great at identifying someone by their identity photo or signature. Machines, on the other hand, can compare features and tell if there’s a match. They’re harder to fool.
Biometrics provides physical evidence of identity. This comes in handy for the client when someone across the globe tries to access their bank accounts.
Where it may prove more important, however, is in limiting access to client information at the bank. Bad actors may acquire jobs at banks to access sensitive information. By using biometrics, the bank has a clear record of who accessed the database and when they did so.
This makes it easier to prevent fraud by employees and trace the effects of such fraud when it’s successful.
Convenience: We’re mostly digital natives today. That requires remembering innumerable codes and passwords. Every time you sign onto a website, you must use a password to gain access. Initially, this wasn’t a problem—we simply used one password for all websites.
Over time, however, cybersecurity became more critical. Our passwords became longer and more complex. The threat of credential stuffing attacks made it imprudent to use the same password on several sites.
In short, therefore, we started using several passwords. Biometrics could put an end to that. As a verification method, it’s quick and convenient.
Drawing Money From an ATM Is Easier: ATMs are less secure than we’d like. Criminals may add an inconspicuous card skimmer, distract you at the machine, or otherwise secure your card and PIN. Biometric scans could, in the future, make it possible to do away with a bank card altogether.
More Secure Mobile Apps: In a new application of the technology, banks are now trialing fingerprint recognition in conjunction with their banking apps. Clients may use touch screen tech to scan in their fingerprints on phones, tablets, and laptops.
Banks and mobile providers might also enable two-factor biometric scanning. To open an app, for example, you might have to use your fingerprint and scan your face.
So if you are looking to install Biometrics in your bank in Dubai, so get in touch with us to get high quality biometrics system in your bank. Contact us here
- (no comments)