The rise of digital scams has a direct effect on the implementation of biometric security measures that are gaining more ground every day; what happens when your face is your password?
Credencial Payments, which implements technological solutions and processing of payment methods for banks and fintechs, has a facial recognition solution that uses artificial intelligence to verify identity and prevent fraud, which is already being used by 10 digital wallets in Argentina and the region.
In order to provide this service, it has the know-how of global company IDMission, which has a data base for documentation and identity verification in 160 countries and state of the art technology that facilitates security and access for users.
“Biometrics are having an exponential development and it’s a quantum leap in terms of identity verification. Today we see this in banking solutions, in healthcare, and every day we see it more in digital wallets, but this is only the beginning of a new world, where you are your own password, with your face, your fingerprints, your voice, your iris and even your vein patter”, explained Credencial’s Marketing and New Businesses Manager, Jorge Larravide.
“The biometric identification and authentication services provided by Credencial to our customers, be they banks, fintechs or retailers, hasten the incorporation of technology applied to improving security and improving usability of diverse platforms and applications with an extremely convenient equation because they are included in the “turnkey” service offered to companies”, noted Larravide.
Biometrics is a key technology for the reduction and elimination of fraud when, as indicated in the 2020 Minsait Report on Trends in Payment Methods, 68% of the respondents from the payment methods industry maintain that the main challenge for the industry is what relates to Fraud and Security.
The advantages of biometric recognition systems are both for end users and companies. For the users it’s very important both due to the comfort and ease of these systems which do not demand memorizing countless steps and passwords and allow a greater number of online procedures that before biometrics could only be done physically, like for example opening a new bank account, which today can be done through an app. For companies, Fintechs, Banks, Retailers, it’s essential because it eliminates the risk of fraud and furthermore prevents considerable economic losses due to the impossibility of denying operations since it guarantees that whoever performs the operation is really the user and thus, they could not deny carrying out that transaction.
“Biometrics returns in 2021 the ease and truth of the given word, your identity is your own backing, it does not matter what you have, it matters who you are.” concluded Larravide.