Biometric authentication is a changing technology that is incorporated in many institutions. Traditional identity verification systems have multiple drawbacks but online biometric authentication has a beneficial value. For instance, mobile phones have incorporated facial recognition technology through which mobiles can be unlocked in an instance. Overall, the technology is beneficial to both the customer and the business. They have been able to secure doors through face recognition to enable automatic attendance.
These technologies have not only made processes easier but have also busted many risks. For example, facial recognition technology has minimized the risks of fake identities.
How Does Biometric Authentication Help Easy AML And KYC Compliance?
Biometrics is the mathematical analysis and measurement of human characteristics and behaviors. The analysis of the unique identity of the individuals is used to authenticate them. Nowadays, Biometric authentication is being used widely to perform verifications for multiple purposes such as security and transactions.
Biometric authentication technology has the ability in identifying individuals based on their biometrics extracted. The behavioral and physical attributes can be used for criminal investigations such as biometrics or to track kidnappers from public CCTV footage. Artificial intelligence biometric identification recognizes the characteristics and matches the face with thousands of profiles.
Fingerprints are also used to unlock doors or to scan the DNAs of criminals who have touched the crime scenes. Many companies have also incorporated iris recognition as an added security of biometric authentication. These technological advancements have allowed verifications without any physical contact which is the need of the hour due to the COVID pandemic.
Why the Need for Biometric verification?
In the world of digital services, frauds and hacks are prevailing. The more the hacks increase the more important it gets to minimize the risk of identity thefts and imposter fraud. Thankfully, the incorporation of artificial intelligence technology has streamlined the biometric authentication process. As a result, businesses are more than happy to empower a technology that makes KYC and AML compliance easier.
Furthermore, in order to verify the claim that a person is who they claim to be, biometric identification is necessary with minimum contact. Financial institutions need KYC and AML compliance and to verify the clients they need biometric authentication services. Financial sectors have multiple clients of different natures such as UBOs and PEPs and they need to effectively verify them through sanctions lists already available. Additionally, banks have to keep fraudsters out of their systems for KYC compliance.
This is why banks have adopted online biometric technology that also removes the chances of any physical contact. Biometric technology such as fingerprint scanning, facial recognition, iris recognition is being widely adopted by banks and many financial institutions. These approaches make it nearly impossible for criminals to thieve identities.
How Does Biometric Authentication Work?
There are multiple authentication processes that we will be looking at while knowing that biometric authentication is the standard check nowadays.
- Facial recognition: Biometric authentication uses characteristics such as
- The shape of the face
- Size of the features
- The positioning of eyes, nose, lips, and ears
- The distance between two features for example the distance between the eyes
- Texture and tone of the skin
- The thickness of the skin for in-depth analysis
- Fingerprint scanning: The unique prints of the skin such as the thumb make up fingerprints. These prints are used by experts to examine and extract information. Fingerprint recognition is widely used in government organizations and stored in passports as a verification check.
- Voice patterns: Although voices can sound similar, they are definitely different. The combination of all characteristics such as pitch, profundity, and more make up an individual’s voice. Voice recognition has been enabled in multiple leading mobiles to unlock phones or direct orders.
- DNA: DNA testing is done on individuals to find the connection between two people. Relative share codes that have slight similarities in them. DNA testing is usually performed when trying to catch a murderer or a criminal physically present on a crime scene.
Biometric authentication is the new technology that businesses must acquire. It is promisingly changing the future of frauds and scams. It is not only weeding out criminals but also providing security. It further improves the productivity of organizations through robust technology. These verifications can be incorporated in different industries and make regulatory compliance easier.