Banking on Biometrics – Top Trends that will Blow Your Mind in 2021

Banking on Biometrics – Top Trends that will Blow Your Mind in 2021

Verifying users’ identities with biometric features like face, fingerprints, iris, voice, and retina to ensure the legitimacy of individuals has been trending for a while now. From attendance marking to identity verification, biometric verification has marked its importance in the digital world. Many sectors across the world are employing this technology as a fraud prevention tool. On the other hand, biometric authentication is assisting businesses in complying with KYC and AML regulations. Digitization was taking over the world but the pandemic-driven transition has brought several new trends in different areas. The biometric verification market is also facing many changes and the trends for 2021 will leave you in shock. Let’s take a look at the top trends in biometric verification that will blow your mind in 2021. 

What is Biometric Verification?

It is an automated process through which businesses verify the identities of customers and employees using their biometric attributes. Some of the commonly used biometric attributes are:

  • Retina
  • Iris 
  • Voice 
  • Walking style (Gait)
  • Palm
  • Fingerprint 
  • Face 
  • DNA 

Top Trends in Biometric Authentication in 2021

The post-COVID-19 pandemic situation is very unpredictable, especially for the corporate world. The same goes for biometric authentication. The trends for 2021 are surprising for everyone in the market. Let’s jump into the top five trends right away, shall we?

More Sophisticated Attempts to Hinder Biometric Authentication

As mentioned in the Global Identity Fraud Report 2020 from Shufti Pro, criminals will use more sophisticated attempts to mess with biometric authentication.  The report further reveals that fraudsters made many strategic fraud attempts to dodge biometric authentication. However, the system was robust enough to identify these suspicious attempts. Moreover, deepfakes are all set to disrupt the authentication process in 2021. 

Biometric Fraud will Increase 

In 2020, the biometric fraud rate dramatically increased which left every identity verification system with numerous questions. According to experts, biometric fraud are likely to increase this year. Instead of traditional identity fraud, imposters will focus on biometric fraud attempts like deepfakes, spoof attacks, digital replay attacks, etc. 

Ditch Passwords with Biometrics 

Passwords have become a little problematic since hackers have become more sophisticated in their jobs. However, biometric verification can easily replace passwords and 2021 is said to be the beginning. Banks accounts, social media platforms and other digital accounts can be easily accessible through biometric verification. 

Secure the Remote Working Option with Biometrics 

Due to the COVID-19 pandemic, remote working became the only hope for the survival of businesses. Now, this alternative is not going anywhere for some time. Sounds like a good deal but there are a lot of challenges that must be kept in mind before celebrating the “work from home” option.

  1. Fraudsters have a big opportunity to achieve their illicit goals
  2. There is a high risk of fraud from unsupervised employees 

Hence, biometric verification is among the most robust ways to secure the remote working option worldwide. Through liveness detection, it can be easier for companies to ensure that all employees are present rather than dodging work. 

Biometric Verification will Face Ethnicity Issues 

Over the last few years, biometrics has faced ethnicity issues. Although debatable, biometrics and biases will gain more hype in 2021. Why? Unfortunately, the AI models for facial biometric authentication are not trained to verify people across the world. They can only verify the individuals that belong to the region the system was developed in. For instance, biometric authentication developed in Asia may not be able to verify the people of Europe. However, globally acclaimed biometric authentication services may not face such issues. 

Key Takeaways 

Biometric verification has remarkably evolved over time and now, its applications have reached almost every corner of the world. The corporate sector is using it for marking attendance. On the other hand, many businesses are employing it as an identity verification measure. Believe it or not, biometrics has made it a lot easier to combat criminal activities like identity theft and money laundering. The trends for 2021 are astonishing and fraudsters attempt to hinder biometric authentication. However, this robust technology cannot be easily dodged.