Security is vital for financial transactions. Firms in the financial sector are using biometrics to secure transactions and prevent fraud. Authentication ensures the transaction is done only by the authorized person. Using biometrics like fingerprints or face patterns ensures a highly secure and fool-proof way of authentication.

Using biometrics for authentication

Biometric authentication involves the use of biometrics like fingerprints, iris scan, face scan, or voice recognition. An innovation that is fast becoming popular is behavioral biometrics where the way in which a user interacts with a device can be used for authentication. Whether physical biometrics is used or behavioral characteristics, biometrics offers the most secure way of authenticating people.

Why use biometric authentication for financial transactions?

  • Biometrics allows only the authorized person to carry out the transaction. This is done by authenticating their identity through their fingerprint, iris scan, or other such parameter. This is a highly secure method and cannot be duplicated. Biometric authentication is reliable, which is why it is universally accepted.
  • The chances of fraud are virtually eliminated. Innovations have ensured that it is impossible to spoof the system. Liveness detection can be used to ensure that the authorized person is doing the authentication. This ensures the transaction is being done only by the user and by no one else.
  • Biometric authentication is simple and easy. Users don’t have to remember passwords or PINs. The process hardly takes a few seconds and can even be done on their mobile phones.
  • Online banking can be simplified by using biometrics. There is no need to use a login and password. Just looking into the camera or touching the sensor with a finger is enough to complete the transaction.
  • Even at ATMs, it is possible to avoid cards and PINs that can be compromised. A biometric scanner fixed to the device can authenticate the account holder. This ensures a secure transaction eliminating fraud.
  • Biometric cards are being planned to replace chip-based debit and credit cards. These cards would have sensor to authenticate the fingerprint. It makes payments more convenient for users and secure for banks.

Biometrics is a highly secure and effective way of authenticating financial transactions. Biometric payments is a fast-growing process that ensures payments and transfers can be done securely in any mode. The use of biometrics is convenient and safe for users. For companies, it is a fool-proof system that reduces their risks. We can expect to see wide-spread adoption of biometrics by financial companies in the future.

The article has been published by the editorial board of the Identity Herald. For more information please visit www.identityherald.com.