Security in the digital world is in demand for online financial businesses. This is because of the increasing number of digital frauds that are penetrating into the digital space at a high pace. The digital frauds are of many types. These correspond to financial crimes, a variety of credit card frauds, payment scams, and cyberattacks. The digital frauds include identity theft, account takeover fraud, and high-scale data breaches. Under these circumstances, there should be active security measures that could help fight against the types of fraud in a dynamic way.
The local and global regulatory authorities also have declared stringent security regulations regarding the security of platforms operating in the digital space. The frauds should be mitigated with the help of vigilant security practices. For example, it is crucially important for online businesses to collect data from customers to protect their customer data from any unauthorized access. The biometric authentication system can help the platform serve the purpose of security as per regulatory obligations.
The biometric identity verification system is an advanced identity verification method. The old traditional user authentication method now fails to fight back against the tricks of bad actors who are roaming over the digital space to perform malicious activities. Authorized access is the answer to various cybercrimes. This strong and controlled access over user accounts can be ensured by integrating biometric authentication or biometric login system into the platform.
The following are some benefits of biometric authentication system:
General Data Protection Regulation (GDPR) is a regulation that ensures the data privacy of online customers. Online cyberattacks and data breaches compromise the financial and personal details of customers which are further used for malicious activities by the scammers. The biometric login system is authentication that ensures authorized access over user accounts by verifying them against the biological traits of humans. GDPR compliance, therefore, can be endured by biometric authentication systems.
Facial recognition systems are a type of bio authentication system in which using facial biometrics of the user, identity is verified. In the facial recognition system, Artificial Intelligence algorithms are used that help verify the facial biometrics of individuals and also apply the anti-spoofing techniques that ultimately helps detect the spoofing elements in the user-uploaded picture. Deep fakes and synthetic identities could be detected with the innovative techniques of the facial recognition system.
To make sure that at the time of the identity verification process, the user is physically present, the liveness detection technique is used in facial recognition software. Facial biometrics are detected along with the liveness detection check which identifies the minor facial movements and performs the micro-expression analysis. These innovative techniques and algorithms mitigate the risk of spoofing attacks that are actually the fraudulent attempts of online users to get access to user accounts.
Biometric authentication systems help online businesses to curb the increasing crimes and cyberattacks that originate due to uncontrolled access over user accounts and mitigate them through an online biometric authentication system.
Bio authentication is convenient as well as a secure process that verifies the identities within seconds and provides enhanced customer experience.