Since the launch of fingerprint sensors on smartphones five years ago, the use of biometrics in our daily lives has increased. Companies have taken initiatives to increase the use of biometrics in finance to improve the consumer experience.
The use of biometrics has been seen in industries such as banking and finance, health, smartphones, the judicial and government sectors. Biometrics is being used in financial verification, identification and authentication to make banking and purchases more secure and convenient. With the increase in the use of technology, it is also becoming more and more unified. Consumers themselves can become the key to access all data through the use of biometric data. Biometrics looks like an improved security layer. But, even biometric data is based on storage databases just like other data and can be hacked. Hacking a single database can give hackers the ability to access all of the victim's personal and financial data. There are many examples of piracy in the past, which have raised doubts about the use of biometrics in the financial sector.
Biometric security systems use fingerprints, iris, face, eyeprint and some behavior patterns to recognize identity. These modalities can be used alone or in combination to block accounts and crack fraud. Biometrics acts as a strong authentication to secure online transactions and high value commerce, which improves reputation and increases customer confidence. Biometrics in finance can be found in mobile wallets, banking applications, ATMs and points of sale.
Biometrics providers and their associated financial organizations issue credit cards with integrated biometric sensors.. Biometrics helps reduce fraud, since passwords can only show that you know a person's password, but it does not show who you are. Authentication of a consumer can be conveniently done with the use of biometrics. Customers do not need to remember any password to access their own information. Biometric security has many advantages over traditional ones, but each system has its limitations.
Identification by biometrics is not entirely accurate. The growing acceptance of biometrics in the financial sector has attracted hackers to find vulnerabilities to violate the system. According to the report, A violation of biometric safety data led to the exposure of millions of fingerprints and facial recognition records. Parody attacks are the most common attacks in biometrics. Replicas of fingerprints can be created in flexible material and can be used to avoid biometric security control. In addition, there are examples in which facial recognition sensors on mobile devices are easily falsified by displaying an image of the owner. And this can allow the hacker to perform fake mobile transactions.
Biometrics can be safer if used with other technologies such as blockchain.. The recent series of data breaches has made consumers selective towards the companies with which they do business. Biometric access control offers many advantages over standard security solutions and is affordable to implement. But, like many other systems, even biometric has its limitations.