The Role Of Biometrics In Combating Money Laundering And Identity Fraud

20 Oct 2022

With the rising tide of fraud and money laundering, biometric authentication has become a crucial defense. That's why almost every sector adopts biometric technology to keep their esteemed customer services safe and secure. That means the field of biometric authentication systems with continuous use is getting highly inexpensive, consistent, and easily reachable.

In short, biometrics can help solve real-world money laundering challenges. The reason for such a hike in biometric authentication is cyber-attacks and data breaches which are becoming a common issue for quite some time.

According to a report, in the year 2021 May, a total of 116 million cyber-attacks were recorded. However, you will be surprised to know that around 52% of data breaches have two common reasons: human error and weak passwords.

Sectors making the most use of biometrics

• Healthcare

The Healthcare sector is getting numerous benefits with the biometric authentication system to secure the personal information of their patients and staff.

• Financial sector

The financial sector is the first sector that has taken the help of biometric verification when the point is of regulations. The banking sector is actively making use of biometric verification by incorporating varied modes apart from passwords like facial recognition, fingerprint recognition, and, not the least, voice.

• Sports arena

Several fans enter the sports stadium and leave the place after watching the matches. So, to keep the players on the safe side, the stadium authorities take the help of robust verification measures.

• Airports

According to the latest report, some prominent US airlines are adopting facial recognition to protect passengers and staff. This place is a significant security concern where you find various fraud and money laundering cases. So, to keep the area secure, authorities are one step ahead of the money launderers.

Bottom line

The biometric authentication multi-layers approach to various security threats is one of the faster ways to reduce the number of negative cases. So, instead of making the team catch identity fraud, going for a real-time fraud detection method is an effective yet practical way to overcome the issue of money laundering and identity fraud.

So, secure your interest immediately by calling Accura Scan, as we offer all types of biometric system security or call us on +91 820-898-8751

Frequently asked questions (FAQs)

1. How many types of biometrics are there?

There are mainly two types of biometrics that most organizations use to secure their customers' information.

2. What is the most preferred biometric device today?

Besides many others, fingerprint recognition is a famous and widely used biometric security.

3. What is the future of biometrics?

The future of biometrics is bright as almost every public or private company is making its system secure with biometrics to prevent fraud.