According to the 2018 survey, biometric solutions are generating market revenue of about $21.8 billion. Since the usage of the internet is increasing, it has also invited many fraudsters for digital scams like identity theft, phishing frauds, credit card frauds, and many others. In this era, it is more important than ever to verify people. Biometric verification, especially facial recognition, is being widely deployed for this purpose. Face verification technology is fostering many sectors, including education, healthcare, financial institutes, ride-sharing apps, etc. This technology verifies the identity of a person with accuracy. Face verification technology is even hard to fool due to the unique features of faces everyone has.
Biometric verification, including face recognition, iris scan, fingerprints, and palm recognition is being widely used in the corporate sector for security and ID verification purposes. The booming usage of facial recognition technology is streamlining the identity verification process, and it is also more accurate than other forms of biometrics. A survey shows that 67% of people are comfortable with biometric verification, which is expected to increase in the coming years. If on one side, biometric authentication is introducing high-level security; on the other hand, it is convenient for the public to authenticate themselves without spending a considerable amount of time on manual verification processes. Biometric verification is being widely used in different sectors to mitigate the risk of fraudulent activities.
Biometric Verification Bringing Ease to Life
Biometric verification provides ease in the identification and verification of a person. Based on the unique physical features and patterns, a person is verified. These physical features include not only fingerprint scanning but also iris scanning, retina scanning, voice waves, and face recognition technique to verify facial features. Biometric verification is introducing innovation in the verification and authentication of a person’s identity. These authentication reforms are ensuring security and reliability in the verification process. Also, for an organization, biometric authentication is eliminating manual identity verification and increasing productivity. Multiple industries are using biometric technology in their system and verify the customers based on their unique biological traits.
Biometric Technology Enhancing Security
The face verification tool works fine with existing installed security software. It is excellent for business as it cuts the cost of the installation of new software. The business won’t be needing to spend extra time and money to redevelop any additional software. So this technology has a smooth integration process.
Now, the success level of facial recognition technology is higher than before. 3D facial recognition technology has made the identification process more reliable, incredibly accurate, and showing great results. It is challenging to fool such a system.
This technology is being widely used by many for verification purposes. It is verily to assist human beings in all possible ways. Even the privacy concern related to this technology fails to stop the tide. Its use is clamping up for various purposes making its market grow considerably. This seems to be the only viable solution for identity verification to mitigate fraud. Biometric verification also ensures accuracy as there is no way to fool the system. In this digital age, online businesses need to adopt fraud prevention measures, and biometric is a viable solution.