Biometrics in banking and financial institutions has become an integral part of the security and verification systems. This transformational shift occurred due to the rapid digitization of banks and their branches. This has forced banks and financial institutions to incorporate tough and reliable security systems. This was important to convince customers who are reluctant to technology change and replacing traditional methods of handling their fortunes with modern digital methods.
Therefore, a robust security system is not only important for security purposes but also for brand building and staying ahead in the competition. Digitization of banks and financial institutions has certainly made them more susceptible, however biometric authentication provides a secure and mighty wall to the banking facilities.
Several banks and financial institutions are using various methods of biometrics for authentication and identification. This technology has improved and simplified security systems because it offers high levels of reliability to the providers that a person is real by verifying a physical real-world trait as both something the user has and something the user is.
Most of the user’s PINs, Passwords, and personal identifying information have been compromised with a data breach. The introduction of biometric authentication into the process adds to a roadblock for the fraudsters that only a real, authorized user can circumnavigate. For instance, a fraudster can know a person’s lucky number from online accounts, but they cannot use their fingerprint to unlock an account if unable to provide it on the spot.
Biometrics is less vulnerable to theft than a password that we often stored when we could not remember it. It may not be a fool-proof system, but duplicating various physiological or behavioral attributes is not easy. Meanwhile, integrating biometrics with other types of authentication systems is easy. It created a multi-layered authentication system that is strict and hard to crack.
To create such a system, biometric attributes are paired with passwords or personal questions. This system is largely prevalent in the banking sector and has proven to be quite effective.
In conclusion, long gone are the days when signatures and passwords were the only means to access your valuable account and its information. With technological innovations, steps of authentication have increased ensuring a stricter security system.
By Carolyne Rabut
Content Marketing – CompuLynx