Biometric
identification has become the preferred method for
banks and the financial industry to authenticate the identity of their user
base. Whether it is ATM cards integrated with a fingerprint scanner or mobile
wallets being authenticated by retinal scans, financial services companies have
come a long way from paper-based working practices. Identity verification
services, when coupled with biometric identification, is an innovative merger
of technologies to help the financial sector get rid of online frauds, identity
thefts, and other financial crimes.
What is Biometric Identification?
What is Biometric Identification?
It is a scientific reality that biometric features
like fingerprints and retinal patterns are unique to every person. No 2 persons
are supposed to have similar fingerprints. This gave rise to the idea of using
fingerprints to ensure the distinctive identity of users. Digitization of the
verification process further eased the identification process for businesses
and it is becoming harder and harder to trick businesses by fake identity
credentials. Cases of online frauds and identity thefts were significantly
reduced because of biometric identification systems that were rapidly adopted
by financial services companies.
Latest
Trend in the Biometric Identification
While it is nearly impossible to fake someone’s
biometric identity such as fingerprints and retinal scans but online fraudsters
have been able to bend the rules in their favor as well. They have used hacking
techniques to steal fingerprints off databases and then used those biometric
identification features to fake identity credentials. The situation was further
made difficult by regulatory guidelines that required receiving consent from
users before any person was subjected to a verification process. But Facial
verification and Biometric consent verification came in to replace age-old
biometric identification tools.
Facial
Verification for Biometric Identification
Financial services companies have been asking users
to verify their biometric identity with the help of facial verification now. It
is easier to validate a person’s identity through unique facial markers, rather
than simple fingerprint scans that, we now know, can be easily forged or
duplicated. Liveness detection and facial recognition technology built upon
Artificial Intelligence are the cornerstones of this new age of biometric
identification. It means that systems using facial verification can ascertain
the liveness of a person’s face to make sure of the fact that they are
physically present and carry similar identity as they are claiming.
Matching the facial image of the person with that
being displayed on the official document further strengthens the case of
identity claimed by a user. Biometric consent verification is another use case
that utilizes the most recognizable biometric feature of a person’s identity -
their face - and validates it with a handwritten note or a customized document.
Shufti Pro is one such identity verification service that
provides next-generation biometric identification to its customer. This
AI-based KYC provider ensures a person’s identity with the help of facial
verification and biometric consent verification. Financial services companies
can even use AML compliance solutions offered by Shufti Pro to mitigate financial
risk and cut down regulatory compliance costs. Real-time verification results
from Shufti Pro for biometric identification further adds to the appeal of this
new-age verification service.
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