With a highly demanding cyber security environment, leaders look into the passwordless future for safer authentication systems. Ján Lunter, CEO of Innovatrics, says Multimodal biometrics presents itself as the solution to building secure, fast, efficient, and inclusive authentication.Â
Biometric technology has been around for a long time, but until recently, it required specialized hardware and high computing power. However, smartphone technology has now improved to the point where it can efficiently run the neural network necessary to accurately power the algorithms and sensors that read faces and fingerprints.Â
The 2022 Weak Password ReportOpens a new window of SpecsOp reveals just how vulnerable passwords are. After analyzing 800 million breached passwords belonging to a subset of more than 2 billion breached passwords, they came to shocking conclusions. More than half (54%) of organizations do not have a tool to manage work passwords. Additionally, even lengthy passwords are not failproof, with 93% of the passwords used in brute force attacks having eight or more characters.
Unlike passwords, multimodal authentication employs different sensing technologies that are processed concurrently, increasing the security and confidence of the connection and authentication. These systems can be used in a wide array of devices and can combine face recognition, speech and handwriting recognition, retina scans, or fingerprint ID, among others.Â
Biometrics in digital banking and financial transformationÂ
Leading organizations and companies worldwide are realizing the value of replacing traditional authentication systems with biometric technology. The growth of biometrics has been driven by technological advancements, increased cyberattacks, and the failure of pin-user-password authentication systems. Additionally, the digitalization of traditional banking, capital markets, and insurance, sided with the rise of e-wallets, has changed how the world does business. The benefits of this highly digitalized and interconnected world are evident as millions of new users connect to the global economy. However, as the digital attack surface expands, the risks increase. Banks are turning to biometrics to reduce identity fraud, establish audit trails, and protect financial data.Â
Combining biometric authentication to build efficient and secure multimodal authentication systems can increase the security of the banking sector as it goes digital. Biometrics also allows for seamless background checks to ensure the correct person is present for sensitive operations, adding layers of security to transactions.
How biometrics works for financial inclusionÂ
The World BankOpens a new window explains that globally 1.4 billion adults in 2021 had no bank account. Global leaders identified financial inclusion as a crucial enabler for seven of the 17 United Nations Sustainable Development Goals (SDGs). Financial inclusion is considered a gateway out of poverty and the way to building a thriving economy. And it all starts with people having access to an account.Â
Biometrics can reduce reliance on cards, PINs, and passwords, improve trust by assuring exclusive access to accounts, and open new business opportunities in regions where populations have limited access to financial services or identity documents.Â
Multimodal biometric authentication can also speed up onboarding by offering remote options. Customers can open bank accounts, e-wallets, trading apps, petition loans, and insurance policies in just a few clicks. Biometrics and the digital financial revolution are helping the world reach financial inclusion goals.Â
Biometrics: Security, performance, and accuracyÂ
A Wakefield ResearchOpens a new window survey reveals that 94% of IT leaders are concerned about password security. 50% say passwords are too weak for authentication purposes; In the meantime, IT departments are witnessing a 30% rise in password-related incidents.
IT leaders estimate that employees enter a password on average 12 times a day, with 25% of them saying they input passwords 20 times or more every day. They assure their employees also suffer from lost productivity, “wasting minutes or hours a week entering and re-entering passwords,†Wakefield Research reports.Â
New and advanced multimodal biometric authentication security options can integrate with login and work attendance systems to reduce manual workload. On the other hand, access control systems with facial recognition and fingerprint readers prevent ID fraud. Organizations can combine fingerprints, facial recognition, and even iris readers to manage security better. Â
Many wrongly believe biometric data can be easily hacked if leaked because videos, fingerprints, and organizations store other data. In reality, biometrics does not work that way. Biometric technology generates faces, fingerprints, or additional data templates and doesn’t need to save raw input like videos or photographs. Even if the templates are leaked, they can not be used to hack into an account, making biometrics a good choice for enterprise security.Â
As recently reported by Smart CompanyOpens a new window , businesses need to break away from the myths of biometrics. Systems certified under the internationally recognized ISO 30701 standard can execute Presentation Attack Detection (PAD). Simply put, PAD systems can not be fooled by deep fake videos, fake voices, stolen photographs, or masked attackers. They use complex algorithms to detect and compare biometric data with live situations and store only the templates adding layers of security against data leaks and data theft. Of course, the sophistication of the attacks grows as well, so it’s good to have a partner that constantly improves its PAD algorithms. Â
Small, medium, or large organizations can improve their security posture, stay ahead of the pack with cutting-edge technology, and reduce the risks of unauthorized access with multimodal authentication biometric technology.Â
In the past year, both the demand and the advances in cloud-based biometrics have made big strides. Demand-wise, smaller companies are looking for affordable, low-maintenance cloud solutions for trusted verification or identification of their clients or employees. This allows even smaller companies to quickly expand beyond their geographical location by harnessing the power of online verification of new clients.
Why do you think multimodal biometrics is a more secure security solution than traditional biometrics? Share your thoughts with us on FacebookOpens a new window , TwitterOpens a new window , and LinkedInOpens a new window . We’d love to know!
Image Source: Shutterstock