Fraud landscape is gaining grounds so security requirements are quickly evolving to demand a rigorous approach to authentication. Biometric authentication is not just a buzzword being used but is a milestone achieved in this regard. In 2016, the biometric market in the United States reached $3.52 billion U.S Dollars and is expected to grow significantly in the coming decade.
Traditional methods of authentication, for instance, username and password, SMS-based two-factor authentication have fallen out of the box due to various security vulnerabilities. Biometric authentication is a more sophisticated and robust authentication system to mitigate the potential of these vulnerabilities including identity theft and online fraud.
What is Biometric Authentication?
Biometric authentication has many applications as it is a security process that relies on the unique biological characteristics of an individual to verify that he is who he says he is. Biometric authentication technology is a comparison of a biometric data capture to stored, confirmed authentic data in a database. The biometric technology comprises many different types, including but not limited to these:
- Fingertip recognition: Analysing fingertip structures to identify users
- Iris recognition: Detection of specific features in the iris of the eye
- Face recognition: The technology is based on features like nose width, chin, and jawline, using face recognition algorithms that map the face.
- Voice recognition: Used for speaker’s voice authentication
- Palm recognition: Detects vein patterns or hand geometry of the user
Biometric Authentication Applications
Now that we know what is biometric authentication lets see how the use of biometric identification is mounting in various business sectors
Mobile Fingerprint Lock:
In this era, we all have mobile phones so this biometric authentication story should not sound so futuristic. For instance, iPhone touch ID is known for years already and it completely revolutionised the way smartphone developers approach user authentication. Now, this technology is being used in almost all good smartphones. It has killed already the password and pins used previously to secure phones.
According to Mobile Payment Security Biometric Authentication & Tokenisation 2018-2023 Juniper Research forecasts that biometric authentication will increase from an estimated 429 million in 2018 to over 1.5 billion in 2023.
Airport Face Checks:
As biometric authentication has a lot of potential so its booming usage in travel and airline industry is natural. Airport security needs to be much more efficient and that's why biometric technology is widely being used. Biometric technology not only reduces passenger’s wait time for identity verification purposes but also boost up the workflow.
Biometrics analysts tells about the Brisbane-based airport that have to run a trial involving face recognition systems: “Instead of going through several control rounds, passengers simply present their passport, boarding pass, and have to look at the nearby camera for the verification process. The same process is repeated many times before the passenger finally enters the plane.”
Biometric authentication can be used in many banking scenes, including withdrawing and depositing cash from ATMs, proving identity when contacting their bank, and most commonly authenticating mobile banking apps. With the advent of biometric technology, passwords, PINs, and security questions are becoming less secure for mobile banking. Financial institutions should be choosing the best solutions available to protect their customers as well as themselves from identity theft, account takes over(ATO), credit card fraud and many other digital scams.
What Makes Biometric Authentication so Important?
Biometric authentication is affecting the world as we know it. Most of the people maybe believe that biometric is jeopardising personal privacy even then the reality remains eminent that it brings many benefits to daily lives, as in:
- Biometrics ensures accuracy
- The system expels major safety threats
- Many biometrics solutions are cost-effective
- It is easy to use
- User acceptance is increasing
Needless to say, biometric authentication is fostering a change in many business sectors and is being adopted widely over old methods of authentication. It is becoming critical to the development of many industries. Biometric technology is paving ways in identity verification procedures and mitigating security risks. People may still have some doubts regarding data privacy protection, biometrics already makes an impact on various fields of life and work. It has bought a lot more authenticity and ease in many business sectors.