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Identity theft happens when someone steals your personal information without your permission. There are 20 types of identity theft including tax identity, shopping, debit or credit card, and so on. Biometric data is most difficult to breach by hackers. And that’s why it is recommended to conduct biometric authentication by every financial institution.
Biometric authentication is the most secure form of authentication. It is possible to hack passwords and other IDs. But when it comes to physical authentication traits such as iris, fingerprints, facial features, and other biometric factors, it is difficult to duplicate or even store such information.
Biometric authentication is difficult to spoof and hence it can be used along with the other authentication methods. Biometric authentication is of two types:
In biometric authentication, a unique template of biometric identification is created for an individual. This template is stored in a unique record such as a government ID. Whenever that individual has to undergo a biometric authentication, his biometric identifiers will be compared with the template.
Some advanced biometric authentication solutions work on the liveness detection feature. Liveness detection eliminates the risk of presentation attack by identifying if the biometric shown is of a real human or not. It is of two types – active and passive.
During active liveness detection, the user is asked to blink his eyes or turn his head. Whereas in passive liveness detection, algorithms keep running in the background to find out if biometric data is correct or not. Such as detecting a screen or a piece of paper.
Both of these liveness detections are effective in differentiating between a real human and a fake picture, for instance. The use of digitalization has made it almost essential for banks or other institutions to implement such technologies.
Biometric authentication has many advantages such as:
Speaking of the best biometric authentication platform that can suit all kinds of businesses and industries, IDBraine is the one. It allows both, biometric KYC as well as in-app KYC for telecoms and microlenders. It comprises an intelligent KYC solution for both sectors.
A telecom or microlender can perform biometric authentication with the help of IDBraine by capturing the data from ID, conducting a biometric scan, and verifying the details. With IDBraine, it is even possible to find out the geographical location of the customer with the help of geotagging.
As discussed above, biometric authentication can work at its best if it has a liveness detection check. That’s where FinBraine’s IDBraine comes along. It can match the facial features and perform liveness detection even if the customer is using the app remotely. Along with this, the 2-in-1 KYC platform by FinBraine can also scan if the documents are legit or not. It does this by automated data extraction and verification.
Indeed, biometric authentication is one step ahead of other authentication methods. But just to make sure that no room is left for errors, both types of authentications should be done. Using documentation for identification and biometric factors for authentication will be a wise decision to incorporate into the systems of telecoms and microlenders.
FinBraine offers lending and digital KYC solutions on B2B and B2C Models
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