Biometric technology currently has a market value of USD 27.92 billion. By 2025, this value is forecasted by experts to reach approximately USD 68.6 billion. These numbers do not come as a surprise, mainly due to the countless benefits of performing identity verification through biometric technology. Verification of digital identities has become necessary in today’s day and age, given the need for filtering out legitimate users from a sea of fraudsters. In this blog, we will look at the key methods of performing biometric verification, along with some benefits and industry examples. Let’s start by understanding what biometric authentication is. Biometric Verification: An Ideal Approach for Minimizing Risks & Detecting Fraud
Introduction to Biometric Identification
Biometric identification refers to the process of verifying the identity of an individual through their biological characteristics. The process can be subdivided into categories; physical and behavioral biometric verification. Physical verification involves analyzing an individual’s physical characteristics for identification. This can include facial recognition, fingerprint recognition, vein pattern analysis, retinal scans, and more. On the other hand, behavioral verification refers to verifying an individual based on patterns in their behaviors. Common examples include gait analysis and keystroke analysis. These procedures are deemed less intrusive than physical biometric verification and are typically used to identify fraudulent behaviors. Let’s go through the prevalent biometric verification technologies one by one.
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