The classic username and password are giving way to biometric authentication systems. The aim is to curb cybercrime and ensure maximum security. The use of the iris of the eye, fingerprint, face or voice are some of the most widely used biometric recognition methods today.
Biometric identification is the recognition of a person's identity based on characteristics of their own body. Thanks to this type of technology, it is possible to certify that we really are who we say we are. Its application in banking provides additional security to customers, while improving the user experience.
With the rise of cybercrime and crimes such as phishing, smishing or skimming , which mainly affect the banking sector, financial institutions need to guarantee their clients maximum security in all their instagram data online transactions. Something that we currently achieve with the implementation of biometric systems.
Fingerprint-based biometrics, which has been used for years by all entities of the Caja Rural Group in different online services, is one of the most widely used identification systems in the United States, Europe and China. According to a recent study, fingerprint identification in China already has a penetration of 40 percent.
More comfort and more safety
Thanks to this type of identification, the user is not forced to remember complicated alphanumeric passwords and their access to the different services is faster and easier. It is also more secure. The reliability of these systems makes them difficult to hack, which keeps users' data safe.
A great example of the application of biometric systems is Apple. The iPhone 5S, launched in 2013, already included a biometric sensor, the Touch ID. With the arrival of the iPhone X, the company decided to go one step further and replace this sensor with the Face ID, a facial recognition system. With both systems, users of this type of device can make payments quickly, conveniently and easily.
PSD2 regulations, maximum security for bank customers
The PSD2 (Payment Services Directive) regulation , a European regulation on digital payment services to strengthen the level of consumer protection , requires double authentication for most electronic payments .
That is, in order to carry out a transaction, it will be mandatory to enter two of three possible proofs: something that is owned (such as a credit card), something that is known (such as a PIN) and something non-transferable (such as a fingerprint or iris scan).