The digitization of financial services has brought great convenience, but it has paved the way for new financial scams, now virtual. Unfortunately, the sophistication of cyber fraud has increased, and fintechs must stay ahead of the curve to protect their users.
To obtain customer information, criminals use a variety of scams, such as replicating the facial features of a financial account holder, observing the typing of numeric passwords in banking applications in a moment of carelessness, or accessing a person's accounts in the case of mobile phone theft.
Implementing biometrics can be the solution for protecting user information, as it can prevent unauthorized access. Learn more about the benefits of facial recognition and fingerprint recognition for financial fraud prevention:
- Facial recognition is a biometric method that can authenticate a user's access based on unique facial features, making it more difficult to replicate for fraudulent purposes.
- Facial recognition can be used as an additional layer of security in two-factor or multi-factor authentication. So, even if a fraudster sees passwords being typed, they still have to go through other layers of security, such as codes sent via SMS or email.
- It significantly reduces the risk of unauthorized access. When passwords can be compromised by observation, this is critical.
Applying the biometric APIs of BioPass ID enables a higher level of security for financial transactions such as money transfers and payments.
Discover some of the solutions that BioPass ID offers to fintechs:
- Multibiometrics API: performs multifactor authentication by requesting information such as facial recognition and code verification to grant the user access to the system.
- Quality API: evaluates and improves the quality of biometric images to ensure faster authentication and reduce errors during the customer journey.
BioPass ID's features provide a robust protection system that prevents fraudsters from obtaining access and minimizes unauthorized access.
