Biometrics is becoming more used as an enhanced layer of protection for many personal and corporate security solutions. This may seem to be a failsafe because of the unique identifiers of your genetics and actions. Many people, however, are wary of using biometric identification as a stand-alone verification method because of the risks associated with it. However, this strong security solution, conventional passwords, has long been a source of vulnerability for security systems, and modern cybersecurity is focused on minimizing the dangers associated with it. Thus, biometrics seeks to resolve this problem by connecting proof-of-identity to our physical characteristics and behavioral patterns.
Because of the dangers to privacy and safety associated with biometric systems, extra safeguards must be included. Insecure systems that require several forms of authentication, such as live detection and matching encoded samples to individuals inside encrypted domains, make it more difficult for unauthorized users to access. Some security systems additionally incorporate different characteristics in biometric data, such as age, gender, and height, in order to deter hackers from gaining access. Aside from that, biometrics is utilized to provide a complete solution for fraudulent activity detection, fraud prevention, and authentication that functions smoothly on a single platform to reduce direct financial losses.
In order to comply with the Strong Customer Authentication (SCA) rule, as part of the PSD2 legislation in Europe, your European customers will need to alter the way they authenticate online payments. For card payments to comply with SCA standards, a new user experience, called 3D Secure, must be provided to the customer. Transactions that do not adhere to the new authentication standards may be rejected by the financial institutions that your clients use. The goal of robust customer authentication is to safeguard customers whether they make credit card purchases in person at a shop or online from their computer, mobile phone, or tablet. Banks are free to establish their criteria for client identification.
To know more about biometric technology below is an infographic from LOGIN ID that shows a brief history:
