Biometrics – Future of Consumer Security in the Digital Environment
Welcome to our 4-part blog series on Giving the Finger to Fraud. In this second post, David Orme, SVP of Sales and Marketing at IDEX Biometrics looks at the future of consumer security in the digital environment. Our previous post in Giving the Finger to Fraud looked at how we can fight fraudsters with Biometric Identification.
Identity theft is one of the biggest security concerns of millennial consumers and the picture is likely to get murkier if imminent steps are not taken to prevent this. Millions and millions of consumers are dependent on various payment methods to streamline their purchasing in exchange for their personal and financial information. This has led to the exposure of confidential data on the digital landscape resulting in continued breaches of privacy standards.
Even changing a PIN more often does not rule out chances of privacy violations since cybercrime has now reached an exponential high with a significant increase in skilled hackers. They are working day in and out to uncover user credentials saved online.
Fighting Cyber Menace with Biometrics
Biometric identification systems can play a key role in curbing this digital jeopardy and protecting the identity of consumers effectively. It is a highly secured personal verification system which has already spurred a revolution in consumer security. It generally leverages fingerprint sensor technology that involves real-time fingerprint detection of the consumer every time they make a transaction. Countries across the globe are adopting biometric security systems for fostering accurate and secured personal identification of both online and offline consumer transactions.
How Biometrics can change the picture?
Now that we’ve seen biometric identification can be the ultimate security solution for both the online and offline transactions, let’s find out how it has the capacity to corner the market of security systems.
- Biometric identification, such as a fingerprint, is unique and cannot be replicated without the presence of the individual concerned. Their biometrics do not change even as they age.
- It rules out the risky practice of using PINs which is not only vulnerable to the prying eyes of hackers but also the inconvenience of hacking. Even changing a PIN over and over again might lead to a number of issues. Biometric identification is a hassle-free system where a simple finger-press will provide the authentication required.
- Biometric identification assures strong identification accountability which cannot be transferred and takes just a few seconds of the user’s time.
- It is far more cost-effective than most other security systems available due to low maintenance costs and the ability to easily implement in card security systems.
From government identification to medical practices, an extensive array of sectors worldwide are gradually acknowledging the use of biometric identification systems for promoting consumer security. It’s time we adapt to this enterprise-level security system and incorporate it for payment transactions to fight the challenges of ongoing card fraud.
Our previous post in Giving the Finger to Fraud looked at how we can fight fraudsters with Biometric Identification. Our next post will look at the increasing demand for biometric security.