The study of identifying an individual’s identity via measuring and analyzing their unique physical and behavioral features is known as biometrics. The technology is often used for identification and access control and to identify people under surveillance. Furthermore, biometric identification is founded on the assumption that each person can be recognized uniquely based on their fundamental physical or behavioral characteristics. Thus, biometric identity verification comprises any approach for distinguishing one individual from another based on the evaluation of one or more distinct biological features.
Biometric authentication is increasingly being utilized to verify identities in commercial and government security systems, consumer gadgets, and point-of-sale applications. Because there are no passwords to memorize or security tokens to carry, convenience has pushed biometric verification ahead. If biometric measures such as gait analysis confirm a person’s identity, the verified individual may not be physically touched. While biometric data may be stored centrally, current biometric systems often gather it locally and cryptographically hash it in order to conduct authentication or identification without direct access to the biometric data. This guarantees a greater degree of authentication and identity security.
Biometric technology is not new, and its use has grown well beyond any realistic expectation. Consequently, biometrics may give an extremely high level of detection and security operations and several benefits over the traditional detection and security operations strategy. One of the essential advantages of biometric technology is its ability to provide identity, data privacy or discretion, permission or access control, data integrity, and non-repudiation. There is also a passwordless authentication initiative whose objective is to create technologies and use cases that considerably reduce, if not eliminate, the necessity for passwords in the future that could help in digital identity verification. In certain countries, digital signature authentication is essential to prevent fraud and increase the security of online and contactless offline payments. As a result, it guarantees that all payments are made using valid identity or verification. This considerably reduces the likelihood of online fraud, which is crucial when dealing with huge sums of money. Customers will also be notified and advised about the new method by banking institutions and payment service providers.
To learn more, below is an infographic from LoginID that discusses digital onboarding in banking.