Recently, the term â€œBiometricsâ€ has Â been used to refer to the emerging field of technology devoted to identification of individuals using biological traits, such as those based on retinal or iris scanning, fingerprints, or face recognition.
Biometrics are the new E-verification tools for online and mobile banking says Steve Cook, Director of Business Development for Facebanx.
Why? Simply because consumers are fed-up with identity theft and further inconveniences with having to prove who they are. Fraud is costing banks and tax-payers millions. ID theft is increasing at an alarming rate and is affecting millions of people, yet not enough stringent methods are being adopted to protect customer accounts. According to a recent report by the US Federal Trade Commission, there is a new victim of ID theft every three seconds.
There is now advanced technology such as face and voice recognition biometrics to prevent account takeovers. Combining both face and voice of the account holder, ID theft becomes virtually impossible. The accuracy is around 99.9%.
There are huge benefits for consumers if their accounts are protected by their own human characteristics, whether it is fingerprint, face or voice â€” or even a combination of all three. Biometric technology will help to minimise account takeovers and reduce the costs of managing fraud too. Two out of every three cases reported to CIFAS (The UKâ€™s Fraud Prevention Service) were instances of ID theft. Just think of the time and money saved with call-centres if the process of automatic password reset included biometric screening.
Biometric fingerprinting is now coming into force with the new smartphones, and within the next few years other biometric methods such as face and voice recognition will transform every aspect of our lives â€” they could very likely replace passwords and usernames altogether. No need for all those passwords you can never remember!Â Telecoms, travel, insurance and gaming operators are already keen to introduce automated biometric verification processes. Facial recognition will play a role in identifying criminals for law enforcement agencies. Governments around the world are using it for immigration and border control.
Biometric technology will play a key part in all forms of the authentication process.