Biometric authentication reduces the threat of online fraud, introduces paperless record-keeping, and provides the ease of remote verification from homes.
With the worldwide pandemic causing a drastic change in our lifestyle, biometric authentication services may be the go-to method for validating personal identities. Gone are the days when verifying someone’s identity required lengthy paperwork and intricate procedures. With technology, it is now possible for customers to verify user identity at the comfort of their homes.
Biometric authentication takes into account facial features or fingerprint patterns depending upon the type of verification method. It not only reduces the cost of operations but is also intuitive in its approach. According to Statista, the biometrics market will reach a revenue of almost $19.08 billion in the year 2020, while the growth expectancy for the contactless biometrics industry is nearly $8 billion.
The Ease of Remote Verification
Online Biometric identification has paved the way for contemporary verification methods. The ease of remote accessibility introduced by biometric services is one of the unique selling points enterprises are adopting to flourish their businesses. Online corporations are drastically raising the usability of their products and services by shifting to biometric authentication solutions as other technologies are of lesser effectiveness. A study on user behaviour concludes that 90% of users don’t bother using a software application of service due to poor performance.
User experience is another significant factor when it comes to better sales and a good industry reputation. According to statistics reported issued on user Experience (UX), a big chunk of 88% of users say they don’t return to a website if they have an unpleasant user experience. With the power of biometric services, user experience is enhanced, which improves the combined sales rate and creates a reputable name in the market.
Paperless Record Keeping
Traditional onboarding methods are tiresome and tedious for the customer as well as the business. They require a never-ending onslaught of long and formidable document processing verifications which can span over many days. Apart from the customer onboarding, manual record-keeping is too old-fashioned and is prone to be affected by data breaches. Not to forget, it also contributes to paper and other miscellaneous expenses that cost the company a fair amount of its revenue.
The paperless innovation which biometric services bring to the table is priceless. With the advent of biometric identification solutions, acquiring a customer is as easy as verifying a fingerprint on the sensor of your mobile device. Registering a customer to a business is done remotely across physical boundaries. The customer need not come at verification sites and take part in elongated paper-based verification procedures. They can simply enrol with their facial IDs which significantly improves record-keeping practices.
Online Fraud Prevention
Online fraud is a constant threat to an online enterprise’s reputation and customer base. There always exist prospects of online scammers stealing personal information of users and using it for their monetary gains. Conventional businesses are moving towards online identification methods with rigorous frameworks to reduce the aftermath and prevent the occurrence of online fraud. According to a study conducted by the Javelin Strategy and Research Group, 3.3 million people fell prey to online identity fraud.
Biometric authentication is the best possible solution to achieve security and surveillance of suspicious activities and fraud attempts. Biometric authentication such as facial verification services provide user authorization by learning key facial characteristics and using them as the basis for authentication.
Biometrics are more effective and accurate than other verification methods as they take into account unique biological traits which are an effective means of differentiating individual identities. In the case of facial biometric authentication, forgery and impersonation attempts are not possible as the biometric authentication system or application prompts the user to display their face for verification.
To sum it up, biometric authentication alleviates the potential threat of online fraud, reduces miscellaneous costs, and provides remote verification at the ease of home.