Biometrics at the banking sector

 eSSL Security

 

The main priority of every bank is to provide a safe and secure environment for their clients to perform online banking transactions. So far, the use of biometric authentication is not widespread in the banking sector, especially in many advanced countries. They use PINs, tokens and signatures as authentication measures for clients to access their accounts and other banking services. 

There are factors to consider before banks adopt biometric technology. Banks require a system that enables growth, manages cost and controls risk. Positive identification of employees and customers is a critical requirement for delivering on these success factors. Using biometrics can prevent crimes like Internet fraud, money laundering, and identity theft.

Installing biometric support within the core banking system, will enable banks to relate customers to their biometrics and validate the identity of a customer across multiple channels like in-branch, online and ATM Banking by enrolling customers’ biometrics at the time of account setup, loan application or at the time of cash withdrawal transaction and making it easier for customers to take full advantage of the bank’s offerings.

Biometric identification of employees secures access to applications and customer data.  This reduces the possibility of security breaches which can cost financial institutions millions of dollars and generate negative press. The main reasons for having a biometric authentication is that biometrics are traits of a person which can be hardly copied or shared thereby it becomes very difficult to forge the identity of a person and even can be recovered easily in case if it is lost.