How Biometric Validation Helps the Banking Sector
May 21, 2019
With the advances and changes within mobile technology, businesses are looking to alternative validation options to ensure more secure processes are in place for their consumers.
The rise in identity fraud has increased 160% in the last 20 years, which seems an absurd increase, but with the risks of online fraud this doesn’t seem to be slowing down. It was shown that last year, 8 out of 10 identity theft cases took place online.
Introducing new mobile technologies into a business’ verification process can help to eliminate the risk of fraud from occurring, ensuring a safe and secure experience for consumers.
One way of doing this is via biometric validation, where during the onboarding or login process the consumer is asked to take a ‘selfie’ or scan their fingerprint using their mobile device to verify their identity.
In a survey carried out by Mastercard, 93% of consumers revealed that they prefer to use biometrics to log in to an account over a password, with 92% of banking professionals wanting to move their processes to biometric validation. These high percentages show that technology must be moving in the right direction, with businesses taking the correct measures to keep up-to-date with the changes – keeping their consumers at the forefront of their minds.
Validation isn’t just important to ensure that your consumers are truly who they say they are, but also to enhance the user experience.
Utilising automated methods of authentication, such as with biometric checks, will significantly enhance the user experience for your consumers, rather than utilising traditional manual methods which could see consumers waiting for over 24 hours to open a banking account.
Alleviate the need for passwords, automate and secure your verification processes and enhance your user experience with biometric validation, all whilst mitigating the risk of impersonation fraud.
How we can help
Innovation is the core of what we do here at Acuant.
Our biometric verification solution, BioMatch, allows businesses to alleviate the need for passwords for their consumers whilst automating the identity verification process.
When utilised alongside our other identity verification solutions, Acuant provide a complete 360 KYC solution for your business leveraging alternative data for automated and enhanced verification processes.
