Digital advancement has created comfort for clients, but it
also has some dark side. The scammers are finding new tricks and techniques to
decode the algorithms of the system. Cyber crimes are increasing daily,
companies must integrate biometric solutions, so that they can preserve their
credentials. Iris scan is the feature of the biometric system that verifies the
identity of the customer.
How do Businesses Perform the Iris Scan Process?
The verification of the unique physical and physiological
features of the client is done, and the advanced solutions then make the
template of these features. It is then compared against the database of the
government, if both are the same, then it means the user is valid, otherwise,
the authentication is rejected. Iris scan
authentication is very simple, the clients just have to stand still in front of
the camera and the solution performs the whole function. The users do not have
to experience any complex verification, the whole process is done through
online means. They also have to send their documents to the portal of the
company. First, they have to scan their identity papers, and then they upload
them in the soft form.
Why is Iris Scan Technology Used in the Fintech Industry?
The iris scanning technology is important in every industry,
especially in the fintech sector, because they are always at the edge of data
breaches. When the banks face cybercrime, the economy of the country is also
affected. Therefore the legal authorities have made it crucial for the banks to
follow these rules. They have to onboard their users through proper
verification, in this way, they get thorough information about their customers
and ensure that they are not involved in money laundering. Most of the scams
are performed when the identity of the users is unknown. Therefore the
companies have to register only authentic customers, in this way, they also
know about their source of income. The money laundering cases are mitigated
through it, the clients have to show all their assets, otherwise their
verification will be rejected.
Is it possible for the Scammers to Decode the Algorithm?
It is impractical to say that hackers can bypass security
because they have to go through multiple steps and only legal clients can go
through these phases. If any scammer is trying to unlock the account by
presenting a fake picture or video of the customer, then the advanced feature
of the biometric is used, which is a biometric iris scanner. These tools check
the liveness of the customer, the user has to respond to the instructions that
are displayed on the screen. Other than this the system asks some questions
from the users, that can be only answered by the actual client. They ask for
the mother's maiden name or the address of the user, if the client gives the
right answers, it means the user is real, otherwise, the authentication is
rejected. So the hackers can't log in to the account of someone else.
Iris Scanner vs Face Recognition; Both are Same or Not?
Biometric iris scanner verifies the eyes of the client,
these patterns of every person are different, therefore they are checked for
verification purposes. In face recognition the complete face of the customer is
verified, this includes the eyes, lips, and face pattern. The purpose of both
scans is the same, they are required to check the authenticity of the user.
They ensure swift services, as they allow only legitimate clients to bypass the
territory in which they are installed. The business can regulate their
operations through these iris scans, as they perform all the activities in a
very short time.
How Clients are satisfied through the Iris Scan Authentication?
The client chooses the company that preserves their
credentials and safeguards them against data breaches. The satisfied clients
also recommend the business to other people, in this way, the clients of the
companies increased. The organization's core value is to gain more users and
provide them with services according to their demands. The biometric solution
senses the feelings of the customer and gives them products accordingly.
Conclusion
Iris scan is a feature of biometric solutions, they increase
the surveillance of the companies. The advanced solutions help the company in
compliance with the rules of the government. The businesses that follow these
guidelines increase their user retention rate and keep them for a long period.
The companies that are integrating these solutions can see a visible increase
in their revenue. The advanced tools also reduce the miscellaneous expenses of
the companies and preserve them from penalties.
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