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Biometrics allow identification of an identity based on verifiable data, that are unique biological traits specific to an identity. It is a process of identity authentication that compares a person’s features to that person’s previously-stored biometric template to recognize the identity.
The biometric information is captured at the time of account registration and stored in the database. At the time of authentication, in real-time, the features are re-captured and matched with the ones in the database. The aim of biometric identification is to identify a person against unique features.
Due to a large number of fraudulent activities, with the advent of technologies and innovations, the online world is prone to major cyber attacks such as identity theft, data breaches, account takeover, and even terrorist financing and money laundering, etc. To combat these frauds, there is a dire need to take in place security measures. Biometric authentication helps online businesses to authenticate each onboarding customer in real-time.
Unauthorized access to confidential information is the root of many fraudulent activities. From banks and financial institutions to several online platforms, an authorized entity that accesses private data initiates several frauds. In the same way, data breaches take place.
Biometrics technology in combination with AI Service providers and machine learning algorithms established itself quickly. Due to which now industrial are taking advantage of it to implement security in the systems. Another reason being, public acceptance in adopting biometric technology and an easy verification method had influenced industries to use it. Day by day this technology is introducing more features that help provide high accuracy and precision results.
Online applications have integrated facial recognition technology to authenticate each onboarding customer and provide controlled access to user accounts. In this way, identity theft and credential stuffing frauds can be eliminated. GooglePay is also using face recognition biometrics to authenticate users and ensure a secure digital payment system. In this way, the incidences of fraudulent transaction suing someone other’s account can be reduced. Hence both security and user experience remain intact.
There are two categories of biometrics through which identity verification can be performed against unique biological features:
Physiological Measurements: The measurements based on physical characteristics;
Face Recognition: Facial recognition technology is based on unique traits such as distance between eyes, nose width, jawline, face and chin shape, etc.
Iris/retina Scanning: Detection of specific patterns of iris and retina.
Fingerprint Scanning: Scanning of fingertips and their patterns to differentiate between different individuals.
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DNA Scanning: Matching physical samples that belong to a particular individual such as hair, blood or saliva to differentiate between identities. In forensic investigations, the method of DNA matching is used widely.
Ear Acoustics: The shape and size of each individual are different. Based on this, the ear collects sound waves differently and route them in the ear canal. To detect those sound waves, microphones are used to capture those sound waves. These waves are used for the identification of individuals.
Behavioral measurements include;
Keystrokes Patterns: Keystroke patterns, speed of typing and hand movements are detected that differentiate individuals based on behavior.
Voice Recognition: Authentication of the speaker’s voice and sound waves based verification.
Biometric verification is now used with different modalities to combat online fraud. This technology is residing in the online world to detect suspicious activities. Even in several airports and investigation departments, this technology is used in public squares to trace criminal activities. In the year 2020, this technology, in combination with other innovative technologies will be used at an industrial level for security and improved user experience.
Businesses are widely adopting ID verification solutions due to the increasing ratio of frauds and stringent measures by regulatory authorities to fulfill KYC and AML requirements. These factors are making the identity verification market to soar. Following are the reasons why a business should use the best online identity verification service:
As technology advances so do the cybercriminals and fraudsters become more sophisticated. To hinder such forgers from using your business as a platform to carry on criminal activities this technology provides a filter. Knowing your customer decrease the risk of frauds like identity theft, credit card fraud and many other online scams. AML screening helps to know if there is any customer from the PEPs list or is a high-risk customer.
It’s more important than ever to verify the identities of customers due to an increased risk of terrorist funding and money laundering. Identity solutions are a great tool to instantly verify the identity of any visitor quickly and easily, making both customers and employees feel safer.
The annoying pile of paperwork can be avoided by using digital solutions for identity verification purposes. As it cuts off the time of such procedures are widely being adopted to build better customer relationship.
Errors and omissions are always expected while taking customer information manually. Online identity verification eliminates all these possibilities and streamlines the process.
The identity verification industry delivers technical solutions for regulatory compliance. But this industry was not receiving due acclaim from the targeted audience due to lack of awareness among the masses. KYC/AML regulations are becoming stringent and compliance is a headache for businesses entering the new decade in 2020. The scope of AML/KYC regulations is increasing and businesses are now more inclined towards automatic AML and KYC solutions to grow as a compliant entity in the future.
Researchers found that businesses are actually more inclined towards digital identity verification solutions due to the ease that they deliver in regulatory compliance.
It is projected by research and markets research that the identity verification industry will grow at a Cumulative Annual Growth Rate of 16% during the prediction period of 2019 – 2024. It is expected to grow from $6.0 billion in 2019 to %12.8 billion by 2024.
This growth of this industry is backed by increasing awareness among businesses regarding the use of technical solutions for KYC and AML compliance practices. A report projected in 2018 that the 2019 global spending on KYC and AML compliance will increase to $905.
It is due to increased compliance scrutiny by global and domestic watchdogs, compliance is no more an option but a mandatory part of business operations.
Businesses are short on compliance budget and online identity verification solutions for KYC and AML compliance are a blessing in disguise. As most of these solutions are offering identity screening solutions are cost-effective and have economic packages for small and medium-sized enterprises.
Customer experience is crucial to every business and it is important for the reporting entities to collect a handful of information from their customers. Automated KYC software delivers highly accurate results and that too within a few seconds so it enhances user experience.
These outsourced KYC solution APIs are easy to integrate with any business platform and reduces the developer’s work. So businesses choose these solutions to share their burden of KYC and AML compliance.
So the identity verification industry is helping businesses meet global compliance regimes with an economical and futuristic approach.
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