Biometric recognition is seen trending across various industries such as finance, recruitment, telecommunication, medical, and others. Due to its robust solutions for fighting against the adverse effects of fraudulent activities, this technology market reached $42.9 billion in 2022. Simultaneously, fraudsters are making sophisticated efforts to bypass biometric authenticity checks and exploit industries for their personal gain.
Fraud risks not only leave businesses as well as their customers with financial losses of a fortune but also increase the chances of legal repercussions. Therefore, industries require to incorporate robust digital onboarding to safeguard their operations against criminal intentions. With facial verification and other biological analysis, businesses can cross-validate customers’ identities. This blog entails industry challenges and how biometric security solutions help combat them.
Use Cases of Biometric ID Solutions Across Various Industries
Biometric security systems increase client conversion rates while improving customer onboarding processes with more accuracy. Remote account opening, facial verification for digital payment authentication, cross-validating insurance claims, and screening customers across sanctions are other solutions to accelerate huge user base attainment.
As customers are demanding more convenience without having to compromise their privacy, it has become a liability for online industries to bring in efficient biometric screening solutions. These AI-powered services automate the onboarding process while reducing any friction customers may face due to complex identification checks.
Biometric ID verification services provide quicker access to online products as well as services. The customers only need to fill in their personal information, upload supporting documents, and attach real-time selfies. With robust AI-powered tools, the system analyzes facial features to minimize hassle for clients and help them skip lengthy verification scrutinies. More details regarding the application of biometric recognition technology are in the next section:
Recruitment Sector
Since the COVID pandemic took over, the recruitment industry underwent several backlashes ranging from employee layoffs to employment scams. However, these processes create various loopholes for fraudsters. They came up with strategies such as attracting global individuals by providing work-from-home opportunities, extra bonuses, and much more. This exposed the recruitment industry to various consequences including a loss of revenue, client drop-off, reputational damages, and decreased labor force.
Biometric screening solutions provide the recruitment industry with procedures that manual paper-based identification fell short on. With remote onboarding and facial verification, companies can not only improve data accuracy but onboard potential employees.
- Facial Feature Recognition for Trust Building
Human Resource (HR) managers in many companies rely on biometric security systems to onboard potential individuals. Where employees are more concerned with the authenticity and legal status of the firms, recruiters in return can gain their trust by incorporating a secure hiring mechanism. Facial features-based biometric recognition and liveness detection of employees can ensure their retention while keeping trust intact.
Healthcare Services Sector
The healthcare industry is facing a tremendous increase in fraud risks since telemedicine entered the sphere. With convenience-driving solutions such as patient digital onboarding, virtual check-ups, and online drug purchases, the chances of criminal threats are also increasing. By deploying prescription fraud, identity theft, and false insurance claims imposters apply for medical benefits they are not eligible for.
On the contrary, biometric recognition solutions help the healthcare sector to validate the identities of individuals prior to providing any medical help. Similarly, hospitals, pharmacies, and other affiliates should ensure that they are iterating with low-risk patients. AI-powered biometric screening services provide access to global records that further aid in cross-verifying individuals’ medical records.
- Replacing Password-Based Authentication with Facial Features
As fraudsters are getting sophisticated, simple passwords and log-in tactics are no longer sufficient to prevent cyber attempts. However, replacing traditional patient verification methods with biometric security Systems can help the healthcare sector combat malicious activities.
Facial feature verification further minimizes the need for manual interpretation and helps individuals access their medical records more easily. Hence, biometric user authentication is a sure way to upgrade medical services while limiting the onboarding of fraudsters.
Financial Industry
Banks and other financial businesses are subject to Anti-Money Laundering (AML) regulations such as FATF’s 40 Recommendations, EU’s AML Directives, and the Proceeds of Crime Act. As per the requirements, institutions need to perform identity verification, due diligence, and risk factor assessment of individuals prior to their registration.
- Real-Time Identification with Facial Verification
The sophisticated efforts put forth by criminals of today are way more challenging to detect. This requires service providers to bring in efficient biometric screening solutions or better fight malicious criminal intentions.
In the End
Manual identity verification methods are no more reliable and sufficient to combat present fraud risks. Time-consuming, lengthy, and complex onboarding processes are sure to drive the customers away exposing industries to reputational loss. Therefore, to attain low-risk employees, customers, and patients, respective industries require digital onboarding solutions. AI-powered biometric screening solutions are innovative ways for businesses to ensure tremendous growth while driving security for their clients.