Identity Theft Protection: Biometrics have become a savior against the rising problem of identity theft in recent years. They prevent criminals from misusing identities for access accounts, replicating identities for migration, or other purposes.
Identity theft has become a serious concern. In 2022, 286,890 cases of it were reported to the Federal Trade Commission (FTC) by people between the ages of 30 and 39. There were also 212,729 cases filed by people in the age group of 40 to 49.
The number of cases is staggeringly increasing every year. It has also become a severe issue for organizations across the globe as the risk associated with identity theft is enormous, from financial loss to compliance fines to damaged reputation.
Biometrics is aiding the fight against this problem with its unique advantages while enhancing the user experience. Today, we will look closely at how this is happening across the globe.
Table of Contents
3 Powerful Ways Biometrics Elevate Identity Theft Protection
Unique Identitification
Biometrics are not like passwords or PINs that can easily be replicated. They are unique to an individual, which makes it highly challenging for anyone to copy them to access accounts or other purposes.
Moreover, biometrics are incorporated with liveness detection. In that case, biometrics are even less prone to replication, as the system can easily detect whether the person is alive or if any attempt of tampering/spoofing is being made.
They are defined by the individual’s biological and behavioral characteristics. So they cannot be stolen or guessed. In short, biometrics are a passwordless authentication mode that eliminates the risk of identity theft by involving unique patterns limited to a person.
Must Read: Why Is Biometric Identity Verification More Secure & Safer Than Passwords?
Encrypted Data
Biometric data like face or fingerprint patterns are stored in an encrypted format. The information is transformed into a code that can only be accessed with the correct decryption key. The encrypted data is unusable by unauthorized users and, therefore, is useless in case of a data breach.
Data encryption is a vital part of the process, as it preserves the data integrity by resolving the risk of tampering or alteration. It also enhances data confidentiality by granting access to only authorized users. So, biometric data is unlike passwords or PINs, which can be easily changed or reset.
Localized Biometric Data Processing
As biometric technology has enhanced, the demand for securing it has become even more critical. Keeping this thought in mind, switching from a cloud-based or external server to information on a local device like a smartphone or tablet has become relatively common.
The same is true with biometric systems being used for attendance or access. The user’s biometric data is regularly stored on either the user’s device or a centralized device issued and managed by the organization’s stakeholders.
By doing so, the security is enhanced, and hacking attempts are prevented, a common issue faced by networked or centralized data storage systems.
Conclusion
Identity theft is a common problem in the modern world and requires a secure method of authentication that eliminates this risk to individuals and organizations. Biometrics have become a savior against this potential growth threat and have resolved the commonly faced associated issues, such as financial loss, damaged reputation, compliance fines, etc.
Moreover, biometrics even enhance the end user’s convenience by removing the need for specialized hardware or dependency on cloud/network-based systems. They even heighten security as they are passwordless authentication methods, and are non-vulnerable to the risk of being stolen or replicated.
Connect with us to implement a biometric or Digital Identity Solution at your enterprise and enhance the security of the users. Book a demo to learn more about the biometric authentication methods we provide to global enterprises to upscale their business productivity and streamline access control.