Attaining Next Level Banking Security With Biometric Face Recognition
Financial institutions, as they are destined to provide efficient monetary services to customers, are vulnerable to digital frauds. Regardless of incorporating robust security measures, they are still becoming victims of perpetrators’ acts. US financial institutions lost 16 billion to frauds last year. The problem is just not staying there. It goes beyond North America, as reports state that 49% of Brazilians and 56% of Mexicans fall victims to card frauds in 2019.
What is the solution to secure the work operations of banks then? Pioneering financial institutes are considering face recognition and other biometric authentication measures as effective ways to fight against cybercrimes.
Read: Android Banking And Finance Apps’ Security Found Wanting
Passwords Are Not Reliable Anymore
There was a time when passwords were taken as a strong security measure let alone a cool thing to access the platform. But they are not more than a threat now.
Passwords are something that individuals already know. What you know can also be known to fraudsters. So hackers try different types of tricks to obtain that knowledge.
An additional drawback with passwords is their complexity. Guess what, the more complex the passwords are, the easily forgettable they are. Now customers can contact their relevant financial institute to reset a password. Banks would send them an email containing a code asking for a password reset. That email can be used by a man-in-the-middle and he could intercept that email for his use or benefit.
Read: Cyber Criminals Scam Bank Customers As Bank Security
Even security questions are not completely foolproof. Hackers may follow a particular person’s social media and can gain knowledge about his personal life like “what is the name of your pet?” or “which city were you born in?”
Hackers can also trick Gmail users by sending them a fake email that looks like a real one. In short, passwords can be abused by bad actors, and that too with great ease.
How Facial Recognition is Securing Business Workflows
Facial recognition technology employed by enterprises works on what the individuals are rather than what they know. Face recognition on mobile devices acts as a second measure of security, the first being the possession of the mobile phone itself.
Best Measure Against Online Fraud
While face recognition is considered the best measure against online fraud, we cannot neglect it when criminals deploy it for their use. It can be used to carry out spoof attacks by fraudsters. That is why it is significant to employ various measures which have a “liveness check” in the system. This is also called “3D Liveness Detection” and is used in many biometrics, including fingerprints.
Onboarding Legit Customers
Another important use of face recognition in banks is seen at the time of account opening. Suppose a fraudster comes to banks to open an account. The bank staff would start his verification from documents. After that, the customers would be asked to stand in front of the camera where their facial characters are matched against the data present in the dataset. Upon detecting a non-match, the staff informs the higher management of the issue to proceed with a thorough investigation.
Facial recognition can also be performed through computers. Electronic devices have webcams, so whenever a customer wants to access his account, he goes to the banks’ website and after going through the face recognition process, can access his account and perform the transaction.
Gaining Access To Face Recognition Biometric Technology
Financial institutes with the resources to build custom applications, biometrics provide software development kits (SDKs). They provide freedom to financial institutes to build a face recognition system that will be suitable for their requirements.
Biometric authentication also offers a cost-effective measure for banks and other financial institutes to incorporate face recognition technology into their work operations. The webcam solutions facilitate companies to run biometrics without having to install face recognition software. Baas provides banks a better way to have biometrics by not having to include custom solutions. Businesses can pay for face recognition on a monthly basis rather than paying up-front license fees.
Biometric Authentication – A challenge to Cyberattacks
It requires a long journey to fully eliminate fraudsters from the system. Till then businesses have to act responsibly and must take careful decisions to make their services non-corrupted. Face recognition incorporated into the system can ease companies to much extent. It not only halts fraudulent acts but also is reliable in serving the customers.
Businesses can only sustain themselves in the market by actively following rules designed for them. Relying on these efficient verification techniques is the need of the hour. It secures businesses their reputation and also saves them from facing harsh penalties in case of non-compliance.
The prevalence of fraudulent activities in the banks is unquestionable and unignorable. Perpetrators try their best to spoof the system whenever they can. This situation compelled businesses to go for a security measure like face recognition that can fight these crimes.
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