With the way the digital world is becoming a necessity for everyday life, it stands to reason why biometrics has also become an integral part of authentication and security. Times have changed, and so has the typical way of verifying an individual’s identity.
Traditional passwords and PINS are no longer effective when it comes to keeping user accounts secure. While it has been used and around for a long time, cybersecurity is still a challenge as it is susceptible to hacks and data leaks.
But that can be addressed by using biometrics technology. Biometrics includes a set of technologies used to authenticate, recognize, and identify people based on certain physical and behavioral characteristics.
Such characteristics must be unique to distinguish between different persons and ensure that they can be used throughout their lifetime. The biggest benefit of biometric authentication is convenience: simply pressing a finger on a scanner, waving the hand, or looking at a camera is enough to authenticate identity.
It offers a simple alternative to passwords and PINs, decreasing the chances of fraud and other criminal activities. It is because criminals can easily steal passwords and PINs compared to using biometric technologies that are exceedingly difficult to replicate and steal.
The ongoing COVID-19 pandemic has also heightened the need to use biometric technology as the world needs contactless ways of accessing buildings, services, and even payments. The Electronic Know Your Customer or eKYC process has the same aim as this is electronically verifying any customer’s credentials.
The eKYC concept applies to all sectors but is especially important in sensitive sectors such as finance, investments, and wealth. The process is affected by a series of regulations related to, for example, anti-money laundering (AML), terrorist financing or electronic identification standards, and trust services (eIDAS).
Biometric technology has significantly evolved through the years. In truth, it is already all around us. Biometric identity verification like, fingerprint recognition, facial recognition, and more are integrated into day-to-day interactions. It is safe to expect that biometrics technology will soon replace traditional methods of authentication.
Click this infographic from LoginID and learn about the brief history of Biometric Technology.