What is Biometric Authentication?
Biometric authentication is something that is crucial during the implementation of AML checks and due diligence. When you’re looking to verify any potential customer, being able to verify their identity with ID scans and biometric checks is the next step in being able to protect your business from financial instability. Here, we’ll take a look at what biometric authentication entails and why traditional security is no longer the only answer.
Why You Need Biometric Authentication
So, why is biometric authentication so crucial, and why is it a necessary part of being able to authenticate the identity of any new customers you may be looking to onboard?
Enhanced Security
The main reason your business needs to invest in a biometric authentication process is to ensure your business is kept as safe as possible. Biometric traits are nearly impossible to replicate, and in an era where identity theft is becoming more and more prominent, biometric authentication is your solution.
Quick Onboarding
Another reason you need biometric authentication to help safeguard your business is that it automatically streamlines your onboarding process. You won't have to worry about endless document checks because your potential customer will now be able to complete their identity verification from their own device, anywhere and anytime.
Full Regulatory Compliance
With a robust and seamless ID scan and biometric authentication process in place, you’ll also ensure that your business remains fully compliant with the latest AML and KYC regulations. Naturally, this will help protect the reputation of your business.
How Does Biometric Authentication Work?
Trying to wrap your head around biometric authentication can be daunting, but it doesn’t need to be. One of the biggest worries for business owners is the privacy implications or the complexity of the hardware when it comes to technology. But you can rest assured that the process is highly secure when implemented properly.
Our ID scanning and biometric checks are designed to automate the identity verification process so that you can implement a secure, fast, and compliant verification process. This way, you won’t need to rely on paperwork and will save a lot of time during the process. Each check takes less than 60 seconds to complete. This also minimises the risk of potential customers not following through with their purchase/sign up.
Here is what the process looks like in four steps:
1. ID Scan
Firstly, your client will need to take a picture of an official identification document, like a passport or driver's licence. They should be able to do this with their phone. The biometrics software will then read and analyse the specific data extracted from the ID. It will specifically use full names, dates of birth and document numbers.
2. Biometric Face Capture
The second part of the process consists of the biometric face capture. Your client will be prompted to take a selfie or a short video. The ID scan and biometrics check will then use a facial biometrics comparison to match the real-time photo or video against the photograph that was printed on the official Government identification document.
3. Liveness Detection
Next, passive and active liveness checks are performed, which ensure that the person looking to onboard is physically present during the time the image/video is taken. The layer will analyse the feed or light reflection, depth, or simple movements, blocking presentation attacks.
4. Instant Verification Report
Lastly, an instant verification report will be generated after the system has cross-referenced the data from the client. Verification results will be based on document and facial matching provided by the client.
Types of Biometric Authentication for Businesses
There are a few different types of biometric authentication options for businesses, including physiological or behavioural. Physiological biometrics includes fingerprint scanning, facial recognition, and iris scanning. Behavioural biometrics tracks how you interact with technology and measures your typing rhythm and your voice patterns.
At Creditserve, we sell ID scan and biometrics check packages, offering a faster, automated alternative to manual identity checks, helping you onboard clients efficiently.
Advantages of Biometrics Authentication for Businesses
There are many benefits of using biometric authentication when it comes to your business. For example:
Fraud Mitigation
One of the most important advantages of using biometric authentication is the mitigation of fraud. Our ID scan and biometric checks can identify and flag highly sophisticated documents that have been tampered with. It will also be able to pick up on any digital spoofing attempts that have been made that easily bypass human eyes.
Regulatory Compliance
The second advantage to using biometric authentication is the fact that you ensure you’re compliant when it comes to regulations, such as stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) onboarding requirements.
Frictionless UX
The process is also a seamless one, which means that clients can onboard whenever and wherever they want without having to walk into a physical building. They also don’t need to worry about physical paperwork or booking appointments.
Operational Efficiency
Overall, using our biometric authentication means that you won’t have to worry about manually adding in data or information. This also minimises the risks of errors in data collection. This also frees up the time your staff has to focus on high-value client management tasks.
Cost and Privacy
Naturally, cost and privacy will come up as causes for concern when looking into adopting a biometric authentication system. At Creditserve, we offer pay-as-you-go packages that include either 25 checks, 100 checks, or 250 checks. Our packages are all fully cloud-based, so your clients can access them instantly through their own tablets, computers, or smartphones.
Privacy
We also prioritise privacy with our ID scans and biometric checks, making your data our priority. By ensuring this, we adhere to relevant regulations throughout each stage of the onboarding process.
- Protected cloud processing: We ensure that ID documents and facial biometric data is encrypted.
- Minimised data exposure: You won’t need to manually review each check because our automated process handles the check instantly. This naturally minimises security breaches.
- GDPR & compliance standards: We ensure that our data handling process aligns with UK and EU privacy laws and AML/KYC duties. This ensures complete protection for all of your customer information.
Visit our ID scan & biometrics checks to get started today!
