Fraud in the banking sector is rising, both online and in stores. Clients or even employees within the premises are a target of identity theft and other criminal activities. Conventional passwords are no more an option to stay safe. Even if paired with the two-factor authentication, passwords do not guarantee security from hackers and cybercriminals who, with evolution in technology, are also revising their strategies to carry out nefarious activities. Thus, banks and all financial sectors are entering into an era of metric identity verification.
Biometric screening identifies a user through fingerprinting, facial recognition, or iris scanning and provides superior security to banks and all other sectors that deploy such systems. The system provides proof of who, within or outside the bank, has accessed a particular account. It is just a convenient way to validate the identity of any user.
Here is how biometric screening helps banks.
1- Make Transactions More Secure
To carry out illicit transactions, fraudsters get the credentials of the actual user by either stealing them through malware or phishing emails or buying them from one who has stolen them earlier. This is where biometric security has come to the rescue. Instead of asking the user their credit card number and PINs, the verification system scans the biometrics of an individual to validate their authenticity. Thus, a biometric ID card verification system makes transactions more secure by providing an additional layer of security. Using liveness detection, artificial intelligence, and machine learning, the biometric system makes it nearly impossible for fraudsters to steal identities and carry out illegitimate transactions and other fraudulent activities.
2- Enhance Customer Experience
A large number of users avoid retail banks, especially the younger generation. It is not because they want to maintain a social distance but because they prefer getting banking services online with just a single click. Visiting the bank in person, finding a parking place, and then standing in long queues to get their work done is a foreign concept to them. The customers now demand a painless and quick experience from the banks as well as other financial institutions.
Biometric recognition provides a frictionless experience to its customers as compared to the conventional methods to verify identity. The users do not have to answer so many questions and they just get themselves verified with biometrics simply. Another great benefit that this verification system comes with is that the users are no longer required to have long and confusing passwords to verify their identity. A biometric security system just scans their face or fingerprint, or other biometrics to avail services in no time. Thus, such seamless, quick, and convenient biometric ID verification processes are just providing the customer with the best experience.
3- Boosts Security Across Entire Access Control Points
The banks have multiple branches and of course a large number of employees who need to access multiple systems on a routine basis. Their security could be compromised anytime even without their knowledge. Their cards could be stolen, credentials could be taken, accounts could be hacked. So managing all the access points is really challenging for banks or any other sector.
Biometric user authentication boosts security across all the branches and all the access control points. It provides superior security along with keycards, or passwords that are just impossible to spoof or counterfeit. Better access control points mean lesser hacking and identity thefts, lesser losses, and a healthier bottom line for the bank.
4- Increases Sales
Sales could be increased in two ways, through acquiring more clients or getting more transactions from the existing clients. The good news is biometric verification helps the company do both.
Firstly biometric passport verification makes the onboarding procedure seamless and painless for the customers besides providing them superior security. This as a result helps onboard more clients at a faster rate and more clients means increased sales.
Secondly, it provides the existing customers with a customized experience. When they get the services that they actually look for, increase their interest in the organization. They, as a result, become their regular buyers and the sales would automatically increase.
One thing worth noting here is that the world would not be the same as it was before the pandemic. Businesses, whether it’s a bank or other sector, have gone digitized. Customers want to enjoy secure services with a single click. Thus, biometric screening is a great choice for all.
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