Why is there an Increasing Demand for Biometric Security?
Welcome to our 4-part blog series on Giving the Finger to Fraud. In this third post, David Orme, SVP of Sales and Marketing at IDEX Biometrics looks at why is there an increasing demand for biometric security. Our previous post in Giving the Finger to Fraud looked at the future of consumer security in the digital environment.
With the sweeping changes in technological capabilities, tech-fraudsters are buckling down to outmanoeuvre their own unethical hacks making way for more and more identity theft cases across the world. Biometric identification technology can be easily affirmed as one of the silver bullets to assure customer security which is rapidly gaining traction in most business sectors. How? Let’s find out.
What is biometric security?.
Biometric security is an instant identification mechanism underpinned by an individual’s physical attribute. Presently, it is considered to be the most foolproof security measure to fight the menace of identity theft of both online and offline customers since the technique is unique and personal to an individual who cannot be replicated.
Why are card providers and financial institutions switching to biometric identification systems?
It is a known fact that banks and financial companies are always targeted by fraudsters and cyber scammers. Nowadays, forging a customer’s identity and getting access to their confidential credentials has become a simple task for highly-skilled imposters.
With biometric technology, it is almost impossible to clone an individual’s unique identity. The market for biometric cards is, therefore, rapidly gaining grounds and is being adopted by many industry-leading card providers and financial institutions. It is a cost-effective solution ensuring high-end payment security and customer assurance.
How can biometric technology providers change the picture?
Biometric technology, such as the finger-print sensor, could significantly reduce card-present and card-not-present fraud. Market leaders, such as IDEX Biometrics, are offering capacitive off-chip fingerprint solutions and are ready to supply the market and launch contact-based solutions as customer trials complete in multiple demographics. Their advanced fingerprint identification and authentication mechanism has cornered the market of payment security and has allowed IDEX to significantly progress in solidifying its leadership position in the market for biometric cards.
IDEX’s sensor for dual-interface cards is ready for commercial mass market adoption. IDEX’s dual-interface card solution is expected to have an accelerated path to market adoption, as a result of extensive learnings from sensor contact-based cards. They have already partnered with best-in-class blue-chip companies and their off-chip sensor and ASIC are especially well suited for integration into biometric cards. Featured with a card system that is uniquely bendable, their simplified architecture reduces the number of components, cost and complexity of the solution.
Click here to learn more about biometric technology solutions.
Our previous post in Giving the Finger to Fraud looked at the future of consumer security in the digital environment. Our final post in the series will reveal facts and statistics on card fraud.