More and more banks and financial institutions these days wish to do one thing in common feels Bahaa Abdul Hadi. It is that they wish to invest in cutting-edge technologies to detect and prevent fraudulent activities. One such technology that is being widely used is biometric technology.
What are Software Transactions?
When coming across the term “software transactions” many of us think of one thing. We think that it is something related to the software industry. But, in reality, software transactions are being done by many businesses these days. Yes, you know buying, ordering and accounting are done by businesses irrespective of the field of operation. These are nothing but software transactions. With these transactions done online these days, fraudulent activities are prevalent. So, more and more organizations with to make these transactions secure for their customers. This is where biometric technology helps widely. Here are some details about the effective role played by biometrics in improving fraud detection:
Real-time Fraud Detection using Behavioral Biometrics:
When it comes to the detection of financial fraud, one thing should be stated. It is that not all data is being used or generated in the same way. The present-day solutions available for financial transactions do not always fully evaluate the behavioral data to safeguard customers from fraud before it occurs. The reason is that they do not always encompass the real-time data needed to do so. In the present-day digital ecosystem, where cybercriminals have increased their level of comfort when they carry out fraudulent activities, tracking them has turned out to be more complex.
So, the best way to prevent their attacks, real-time data monitoring becomes crucial. Thanks to behavioral biometrics! It is a field of biometrics that studies the unique measurable patterns in identifying human activities. With innate human features like iris patterns and fingerprints, it is now possible to detect fraudulent activities before they take place.
Finger-Print Scanning:
Yet another biometric technology that is widely used by us in our daily life on our smartphones is fingerprint scanning. With this technology, you know even your family members cannot use your phone without your permission. The same thing can happen even in software transactions. Only the person with the right fingerprint can get into the systems to carry out transactions. In turn, transactions become safer and more secure.
Conclusion:
Apart from behavioral biometrics and fingerprint scanning, other biometrics are also emerging. They have a promising future in fraud detection and prevention. Software transactions can become safer not only in the finance industry but also in any other industry for that matter.
The blog has been written by Bahaa Abdul Hadi and has been published by the editorial board of Identity Herald. For more information, please visit www.identityherald.com
