Facial Biometrics In The Banking Industry
Biometrics continues conquering the world helping businesses improve their services along with saving money. So it’s reasonable that financial institutions become to integrate the technology into their services. Read on to learn how users’ faces replace passwords and IDs, why it is good and how exactly biometrics will hold money in our accounts.
4 key benefits of using neural-biometrics
When it comes to using technology in the banking sector, it’s all about striking a balance between convenience and security. Facial biometrics is the precisely right solution to meet both requirements. It is convenient for banks and their customers for the following reasons:
- It is generally dependent on a single action of biometric scanning, rather than having to input a long and complex password (it really has to be long and complex to be safe).
- Forging biometric features is much harder and expensive than other fraud methods. By the way, forging someone’s face is not enough as hackers also have to override anti-spoofing systems that reduce the likelihood of success.
- Facial biometrics improves service and reduces the time spent on it. It also increases the accessibility of banking services by making all interactions remote.
- Integration facial biometrics does not imply extra spendings on hardware because usual cameras in branches can be used as well as clients’ smartphones.
Using facial biometrics in financial institutions is not only convenient but safe as well. Read on to learn, why the client’s face protects bank account better than the most complex password.
How facial biometrics combats fraud
The most important feature of using facial biometrics is increasing the security level. People lose billions of dollars because of stolen passwords and identity frauds. And here is when facial biometrics comes in.
- It replaces passwords with the user’s face making the loss impossible.
- It prevents identity fraud due to liveness detection.
- It also impedes the creation of fake accounts and drawing credit using someone else’s document.
- It protects banks from insider fraud by establishing secure employee authentication.
If you’d like to know more on neural-biometrics reliability check this article to clarify the core features of Svort and its principal advantages in comparison with other solutions.
4 ways to employ facial biometrics in the banking sector
There are many ways neural-biometrics can be used in banking opening new vistas for the industry, let’s address the principal ones.
Remote verification
Verification is the process of recognizing whether a person is really that one he/she pretends to be. It is essential for the banking sector due to being included in many processes:
- opening an account in a bank;
- drawing a credit;
- withdrawals;
- other financial activities; etc.
Until recently people have to be physically present in a bank branch and bring their passports or other documents to be verified. With the advent of facial biometrics, verification became more convenient and simple. Now to be verified a user just has to possess a smartphone with a camera. Here you can know more on how Svort remote verification works.
Employing remote verification comes in handy not only for routine operations but also reduces frauds of the bank’s manager and client collusion to draw credit using someone else’s document. The document’s owner is protected reliably as he is the only person who is able to pass verification to perform some action that implies confirming identity. It is possible due to the liveness detection system that prevents spoofing attacks employing photos, videos, and masks. Here you can learn in detail how liveness detection performs.
Passwordless access
Svort neural-biometrics provides both customers and employees with passwordless access to the bank’s application and internal services. Using a password is not secure enough as billions of them are already exposed online and leaks won’t stop. Replacing traditional authentication methods with passwordless access through biometrics significantly increases data security as forging an identity for passing Svort is highly unlikely. No stranger would get access to private data even if he possesses the password as he is also required to pass the liveness detection challenge along with using biometrics. Here it is a detailed explanation on how passwordless access within authentication works.
Multi-factor authentication
MFA has become routine in enterprises since the importance of cybersecurity architecture had been recognized. Now there are 2 ways to employ MFA: to use U2F tokens or one-time codes (OTPs). The first is inconvenient and the second is insecure, so there is the raising need in a multi-factor authentication method that is both convenient and reliable.
Using biometric authentication as the additional security factor essentially reduces the probability of successful hacking accounts due to the multi-layered protection. Firstly hackers have to compromise the password, then to obtain biometric data, and finally to pass authentication with this biometric data that is impossible due to the liveness detection system. This multi-layered structure is impenetrable and impassable for perpetrators.
Another feature of biometrics within MFA is the absence of a database that can be useful for hackers. No sensitive data like facial images are stored or transferred. Only neural networks trained to recognize users are stored and processed on the customer’s servers. These networks are depersonalized and anonymous as they do not contain any data on users. So even if a bank’s cybersecurity architecture is hacked such networks won’t come in handy for hackers as it is impossible to clarify some person’s face features (like eyes color, face geometry, etc.) using it.
You Are The Key, of a face instead of all other means of access
The integration of Svort neural-biometrics into existing security infrastructure means replacing keys, cards, and all other means of access by face. Employees can get safe access to their workspaces and internal services, and customers can be authenticated in the bank’s application, request for a loan and perform all types of operations remotely.
Even bankcards can be removed since the face is the only needed tool to get withdrawal in ATM or pay at counters. Another exciting thing on employing biometrics is that it does not require special hardware. Regular video surveillance systems can be used along with webcams on desktops or smartphones equipped with a camera.
Biometrics relieves the burden on bank branches, speeds up the time of customer service along with increasing their loyalty and cut expenses through optimization of internal business processes, let alone significantly increasing the security. Drop us a line to clarify what value Svort can place to your business.