Identity verification is very important when onboarding new customers, as businesses need to be sure that their clients are authentic and not involved in any illicit activities. Identity authentication processes establish trust between businesses and their customers. Certain industries are at a higher risk of fraud as compared to others.
These industries include financial institutions such as banks, insurance companies, and cryptocurrency firms. Others like online gaming also fall within the high-risk category. These businesses are especially required to have verification checks in place to ensure that their customers are legitimate so that they can avoid penalties or damage to their reputation. Biometric authentication is a very important part of this process. The global biometric system market was reported to have reached about $43 billion in 2022 and is expected to double in size by 2027.
What is Biometric Verification?
Biometric verification is an identification procedure that uses the unique traits of individuals to confirm that they are who they say they are. This data is then used to make a comparison with the information found in authentic government databases to confirm its truthfulness. A user’s identity is confirmed upon successful matching of the data from the customer and the database. Biometric identification is normally used to administer access to office buildings, rooms, or computer programs. It uses methods such as face recognition, fingerprint scans, or retina scans. So, verification is done using a data-generated model. Multifactor authentication is very widely used for most online or electronic activity, and biometric verification is gradually becoming an integral aspect of it. This method is more accurate and it reduces friction in the user experience.
Types of Biometric Recognition
There are a few types of commonly used biometric verification methods that businesses use most of the time. These ensure that clients are legitimate and do not pose any threats to the business.
Face recognition is a very well-known and widely used method of biometric ID. Nowadays, AI-based technology is used to perform facial recognition as the process has been digitalized to allow smartphones or other electronic devices to authentic individuals. The software analyzes one’s facial features and matches them against databases. The AI is trained to recognize certain faces stored in its memory and, thus, it makes the comparison and confirms one’s identity. This is known to be an accurate and convenient way to measure biometrics.
The second most widely used biometric verification technique is fingerprint scans, but it is mostly used in police cases. Nevertheless, businesses can also use it to identify their customers. The process for businesses is much the same, except that it is digitalized. Fingerprint scans also create a digital model which can be used again in the future for authentication. This ensures an error-free biometric authentication system.
Verification through irises is a method of verification through an eye scan. Infrared light is used to identify unique patterns which are otherwise not visible. This is known to be an accurate and reliable way to verify biometric identity.
All in all, one’s biological traits are unique and, thus, difficult to manipulate or steal. So, biometric authentication systems are considered to be among the most authentic approaches to verifying the identities of customers.
Multimodal Biometric Authentication
A multimodal approach takes the biometric verification process a bit further as it requires several identifying factors. This form of verification combines two or more authenticators such as facial features, iris, and fingerprint scans. It can also be seen as an aspect of multifactor authentication though it is not the same. It allows enhanced security without the need for complicated passwords, or access cards. It also significantly improves the user experience via quick and trouble-free verifications. The chances of inaccuracy are also reduced further, allowing smooth digital onboarding. Additionally, because it requires multiple identifiers, it makes it harder for individuals to obtain unauthorized access to systems or someone else’s credentials. This method uses different sensing technologies for biometric user authentication, thus, increasing security for businesses.
Biometric verification is an essential competent identity verification that is important for businesses as they need to ensure that their clients are not involved in illicit activities. Thus, they must have a proper and effective biometric security system in place. An individual’s biological features are almost impossible to steal, thus, enabling enhanced security and increased trust among customers. Furthermore, online biometric authentication assures trouble-free and efficient onboarding for customers making their transition smooth, and thus, maintaining their faith. Therefore, biometric verification is essential for businesses.
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