The use of biometrics to authenticate into devices and accounts has been increasing over recent years. This is due to people’s transition to the virtual world, utilizing digital platforms to conduct their day-to-day activities, including processing banking and other financial transactions.
With the surge in online shopping and remote financial activities, fraud is also on the rise. Passwords are no longer effective at keeping malicious actors at bay as they take advantage of weak password practices and use sophisticated methods to breach networks and hack accounts.
Thus, businesses, particularly those in the financial industry, need to employ stringent electronic Know Your Customer (eKYC) portals. Furthermore, they also need to utilize modern identity proofing solutions that use biometric technology to strengthen their cybersecurity system and hamper fraudulent individuals from circumventing their systems and conducting their illegal activities.
Organizations can leverage identity authentication solutions compliant with FIDO 2.0 standards. FIDO authentication solutions utilize biometrics and mobile technology for more seamless authentication. FIDO2 key cannot be easily stolen or circumvented. These cryptographic login credentials can often not be unlocked without a second factor or device-based authentication, such as a swipe pattern or a PIN code, or biometric authentication using the device’s built-in fingerprint scanner or camera.
Modern biometric technology has played a crucial role in the cybersecurity protocols of organizations in 2020. When the COVID-19 pandemic broke out, people became more dependent on remote services to acquire products and services within the comforts of their homes. The shift in the use of digital services challenged enterprises to improve their system’s security and provide a better user experience.
Although biometric technology is on the rise in this modern era, the concept of using biometrics for identification is hardly new. The use of biometrics for identification purposes was established in the 1800s, with people using fingerprints to sign contracts and identify criminals. Consequently, the evolution of biometric technology started when scientists studied the physiological characteristics of acoustic speech and phonic sounds in the 1960s.
For more information about the history of biometric technology, see this infographic from LoginID.