One of the worst things that could happen to your business is for it to fall victim to thieves. Fraudsters, scammers, and hackers operate in the dark to get into your computer networks, where a great deal of data is at the risk of being used for illegal activities like identity theft and fraud.
A growing number of financial services are implementing biometrics to help stop crooks from stealing the financial and personal information of your company and those of your customers. Curious to see how this solution can help mitigate risk for your organization? Let’s take a closer look at how this advanced technology works.
Specifically, a biometric identity management system has several applications that can protect your system from intruders, as you’ll learn in this post.
How Does Biometric Cybersecurity Work?
Biometric identity verification takes the biometrics or biological measurements—unique physical characteristics of an individual—and uses them to authenticate that person’s identity. A biometric cybersecurity system hinges on the principle that no two people have the same biological characteristics, making biometrics a reliable tool for identity verification.
The most common type of biometric technology is fingerprint scanning, which many users opt for when locking and unlocking their phone or tablet. Other examples include facial recognition and retina scans. Researchers suggest that even behavioral traits like how someone talks can identify someone via voice biometrics.
Ways Biometric Cybersecurity Helps Prevent Fraud
In business, advanced biometrics can be incorporated to strengthen the security of computer networks. Employees, customers, members, or other end users need to go through biometric authentication to verify their identity before accessing files or initiating transactions within the system. This measure eliminates the chances of an unauthorized party entering the network to commit fraud and other identity-related crimes.
Here’s a lowdown on the value of biometrics for the security of your business.
Improves the authentication process
As mentioned, the biometric data for every person is unique. Unlike passwords or keys—whether physical or digital—biometric identifiers are cannot be forgotten, lost, or easily copied.
Once you’ve obtained, mapped, and stored biometric data, a user attempting to log into your system only has to do a biometric scan—no password or key needed—to verify their identity. That’s because the server that stores biometric data can compare and analyze if the user’s biometrics matches the saved data. Once the match is established, the user can gain access right there and then.
Makes payments more secure and successful
Whether you have a mobile app or a website, you can integrate a biometric cybersecurity system into it to enable customers to access their accounts, buy a product or service and pay for their purchase digitally.
They no longer have to submit their bank or credit card information to authorize the payment over the web where cybercriminals can get a hold of their personal data, nor do they have to carry around cash when shopping at your brick-and-mortar store. Either way, biometrics helps you avoid potential liabilities due to ineffective payment authentication systems.
Protects a person’s identity
Customers expect businesses to go all out on protecting their identity and privacy. So, when they provide you with their personal information, they want assurance that you’ll guard it with fool-proof security, so they don’t become a data breach statistic.
Here, biometrics ticks that box since the technology converts data into special codes that need to be analyzed to determine patterns or behaviors unique to an individual. The encryption techniques in biometrics make it extremely difficult for unscrupulous fraudsters to replicate your customers’ biometric data and pretend to be that person to obtain assets illegally.
Allows movement of authorized personnel
Your business facility is likely where you keep your company’s valuable resources. These include documents, devices, equipment, electronic files, intranet and extranet portals, servers, and just about anything that contains your company’s data and those of your customers.
You want to ensure that only employees with the right level of access can view and manage data from such resources. Since biometrics entails submitting physical and behavioral identifiers, unauthorized employees will be detected and rejected by the system, even if accessed remotely. You’re then able to maintain the integrity of your data.
Keeps sensitive information safe
Biometric cybersecurity can be applied across industries, whether you’re in fintech, retail, or healthcare. You can use it to prevent someone from manipulating another person’s financial or medical records since any changes will have to be authorized by the rightful owner through biometric authentication. That makes biometric solutions helpful in denying fund transfer requests or insurance claims from dubious accounts.
Aids in employee background checks
Unlike personal information like birth dates, email credentials, home addresses, and other similar details, biometrics cannot be altered to cover up a bad record. You don’t have to worry about leaving your business in the care of people you can’t trust.
Prevent Fraud Through Biometric Verification
Your company’s defense against fraud can very well rely on biometrics. Considering the amount of sensitive information and finances you handle in running your business, you must utilize biometrics to strengthen your security measures to prevent fraud.
At Q5id, we integrate biometric technologies for identity authentication to protect your business’ security and stability. Contact us to know more about our identity security solutions.