The Role of Biometric Authentication in the Future of Fraud Management in Banking

Authors: Saikrishna Garlapati

DOI: https://doi.org/10.37082/IJIRMPS.v10.i1.232601

Short DOI: https://doi.org/g9q398

Country: USA

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Abstract: A more significant share of the public has benefited from financial services through digital banking as its popularity and presence grow. Digital banking, on the other hand, has also played a major role in increased sophistication and prevalence of fraud with financial institutions. Passwords, and PINs, for instance, by habit not long ago, are experiencing increased attacks as are the growing practices by scammers and hackers, in the constant search for available exploits in accounts. With challenges being set to overcome, biometric identification may provide reliable practices for overcoming fraud through the use of unique identifiers to individuals, such as fingerprints, facial characteristics, voice, even behavioral patterns. Promising technologies evolve from such means for the overcoming of fraud. This paper seeks, through established and emerging technologies, to examine the service developing in banks through biometric identification and authentication. Complexity grows through developments promising a thorough examination of advantages and disadvantages, projected through related tendencies, developments, and regulatory framework possible through to December 2021. Approach comparisons, how systems offer a relevant role of biometrics in ongoing development measures grow against fraud. Comparisons aim to reveal how developments evolve and allow speculation regarding the next step of where a development entered may lead.

Keywords:

Paper Id: 232601

Published On: 2022-02-05

Published In: Volume 10, Issue 1, January-February 2022

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