What Are the Benefits of Biometric Verification?

Biometric verification is increasingly becoming a cornerstone of digital security strategies for large corporations and financial institutions. It offers a more robust method to double check an individual’s identity, significantly enhancing identity proofing and digital transaction security.

What is biometric verification?

Biometric verification is the process of using unique physical or behavioral characteristics to help confirm an individual's identity. Unlike traditional methods, such as passwords or PINs, biometrics rely on inherent traits that are difficult to replicate or steal. Common biometric identifiers include fingerprints, facial recognition, iris scans and voice patterns.

Key technologies in biometric verification:

• Fingerprint scanning uses the unique patterns of ridges and valleys on a person's fingertips.

• Facial recognition analyzes facial features like the distance between the eyes, nose and mouth.

• Iris scanning examines the unique patterns in the colored ring around the pupil of the eye.

• Voice recognition identifies individuals based on unique vocal characteristics.

How is biometric verification used as part of identity proofing?

Identity proofing involves verifying the authenticity of an individual's claimed identity. Biometric verification is a modern component of this process, providing an additional layer of security beyond traditional methods.

• Integration with document verification: During identity proofing, biometric verification can be used alongside document verification. For example, an individual might be required to submit a government-issued ID and then provide a fingerprint or facial scan to confirm their identity.

• Remote identity proofing: With the rise of digital transactions, remote identity proofing has become essential. Biometric verification helps allow individuals to prove their identities from anywhere, enhancing convenience while better avoiding compromising security.

• Continuous authentication: Beyond initial proofing, biometrics can be used for continuous authentication, helping ensure the person accessing a service remains the verified individual throughout the session.

How does biometric verification work in digital transactions?

Biometric verification enhances the security of digital transactions by providing a more reliable method to authenticate users. Here's how it works:

• Enrollment: The user initially enrolls by providing a biometric sample, such as a fingerprint or facial scan. This sample is converted into a digital template and stored securely.

• Authentication: During a digital transaction, the user provides a biometric sample which is then compared to the stored template. If there’s a match, the user's identity is verified and the transaction can proceed.

• Multi-factor authentication (MFA): Biometric verification is often used as part of a multi-factor authentication strategy, combining something the user knows (password), something the user has (security token), and something the user is (biometric trait) to ensure more enhanced security.

• Fraud detection: Advanced biometric systems can better detect attempts to spoof or fake biometric traits, such as using a photo or a recording, adding an additional layer of security against identity fraud.

What are the benefits of biometric verification?

Biometric verification offers numerous advantages for both organizations and consumers, making it a more powerful tool in the fight against identity fraud.

For organizations:

• Enhanced security: Biometric traits are unique to each individual, making them more secure and difficult to replicate. This reduces the risk of identity fraud, including new account fraud, account takeover fraud (ATO) and synthetic identity fraud.

• Regulatory compliance: Using biometric verification helps organizations comply with regulations like know your customer (KYC) and anti-money laundering (AML) laws — which require robust identity verification processes.

• Operational efficiency: Automated biometric verification processes help streamline identity proofing and authentication, reducing the need for manual methods: 

• Cost savings: By better preventing fraud and reducing the need for extensive manual verification processes, organizations can save significant amounts of money.

• Customer trust: Implementing biometric verification demonstrates a commitment to security, building trust with customers who know their identities and data are being better protected.

For consumers:

• Convenience: Biometric verification simplifies the authentication process, eliminating the need to remember passwords or carry physical tokens. Users can verify their identities more quickly and easily.
• Identity protection: Consumers benefit from the higher security of biometric verification, reducing their risks of becoming victims of identity fraud.
• Seamless experiences: Biometric verification offers friction-right user experiences, allowing consumers to complete transactions and access services while reducing the instances of unnecessary delays.
• Privacy protection: Biometric data is more difficult to steal and use fraudulently, providing consumers with greater privacy protection compared to traditional authentication methods.