Biometric Verification Solutions for the Banking Industry – A Basic Guidance

Biometric Verification

TheBiometric verification is among the most effective techniques to combat fraud. Unfortunately, thieves have become more skilled over time, and they’re already devising new ways to get out of these protections. Companies are lucky to have AI-driven solutions that are difficult to avoid. Taking the required precautions, on the other hand, is always beneficial. Since traditional methods of customer verification are no longer effective, the trend toward AI-based biometric identification is exactly what every business needs. The fundamental reason for the increased use of biometric security is the identity theft scams. Biometric technology, also called liveness detection, is an excellent approach to fighting such fraud.

What is Biometric Verification?

Companies employ biometric identification to authenticate the person according to their biological characteristics. In the internet world, it’s the most often utilized identification method. Clients should always be identified before being admitted to every firm and other formal entity.

 

Most other authentication systems require clients to present an identity document or even other suitable proof of identity, with biometric screening. Technology is dependent on the person’s distinct biological traits. Facial features, hand recognition, and fingerprints, are all examples of biometrics.

 

Because imposters may easily spoof traditional means of identification, they are no longer practical. Instead of authenticating a user with their identity documents and every other method, it is better to authenticate them utilizing biometrics like their hand, iris, face, eye distance, and jawline length.

Types of Biometric Verification Solutions

Shufti Pro services such as biometric verification are a trustworthy method for the detection that yields valid results. Users can be identified using a variety of biometric types:

  • Fingerprint Scanning

It’s a very popular biometric security method. Companies have stopped using it since it is not recognized as a reliable source. Fingerprinting has also been abandoned by firms since fingerprints can be destroyed over time or if a customer participates in almost any do-it-yourself activities. Corporations do not count on fingerprinting owing to the unverified nature of their result-driven operations.

  • Iris Scanning

This has been the most important and trustworthy biometric authentication service on the market. This is done by shining infrared light into the eyes of the user. Clients, on the other hand, dislike it since it is inconvenient. Customers must also maintain a precise posture to get themselves validated, which adds to the discomfort. Another reason for its rejection is that users have to put their chin on something like a resting spot that has previously been utilized by many others.

  • Face Recognition

It is a commonly used technique that uses biometric verification services, which is something most businesses desire to include in their systems. Face recognition is by far the most convenient method both for firms and customers. On the other hand, fingerprinting is the conventional method and the other one is iris recognition which is widely hated by users. Face recognition technology is now used in every business in the world to allow entry.

Biometric Verification in the Banking Sector

Traditional techniques of client identity authentication have been replaced by biometric verification online. Passwords as well as token-based authentication are considered outdated. The best biometric verification solutions provider is the one that banks can use to expand their biometric identification experience are as follows:

Onboarding Customers

Biometric technologies can be used by financial firms to enroll clients. As a component of the due diligence procedure, banks typically demand their customers give their information. Users identify themselves by presenting their identity documents to banking organizations. Users are demanding a faster online verification as they become more technologically adept. Financial institutions can enhance their customers’ experiences by allowing enhanced security using biometric verification, like facial recognition.

Online Banking 

Users are already doing business on their smartphones because of the widespread accessibility of the internet. Modern customers desire to conduct all of their company operations online, from making purchases to paying the bills. Online banking, on the other hand, still poses a risk. Virtual banking transactions could be completed with greater validity when biometric identification, like facial recognition, is employed.

 

Electronic transactions must be protected, and fraud must be avoided. Transaction monitoring helps banks in this situation. Facial recognition can help you keep track of the customers. Banks can protect sensitive client information by using Shufti Pro solutions such as a biometric authentication process.

Final Thoughts

One of the most effective techniques to prevent identity theft, particularly 2D and 3D masks as well as deep fakes, is biometric verification.¬† Spoofing and trying to bypass are two techniques used by fraudsters to get through biometric authentication tests.¬† Spoof attacks can be readily avoided with facial biometric security powered by Artificial Intelligence. Shufti Pro CEO Victor Fredung and Founder Shahid Hanif have developed a biometric system that protects the firm from facial spoofing assaults with a 98.67 percent accuracy. Tons of AI models are used in it that improve biometric verification procedures to confirm the user’s live presence and validate identification.

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Alex George

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