In today’s digital era, typical verification techniques are opening doors for criminals. The development of technology has given criminals access to an easy means of obtaining illicit benefits. Because of this, actual customers have to bear a lot of problems and loss. According to a report, identity fraud costs the global economy $50 billion annually.
In order to combat criminal attacks, biometric recognition is becoming more popular as an identity authenticator. The use of biometric ID verification is sweeping the globe because it is more effective than using conventional methods for customer verification.
The Significance of Biometric Recognition in Different Sectors
Biometrics are widely used, and their robust verification processes are improving the onboarding process for many industries. They have been in existence for a very long time and continue to evolve in order to ensure secure customer onboarding for different businesses. Companies are implementing digital customer assistance and registration methods, which are raising other issues like data breaches and identity theft.
According to Shufti Pro Funding, this necessitates the use of more precise and efficient solutions. Industries are getting multiple identity checks from AI-driven biometric recognition that are impossible for criminals to duplicate. The following five sectors are those that easily integrate biometric technology into their identity validation process:
- Financial Institutions
In COVID-19, the finance industry has introduced innovations to better serve customers. They are reducing the need for hard cash in this way. Banks & other financial service providers are moving to online payment services. They are offering customers digital accounts in order to simplify the banking process.
However, banks are utilizing biometric screening to guarantee the efficient operation of these initiatives and to combat cybercrime. Customers are asked to scan their faces so that their access can be verified. Since it is so difficult for fraudsters to impersonate someone else’s facial features, clients can now log in more securely with AI-powered biometric ID verification methods.
Travellers can now avoid the inconvenience of lengthy clearance lines because of the biometric security system. In this way, the travel sector is shaping passengers’ experiences by combining convenience and accuracy. With the advent of technology, on-site physical verification for travellers has become an old-fashioned technique. Now all they need to do is upload their biometric passports online to easily board flights.
Facial recognition is making the verification process easier in similar ways during airport security checks. In this manner, the travel industry can both guarantee airport security and provide accurate and practical verification for travellers. Moreover, airports are utilizing self-service kiosks for real-time biometric user authentication, which has also reduced the need for operating staff.
- E-Commerce Industry
E-commerce platforms are also using biometric recognition to speed up online payments, just like the rest of the market. Online transfers are replacing traditional payment methods because of this technology. Additionally, as facial recognition takes over, the use of a PIN or OTP also appears to be fading away. Payments made with biometric methods have already started to be accepted by many E-stores like Amazon.
Clients can choose payment options, scan their faces, add the item to the shopping cart, and complete the transaction. This procedure increases security while also improving customers’ in-person shopping experiences. Therefore, the biometric security method for online payments has many advantages in the industry.
- Law Enforcement
Law enforcement agencies use biometric identity verification to protect civil society. Even if a criminal is hiding in a crowd, they can monitor and track him remotely. AI-driven biometric screening techniques improve offender detection by enabling authorities to access global databases.
Additionally, the general public is placing their trust in biometrics to identify criminals. This will keep them safe while reducing the possibility of criminal activity. As per Shufti Pro News, police departments in many states across the US have already begun to use facial recognition technology to track down criminals.
- Healthcare Industry
Fraudsters are committing false insurance scams, prescription fraud, and other forms of medical theft by using forged identities. Biometric screening offers reliable verification techniques to increase the security of the healthcare industry. Biometric identity like facial features, is used by e-pharmacies and telehealth providers to verify that only legitimate patients are utilizing their services.
The global spread of business frauds is accelerating. It can happen at any time and cause a lot of harm to a company. Examples of fraud include identity theft, document fraud, and the use of fake data to obtain any kind of benefit. To prevent these crimes, reliable modern techniques are needed. A biometric recognition system is a robust tool for identifying an individual using physical unique characteristics like a person’s walk or distinctive facial patterns. It is now hugely employed in almost every business. This technology is efficient, reliable, time-saving, and hard to hack.