Biometric recognition is the fastest growing technology industries are using for seamless customer verification. Similarly, criminals are also advanced methods to create fake identities and bypass these checks. This way they deprive legit customers of their rights while fraudsters reap illicit benefits. According to the reports by The Federal Trade Commission (FTC), among all the losses, identity theft costs customers over $2.3 billion in 2021.
Therefore, industries are using biometric screening in wake to mitigate the chances of identity fraud. Biometric ID verification is seen taking over the industries’ IDV processes by replacing traditional checks with digital identification. This is because these AI-powered solutions are more effective and authentic. The blog sheds light on the prominent use cases of biometric technology.
Online Biometric User Authentication – Replacing Traditional IDV Operations
Biometrics are everywhere and have been around for ages. However, in the previous years, industries were using manual verification methods. With rapid digitization, criminals are equipped with advanced methods to exploit these traditional checks. This calls for more efficient and accurate biometric recognition solutions. With their ever-evolving nature, biometric user authentication is bringing improvements in industries’ customer onboarding process.
The biometric screening solutions provide methods like facial features, voice recognition, iris/retina scans, liveness detection, and others to identify imposters. These are the analysis of distinct human features that are impossible to replicate. More of the prominent areas biometric identity verification solutions are taking over include:
E-Payments and Online Shopping
Since the pandemic, e-commerce is facing a boom in online shopping. Customers are more attracted to online purchases and e-payments. Where these innovations are bringing convenience, simultaneously they are rising to various challenges. For instance, account takeover, identity fraud, and data breaches. This requires e-commerce platforms to bring in more effective biometric security checks.
They streamline the payment methods while providing customers with quick order placing. Where previously buyers had to wait for an OTP or memorize PINs, they can now place and pay for the order by scanning their facial features. E-stores like eBay, Amazon, and Ali Baba are already incorporating AI-driven biometric ID verification. The biometric security checks further provide security and privacy to customers’ data.
Traditional to Banking Sector
Similar to e-commerce platforms, banks and other financial institutions are also making changes in the ways they work. Banks are providing customers with digital banking to minimize the need for physical visits. Similarly, they are replacing paper money with credit/debit cards to shift to e-payments. By incorporating biometric screening in their operation, banks and other financial firms are streamlining the customer experience.
However, with all these possibilities, the financial sector is also facing various threats like money laundering, exploitation of benefits, cyber-crimes, account takeover, and others. With an efficient digital onboarding solution in place, financial institutions can better combat these risks. The AI-powered biometric recognition solution here provides facial and fingerprint verification to prevent unauthorized access.
Law enforcement agencies have been using biometric security systems to identify offenders, hold their records, and keep tabs on their activities. However, the offenders of today are using digital methods to escape from verification checks. For instance, 2D/3D masks, voice changers, and fake fingerprints. In order to ensure civil society’s safety, law enforcement agencies need to employ more effective biometric screening checks.
Furthermore, law enforcement agencies can identify offenders even in crowds. They can also identify criminals by accessing global databases. As per Shufti Pro News, police departments in various regions are using biometric user authentication to keep track of offenders. For instance Florida, Ohio, and California.
Moving on, biometric security checks are also playing their role in streamlining the traveling experience. With solutions like remote verification, self-driven kiosks, and automated document screening, passengers can skip the on-site hassle.
Furthermore, biometric passport verification has further streamlined the boarding process. It comes with a chip that holds information about the passenger. Upon arrival, the passengers can identify their documents through self-driven kiosks.
Telehealth and Digital Treatments
Biometric identity verification is helping the healthcare sector to make improvements in its processes by introducing telemedicine. This is the digital allocation of services to patients. They can simply register on the platforms like hospital websites, provide their documents for verification, and avail medical assistance.
Shufti Pro Funding highlights that these biometric recognition solutions streamline the patients’ onboarding process. Moreover, the liveness detection feature further ensures that the patient claiming insurance, buying medicines, or applying for online consultancy is present behind the screen.
In the End
In summation, the biometric recognition market is massively taking over the industries’ IDV methods. They are assisting e-stores and other industries in bringing innovations to their operations. The AI-powered biometric screening solutions help them identify customers in real-time while minimizing the hassle they face. Therefore, industries can better verify customers, enhance their experience, and ensure their security.