The adoption of cloud storage has brought a significant rise in identity-targeted fraud. TransUnion’s latest quarterly analysis of global online fraud trends found since the COVID-19 pandemic began, fraud threats against businesses have increased by 46% and 1 in 3 consumers globally have recently been targeted by digital fraud. These statistics are alarming and calls for innovation and rapid adoption to state-of-the-art technology in order to combat fraud. Business leaders are tasked with the daily concern of enterprise security and focusing on cybersecurity alone is inadequate. A recent PWC survey indicates that internal fraud has increased to 52%. How can businesses secure their systems against malicious in-person attacks and digital fraud? Luckily, biometric authentication technology is available—this technology minimizes threats and gets rid of those pesky passwords that we have all grown tired of.
Biometric authentication technology for multi-factor authentication is rapidly becoming the gold standard when it comes to identity management and authentication. The technology can help companies enhance their password-free authentication solutions with mobile facial recognition, fingerprint verification, iris detection, voice recognition and palm recognition.
A short overview of biometric technology
The biometric technology industry is rapidly growing as businesses are embedding the authentication method into their software and products. Simply put, biometrics are a set of unique human characteristics that serve as an identifier (e.g facial, fingerprints, iris, etc). These of identifiers are unique, therefore no two individuals share can have the same matching biometric identifier. The technology matches these identifiers to the correct individuals then verifies the individual identified. In fact, many cellphones and mobile apps have incorporated facial or fingerprint recognition for added convenience for the consumer. Meaning, the average person is probably very familiar with this technology
How biometrics protects your business
No matter the business size or scope, biometric technology can be beneficial in improving accountability, automation, and employee onboarding, and can enable an option for touchless solutions. Lastly, the technology gives businesses and their customers the choice for biometric payments.
Biometric technology can be used to replace employee login information and streamlined into other work function for efficiency. Employers can monitor employee performance and activity with ease. Biometric technology integration can increase employee moral due to the decrease in employer oversight. Additionally, the technology minimizes security breaches, makes audits more efficient and decreases paperwork.
Time and attendance tracking
Biometrics can validate whether an employee is present at a given time and location. The advanced reporting capabilities provide HR professionals with employee-centric, time-centric, or location-centric reports on employee activity.
In the age of remote work, employers need to be able to effectively and accurately onboard new employees into their workforce. Biometric technology can allow for onboarding through facial recognition. This method not only expedites the on-boarding process, but it eliminates duplicate records which greatly reduces fraud.
With facial or iris recognition, you can offer touchless solutions to employees and customers. In our new normal, it’s imperative to be able to offer your employees and customers touchless solutions to keep them safe against COVID-19. Additionally, using touchless biometric authentication at access points in your building can eliminate unauthorized access and, in turn, increase security. Biometric technology eliminates the costs associated with lost access cards or forgotten passwords.
For businesses that offer consumer goods and services, biometric technology can be streamlined into your point-of-sale technology to make transactions more efficient. A biometric payment is a point of sale (POS) technology that uses biometric authentication to identify the user and authorize the deduction of funds from a bank account. The shopper registers for a biometric program at a store kiosk by presenting valid identification and bank account information. After registration, the shopper simply places their finger on the sensor and the comparison is done, authorizing the payment. Biometric payments are easy, secure, and significantly reduces fraud.
Consider implementing biometric technology
For businesses interested in implementing biometric technology; Aware’s Knomi® mobile biometric authentication framework is a good option. The framework uses mobile devices to conduct biometric enrollment and authentication. It provides secure and convenient facial and speaker recognition for mobile, multifactor authentication. The best part is that the Knomi® framework can be incorporated into the existing technology you have in place. There is no need to rip and replace.
Interested in implementing biometric technology in your day-to-day business functionality? Please visit our website for more information about Knomi®, or contact us below.