Biometrics as an industry has seen a huge growth over the last few years. The global biometric market is estimated to reach $82.8 billion by 2021, according to research from Global Industry Analysts. That’s a 19.3% annual growth rate from 2020 (source). If you use FaceID or your fingerprint to log into your bank account or unlock your phone, you’re already familiar with the applications of biometric technology. This method of authentication enables your device to verify your identity through your biological traits and to compare them against previous versions stored as a template.
Biometrics is not an industry without criticism, and certainly one that requires more scrutiny. Biometrics often poses questions about data collection, racial bias, government surveillance, and a host of other (mostly) unjustified worries.
Here are some commonly asked questions that help you understand biometrics and identity verification.
Biometrics are behavioral or physical characteristics that enable digital systems to identify whether a person is allowed access to particular devices, systems, or data. Biometric identifiers include facial patterns, fingerprints, voice intonation, and typing cadence. You can learn more about biometrics and why you should use it to verify identities in this article.
From facial recognition to fingerprint scanning, over 75% of consumers in the U.S. have used or are currently using some kind of biometric technology. This percentage speaks to the large number of businesses that are incorporating biometric technology into their security systems. For instance, Apple normalized the use of FaceID with the iPhone X, and Barclays introduced a finger vein scanner to verify user identity.
With biometrics, organizations keep sensitive data secure by ensuring that only authorized users can access it. Your biometrics system will improve your enterprise’s security greatly and keep cyber criminals out.
We typically think of banking, financial institutions, or government organizations as having the biggest need for biometrics, but there are plenty of other evolving industries that can see benefits.
For more details about implementing biometrics in different industries, check out this page.
Managing a whole firm’s identity is a costly, time-consuming undertaking. However, an effective IDaaS system secures your applications and data without a hitch. Using a dedicated biometrics system allows your organization to enjoy the following advantages:
The priority for any organization is keeping sensitive data safe from fraud and cybercriminals. Failure to keep your clients’ and employees’ personal information safe could translate into tangible legal and financial consequences.
On average, a data breach in the U.S. in 2020 costs $3.92 million to fix. These costs include reparations to clients whose data has been exposed and settlements with institutions such as the FTC and the CFPB.
Data breaches aren’t just financially expensive—they also cost your organization its reputation. Building a client base and gaining buyers’ trust takes a lot of time and effort. The risk of a data breach threatens to undo years of hard work.
Therefore, your organization has to ensure that you protect sensitive records. With biometrics, you ensure that your clients’ information is used in compliance with laws and the highest ethical standards.
Biometrics manages digital identities to ensure that your employees and clients access the resources that they’re authorized for. Biometric recognition allows your system’s users to save a significant amount of time by sidestepping any manual processes, including changing usernames and passwords.
By eliminating manual processes, you greatly enhance the system users’ overall experience. Your clients and employees both benefit from the streamlined access permission that biometrics provides.
IDaaS solutions—including biometrics—were developed for use in cloud-based environments. Some businesses prefer on-premises systems to the cloud, but these cost significantly more to maintain and manage. You must purchase software licenses, check integration capabilities, obtain in-house server hardware, and employ round-the-clock I.T. specialists to troubleshoot issues.
On the other hand, cloud systems are already configured, and they quickly and easily integrate into your legacy technology. Once you subscribe to a cloud environment and choose an IDaaS provider, you instantly set up biometrics for employees without capital expenditure, integration costs, or I.T. specialists. If your biometrics system undergoes any issues, your IDaaS provider supplies you with the technical support you need.
Biometric technology is secure, and radically enhances enterprise security due to its relatively friction-free user authentication. It enables businesses to carry out routine operations with fewer hassles and a higher level of protection. You unlock devices, computers, and security doors with a fingerprint or iris scan instantly, as long as you’re eligible to gain access to the particular system.
Every organization has important data that they strive to keep safe from cybercriminals and identity thieves. If your organization uses a cloud-based system, you’ll require an IDaaS system and biometrics to ensure your data’s security.
These days, password protection doesn’t give you the security you need against sophisticated cyber attacks. Manual systems threaten to compromise the security of your company’s data and the privacy of your clients’ private information. Here are just a few other concerns your organization may have about biometric technology.
This is a huge topic of conversation, and we’ll touch on this in later articles, but it’s important to point out that it does exist. In Gartner’s most recent Market Guide for Identity Proofing and Affirmation, they stated that “An increased awareness of bias in machine-learning-based systems reveals that the facial recognition algorithms used in an important class of identity-proofing products have demonstrated demographic bias in their performance”.
In a report released by the Biometrics Institute, “public opinion had a direct influence in where policy was headed with a number of U.S. cities limiting biometrics use on the public; however, biometric technologies were still deployed for activities that raise ethical concerns, such as mass surveillance in China.” Many are concerned with privacy, ethics, and data protection on sensitive information, but a lot of these worries are construed from misinformation about biometrics.
An identity-based biometric solution incorporates multiple authentication and verification measures to secure your system against identity theft and cyber-attacks. These include:
An end-to-end biometric solution ensures hassle-free, touchless interactions for your employees and clients. An effective end-to-end solution should include the following:
An effective verification system has the following capabilities:
Individuals and businesses alike are rapidly embracing the convenience and security that biometric authentication and identity verification offer.
IDmission’s end-to-end solutions incorporate facial, voice, and iris recognition, fingerprinting signature verification, and OCR technology for a truly comprehensive biometric solution. Our AI-powered machine learning and multifactor fraud devices put us at the forefront of biometric solutions for financial services, government departments, and hospitality providers.
Connect with IDmission today to eliminate fraud and identity theft risks, and to enhance your customers’ experience.