The largest market for online banking in the world is Asia, as its use is expected to increase between the years 2021 and 2024. The Far East and China accounted for over 805 million active online banking users in 2020. However, it is predicted that this figure will increase to a billion by the year 2024. However, Asia was the largest market for online banking in 2020, while the countries with the highest rate were all European. Further, South Korea has a rate of 74% and is ranked sixth.
Thus, the increased use of online banking also supplements the rate of identity theft threats and misuse of online banking apps. Another danger arises: what if the user’s mobile phone gets stolen, and the thief operates a bank account through the phone and transfers funds? To overcome these fears and threats, biometric authentication methods are crucial.
This blog will discuss how biometric systems improve the security of funds and prevent identity theft in online banking.
Salient features of the Article
- Comprehending biometric authentication
- Understanding the biometric authentication methods
- Complying with biometric security authentication in online banking
- Online Biometric Verification
- Biometric Authenticate
- Biometric Authentication Security
What is Biometric Authentication?
Biometric authentication is a technical approach that relies on physical characteristics, providing an extra layer of protection to online accounts. Like its name, biometric authentication is an optimal solution for preventing misuse. As an essential security measure, it matches the biometric features of humans with an integrated database to allow users access to their mobile and online accounts.
For security, biometric authentication can be positioned in diverse physical settings, such as doors and gates of offices and workplaces, server rooms, and can also be placed in military bases, or airports, and ports wherever only the authoritative people are allowed. However, biometric authentication tools are now a component of most digital devices, such as computers and smartphones.
Biometric Authentication Methods
As stated, biometric authentication methods involve verifying biological features such as eyes, faces, fingerprints, etc. Although security has been enhanced with this identity verification method, it solely consists of identifying the user, preventing any sort of misuse of the user’s information, and keeping the authorities safe. However, the process includes biometric authentication methods using several types of scanners that authenticate the user and indicate relevant threats.
Functioning of an Online Biometric Verification System
Like the physical biometric scanner, the online verification system also identifies the user by capturing their visual features and differentiating their voice. The online biometric verification system incorporates tons of data, including multiple faces and identities. With this data, the new input is compared and provides the optimal match if available.
However, it is a digital security measure that ensures security and compliance that matches the physical features online and provides access. The system is smart enough to distinguish the unique biological characteristics and preclude the perils of identity theft.
See Also: Enhance Security in the Insurance Industry with AI Face Recognition
Type of Biometric Authentication Security
Biometric authentication security primarily upholds four types of verification methods that focus on physical characteristics and identify the subject accordingly. Here are the following:
Fingerprint Scanner: It is the most used biometric authentication method, and it shrouds unique human fingerprints. The technological advances are rigorous in identifying the different vascular patterns with optical fingerprint sensors that use light refraction and reflection to produce an image.
Facial Recognition Technology: The FRT is a marvel of technological advancement and artificial intelligence. The face is scanned with FRT and then identified based on differences and similarities with the existing data available in the system.
Voice Recognition Technology: It is a unique biometric authentication method that involves the human voice and identifies on the basis of different frequencies and vocal characteristics. A voice sample is captured in the database and converted into voiceprints, which are verified accordingly.
Iris and Retina Scanner: This is a type of eye scanner that scans the retina and iris by projecting a bright light on the iris. The light highlights the blood vessel pattern that scanners can read and identify.
Advantages of Biometric Authenticate
The biometric authentication methods are beneficial in enhancing security and preventing identity forgery. This improves the overall efficiency of any organzation and primarily works well in the online banking system. Passwords quickly become outdated, and biometric authentication is increasingly critical to ensuring safety. Biometric security authentication in online banking has increasingly gained popularity as digital financial apps require robust security to combat primal threats. The biometric authenticate ensures the following:
- Enhances Security Measures
- Level of Accuracy
- Anti-Spoofing Capabilities
- Restricts Access
- Records Timeliness
- Acceptability of Modalities
- Minimizes Human Error
- Replaces Passwords
- Cost Efficient
To Conclude
The biometric authentication method is crucial in online banking, leveraging unique biological traits like fingerprints and facial features to bolster security. It surpasses traditional passwords with reliability, ease of use, and efficiency, instilling user confidence. As Asia leads in adoption rates, robust security measures are imperative, met and exceeded by biometric authentication’s anti-spoofing and accuracy. It’s not just a feature but a requirement of online banking’s future that minimizes errors, replaces outdated methods, and offers cost-efficient solutions. Biometric authentication ensures that our online transactions remain secure, reliable, and protected against the ever-evolving digital age threats.
