While biometrics applications were devised to authorize the employees of an organization, the technology has extended its reach to industries, where this type of authorization is required for other users as well. Financial or transactional services industry is an example, where biometrics identification facilitates employees as well as the customers. Needless to say, the services like banking, e-commerce, credit cards and ATM requires sophisticated security measure and biometrics replaces all other options to achieve success.
Smart Cards to Replace Conventional Cards
Smart cards are the perfect instances of use of biometrics in financial services. While credit cards and ATM cards are difficult to protect from theft, smart cards are emerging as transaction mediums, which is of no use for a thief. As biometrics identification is required every time these cards are used, there is no scope of misuse by unauthorized users. Smart cards are magnificently changing the face of transaction based services.
Banking Industry in Safe Hands
Bank frauds are common occurrences, which can be practiced by the customers as well as the employees. To avoid these frauds, biometrics applications are being employed in this industry. Though, some issues and concerns have surfaced which address speed and accuracy of biometrics identification in banking industry, the constant abolition of these issues is in progress.
E-commerce Transactions Using Biometrics
Registering to the biometrics identification system of an online portal is a common scenario being adopted by more and more online shoppers. Biometric samples of a user are stored in these systems using different physical traits and used for matching every time the user wishes to make a purchase. Biometrics procedure has finally devised a path to get rid of online shopping frauds.
Biometrics in Insurance Industry
Biometrics in financial services finds other application in insurance industry, where loads of legal documents having customer’s signature are required to be protected from illegal duplication. Hence, digital signatures, facilitated by biometrics procedures are most eligible ways to maintain the integrity of these documents.
The usage of biometrics in financial services is still in its nascent stage. However, with participation of standard organizations in setting standards for biometric products, we can expect high paced evolution of biometrics in this industry.
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