How Biometrics is shifting consumer behaviors and help consumers build their identity and stay safe,
With the addition of biometrics, companies, banks and most of the leading organisations have even more choices to create identity for thier customers and protect their customers from fraud threats
Biometrics are key to the future of identity and special for banking and retail. Biometrics are one of the leading innovation areas and come in many forms. In fact, anything that is an intrinsic characteristic of a person can be used for biometric authentication tech. This includes face recognition, fingerprint, iris pattern, voice, hand vein pattern, finger vein pattern, and even face – among others. And all these forms of innovation biometrics are not equally appealing to consumers but are critical for things to move and as the world economy gets digitalised.
Advancements in technology and software have introduced new possibilities in the security and surveillance world over the past few years. Biometric innovation has, in particular, had a significant impact on cyber security practices right across the world.
Biometric authentication methods are far from new, but they’ve become more accessible and affordable in recent times. There are now devices that can recognise fingerprints, palm veins, faces, DNA, hand geometry, retinas and even odours for identification and access control purposes.
Tech giants such as Apple and Samsung have long integrated this technology into their devices, while biometrics are making big waves in contexts like security, surveillance, border control personal finance and healthcare. Often, they speed up previously complex and timely security processes, which is why they’ve become so popular.
But while many have called biometrics ground breaking in the security space, others have been less positive. Some people have questioned if they’re safe at all, while others have suggested that they won’t last. So the question is, are biometrics really the future of security and surveillance?
Consumers and users are open for biometrics and like some biometrics more than others.
Users like biometric tech special those that are discreet, and those they are most familiar with. At the top of Europeans’ wish-list is fingerprint authentication for payment. This is seen as both easy to use and secure. In fact, most European consumers (81%) see fingerprint recognition as a secure biometric authentication method, and more than half (53%) prefer this to any other biometric authentication method for payment. 73% of Europeans are as comfortable with fingerprint authentication as they are with PINs.
But different consumers want different things in different situations. Fingerprint authentication is followed closely by iris scanning, with 76% of consumers finding it secure. 15% of European consumers feel comfortable with facial recognition; only 12% are comfortable with voice recognition.
According to a study by Visa conducted last year on over 14,000 respondents spread over seven European countries biometrics will pay a bigger role in anything related with consumer data protection and data management. According to the study, nearly three-quarters of Europeans (73%) see the use of biometrics in two-factor authentication as a secure way to verify the identity of an account holder. Moreover, more than two-thirds of them (68%) actually want to use biometrics to confirm their identity when paying.
Most of retail players and fintech firms and banks that are still hesitant may rest assured: according to the same study, customers do actually trust their banks – and in fact see them as the most trusted institution to provide biometric payment services and to hold their biometric data.
Companies and banks that neglect to offer biometric authentication may see their customers leave in significant numbers. The same study also reveals how 37% of European men are likely to switch away from banks that do not offer a biometric form of payment. Women appear to be partially more loyal, with the figure at 29%.
Fraud is moving at such a fast pace and companies need more than one perfect solution to stay protected. In order to protect customers from fraud, companies need choice. Experian is now giving customers even more options by offering biometrics through their CrossCore platform.
“Biometrics is an extremely important part of a layered approach to fraud and a great addition to the CrossCore platform because it gives users the ability to recognize good customers in a frictionless way,” said David Britton, Global Vice President, Industry Solutions, Fraud and Identity at Experian. “We designed CrossCore to catch fraud faster, improve compliance and enhance the customer experience and biometrics helps us achieve just that.”
Biometrics is the measurement and statistical analysis of physical and behavioral characteristics.
It allows companies to identify who you are and if you really are who you say you are behind the scenes in a less obtrusive way. Physical biometrics uses human characteristics such as voice and retina to gain access to a system regardless of device or location. Behavioural biometrics uses characteristics unique to a person such as voice analytics and keystroke and mouse dynamics. With this, companies can identify fraudsters behind the scenes without any extra action required of the consumer. Experian is offering these type of solutions through their CrossCore platform by partnering with companies such as BioCatch, Daon, and NuData.
CrossCore supports a layered approach to managing risk, allowing companies to connect multiple disparate services through a common access point. Partners offer value-added services – like biometrics – alongside existing Experian fraud and identity solutions. Clients can choose the services they want, when they want them, to dial in the right confidence level for each and every transaction — and they can do it with the click of a button.
So going forward the challenge is not so much how Biometrics is shifting consumer behaviours and help consumers build their identity and stay safe but who will be leading this and manage this properly.