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The Vital Role of Biometric Identification for Online Payment Authorization

Daily purchasing habits and routines of an average consumer might have undergone an evolutionary phase over the past few years with several businesses using the power of the internet to better serve their target audience. One of the most favored channels that have served the purpose of Internet-based transactions is online payment platforms. They are not only helpful in real-time online shopping experience but they also smoothen the user experience for several other services as well. Ranging from utility bill payments to even mobile top-ups, online payment channels are a handful tool in the age of the smartphone and busy schedules.

 Security Concerns related to Online payment

But just like almost every good thing in life, the bliss of online payment channels do have their own headaches as well, with the security of online payment channels being the most pressing concern. Over the years, the amount of digital fraud has increased substantially and biometric identification seems the only logical protection against online fraudsters. It is not only swift in detecting unauthorized access to online payment accounts but can be used for detecting any attempt of account takeover. After all, account takeover has been the most used method of online fraud and identity theft these days.

How Biometric identification protects your account?

The online verification system of digital payment portals uses unique personal information of their users to protect the accounts and digital currency stored in those accounts. Earlier, it was simple password-protected accounts. Then came the age of sophisticated and hard to crack passwords. Even when fraudsters were able to crack the highly encrypted password data with relative ease, online payment portals turned towards 2-factor authentication to add an additional layer of security to protect their services and customers from the unwanted nuisance of digital fraud.

ID Verification came as the next logical stop even when the 2-factor authentication or multi-factor authentication failed to protect user data. But the time that was spent verifying the true identity of a user by an officially issued identity document created huge friction for online user experience. Thus came the era of biometric authentication to verify the unique identity of the account holders by online payment services.

Ideal Biometric Verification services

Now, unlike previous attempts at thwarting attempted fraud and online payment account take over, biometric verification acted as the perfect tool to seamlessly verify the identity of incoming users without having to spend a lot of time at collecting personal information of the user. There are 3 basic methods that are popular among businesses to authenticate the true identity of a user with the help of unique biometric features: Fingerprint scans, iris scans, and facial verification.

All 3 of these biometric identification methods carry their own benefits but surely iris scan and facial verification stand out because of their superior technology and hard to replicate biometric features. Online identity verification solution for digital wallets and payment platforms can be no better handled than biometric identification methods that are harder to spoof and easier to perform by the end-user as well. Iris scans are the perfect medium for on-site verification due to unique iris color pattern that is nearly impossible to replicate for an identity thief or digital scammers. But the cost of such a biometric verification system might be too high for small businesses having a digital footprint. Facial recognition serves as a more suitable biometric identification method to verify the true identity of incoming users. A highly sophisticated check for photo shopped elements and any tampering with facial proof can easily be detected by a photograph taken through a high-definition camera, something that is easily available these days, thanks to high-tech smartphones.

So for online businesses looking to catch online scammers without causing any problem for their original customers, biometric identification via facial recognition is surely the most ideal method of verification.