Enhancing security in banks with biometric authentication

Biometric authentication devices in financial institutions such as banks can help in addressing consumer concerns regarding privacy and security. Biometric technologies are creating standards for simpler, robust authentication that reduce reliance on usernames and passwords.

There is a growing expectation amongst users that they should be able to easily access online banking sites from multiple and varying devices. As a result, banks need to ensure that their authentication methods remain secure, frictionless and private in order to effectively mitigate potential risks for users. Biometric authentication devices are quickly becoming a layer of defence for keeping customer’s transactions secure. There are several types of biometric authentication methods such as acoustic, social, and cognitive measures that move beyond fingerprints. These methods can measure voice recognition, usage preferences, and physiological traits such as gait and tremors.

A biometric system consists of 4 modules:

Enrolment Unit

• An enrolment module registers individuals into the biometric device’s database. In this phase, a biometric reader scans the individual’s biometric characteristic for producing its digital representation.

Feature Extraction Unit

• This module processes the input sample and generates a compact representation called the template. This template is then stored in a central database or a smart card issued to the individual.

Matching Unit

• This module compares the current input with the stored template. If the system is performing identity verification, it compares new characteristics to the user’s master template and thereby helps in producing a score or match value. A system performing identification matches the new characteristics against the master templates of many users resulting in multiple match values.

Decision Maker

This module accepts or rejects the user based on a security threshold and matching score. Take a look at how biometric systems can enhance security in banks:

1.   Can protect banking information with fingerprint readers

One advantage of using biometrics in banking is its ability to protect banking information with biometric fingerprint readers. Bank computers consist of a huge amount of personal and financially sensitive information. If an unauthorized person gains access to that information, it could be dangerous for the security of the bank and its customers. Many banks are beginning to use biometric fingerprint reader systems that can be used on various computers throughout the bank. Banks can use a biometric USB flash drive that can be directly inserted into a USB port on any computer. These USB flash drives consist of an optical sensor where you place your finger to provide your fingerprint. For gaining access to the computer and its information, the fingerprint given should match fingerprints that were previously recorded into the biometric USB storage device.

2.   Can avoid security Problems Online with Biometric Signature Verification

Biometrics in banking is offering consumers great advantages by helping them avoid online problems by the use of electronic signature verification. Systems that include a USB smart card reader are now available in market. These biometric cards have the digital signature of the individual on the card. To use it, the card must be inserted in a smart card reader. Then, a fingerprint reader is used by the individual for scanning his fingerprints, which if validated, will unlock the card and the signature it carries. This biometric smart card technology can be used to send the payment electronically and to send data on the internet as well.

3.   Biometric Authentication with Iris Scanners

Currently, most tellers within banks have to establish identification with picture, signatures, or identification cards. But, with new developments in biometrics, banks can now use advanced systems in which the customer simply has their iris scanned using biometric eye scanners for identification and authentication.

A customer’s trust and loyalty play a significant role in the success of banks. By implementing biometric devices, banks can provide convenient and more secure banking services, thereby empowering themselves to deploy the highest level of authentication possible.