As of today, the majority of businesses, either big or small, are looking for improved biometric screening solutions. This is so to counter fraud at one step and ensure regulatory compliance on the other. However, criminals’ intentions may not add to this particular phenomenon. And getting technologically equipped is placing industries’ reputations at stake. The rise in identity theft is prominent evidence in this perspective.
On the contrary, companies are putting efforts to incorporate biometric screening services to authentically verify customers. These ensure that no imposter is registering on the business sites. Biometric security systems collect the biological and behavioral traits of customers, ultimately providing an additional layer of verification security. As per Statista, biometric recognition is expected to grow by over $68.6 billion by 2025. This is because the industries are adopting digital means to combat criminal activities. This blog covers the major use cases and industries benefiting from biometric verification solutions.
Global Industrial Use Cases of Digital Biometric Screening
The use of digital biometric screening services is massively increasing as businesses are mandated to verify their customers. While keeping in view the massively growing criminal concerns, the central authorities have revamped the regulations with strict recommendations. Therefore, sectors like finance, healthcare, travel, law enforcement, and IT are incorporating biometrics to ensure safety and a better customer experience.
Biometrics are proven to be the guarding force behind industries’ verification process and evident from Shufti Pro Funding, it is gaining enough trust. The Olympic and Paralympic Games of 2020 that happened in Tokyo pioneered facial recognition – a type in the biometric security category. It further has the following benefits for industries to reap:
- It ensures accuracy and authenticity
- Biometrics help businesses counter criminals risks and prevent them in time
- It is cost-effective and helps businesses save resources
- The process is user-friendly and quick
- Biometric authentication is hard to dodge as is powered by artificial intelligence (AI) and machine learning (ML) technology
- Digital biometrics is less consuming and ensures customers stay and register while minimizing the chances of abandoning.
Moving on, the global industrial use cases are enlisted below:
Finance Sector – Mitigating Money Laundering and Terrorism Financing
The financial sector is the most exposed to criminal-based risks. They handle transactions, keep track of funds, and handle other financial operations. Criminals not only fake identities to avail benefits but also steal funds. However, by incorporating digital biometric ID verification, banks, and other financial businesses can restrict fraudulent transactions as well as keep the information secure. This way they can ensure KYC and AML regulatory compliance.
Medical and Healthcare Sector – Onboarding the Legit Patients
As per the stats by various studies, the medical and healthcare sector is also using biometrics to help doctors, paramedical staff, and other affiliates. This way they can maintain up-to-date patient records and ensure that the medical treatment is given to the right patient. Moreover, medical centers, hospitals, and most importantly pharmacies mitigate fake ids, inaccurate treatments, and insurance and prescription frauds.
Travel Industry – Ensuring Safe Travels
After integrating biometric screening, the travel industry is also actively coping with the criminal risks. Moreover, it has streamlined the verification process alongside passengers’ boarding. The facial, retina, and DNA scans at kiosks identify the travelers in minimal time while providing accuracy. Moreover, the government has started issuing biometric passports which have minimized the hassle. Travelers simply show their documents, scan their faces, and are good to go. These lead to a quicker and seamless traveling experience.
Law Enforcing Agencies – Restricting Criminals at the Bay
As technological advancements are taking over, central authorities are putting innovation in line to protect the general public and ensure long-term threat prevention. For this, they are issuing biometric chip-based identity cards to verify customers and individuals in an instance. Furthermore, this way they can identify high or low-profile criminals in a crowd without having to put in extra physical effort.
Likewise, there are surveillance systems in almost every area that not only record the video but also provide real-time monitoring. If criminals manage to fake documents or even wear 2D or 3D masks, they can be identified through an encrypted biometric security system through a retina scan.
IT Industry – Guarding the Devices with Improved Services
Considering the information technology industry, devices are embedded with biometric ID scanning that helps customers unlock their devices. Not just this they can add the layer to protect their data from external breaches. Several businesses are incorporating biometric sign-in to ensure they are assisting legit customers.
The Way Forward
Biometric screening is revolutionizing mainly because it is helping various sectors to efficiently and accurately verify customers. As Shufti Pro News highlights biometric security systems are backed by AI and ML technology that is less prone to threats. Hence, sectors are innovating their processes by using digital biometric recognition.
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