Identification by biometrics: will a fingerprint become the key to money

Authentication technologies are evolving at a rapid pace, and biometric identification is becoming an important part of financial security. Today, to make a payment or confirm access to a bank account, you no longer need to enter passwords or use plastic cards – enough put your finger on the scanner, look into the camera or say a few words into the microphone. Biometric identification methods such as fingerprint recognition, facial scanning, iris analysis and voice identification, are becoming an alternative to traditional methods of financial protection.

How does biometric identification work and why is it chosen for financial transactions?

Biometric authentication uses a person’s unique physical or behavioral characteristics to verify identity. Unlike passwords, which can be forgotten or stolen, biometric data is tied to a specific person and is considered more reliable.

The most common types of biometric identification in the financial sector:

• Fingerprint – one of the most popular methods used in smartphones, ATMs and payment terminals.
• Face recognition – widely used in banking applications and payment systems.
• Iris scanning – used in more advanced security systems.
• Voice identification – used in banks and call centers for remote identity verification.
• Recognizing the pattern of veins in the palm – a method that uses a unique pattern of blood vessels.

Thanks to these technologies, users can make payments, log into banking apps, withdraw cash and confirm transactions without entering passwords. This speeds up processes, makes them more convenient and reduces the risk of fraudrelated to the theft of passwords or forgery of documents.

Banking technologies and payment systems with support for biometrics

Financial institutions are actively implementing biometrics to improve security and user experience. Today, many banks and payment systems use fingerprints, facial scanning and voice authentication in their services.

Popular financial technologies with biometrics:

• Apple Pay и Google Pay – payment confirmation using Face ID and Touch ID.
• Banking applications – many banks allow customers to log into the application using a fingerprint or Face ID.
• Biometric cards – payment cards with a built-in fingerprint scanner, allowing you to confirm payments without a PIN code.
• ATMs with biometric authentication – some banks are introducing ATMs that allow you to withdraw money without a card, using only your face or fingerprint.
• Voice identification in call centers – technology that allows you to confirm your identity when calling the bank.

Use of such technologies reduces the likelihood of fraud associated with theft of passwords or bank cards, and makes financial transactions more convenient and faster.

Risks of biometric data leakage and their possible consequences

Despite the reliability of biometric authentication methods, there is a serious problem of biometric data leakage. If the password can be changed in case of leakage, then it is impossible to change your fingerprint or face.

The main risks of biometric data leakage:

• Biometric databases can be hacked – If hackers gain access to users’ biometric data, they can use it for unauthorized transactions.
• Creating fake biometrics – scammers can use fake fingerprints, 3D masks and voice generatorsto bypass the protection.
• Using biometrics without user consent – data can be used for the purposes of mass surveillance or illegal access to finance.

These problems require improving the security of biometric databases, and also implementation of additional security levels, such as two-factor authentication.

Is it possible to deceive the biometric system and how safe is it?

Although biometrics are considered a reliable method of security, there are cases where fraudsters have managed to bypass authentication systems. Some biometric technologies vulnerable to counterfeiting or hacking.

Methods to bypass biometrics:

• Creating 3D facial models – allows you to hack facial recognition systems.
• Fake fingerprints – with the help of latex copies you can fool some sensors.
• Voice synthesizers – programs can generate a person’s voice and bypass voice authentication.

That’s why biometrics must be used in combination with additional layers of security, For example with one-time codes or confirmation via mobile device.

Biometric identification and privacy data under control or at risk

Biometric data is stored in centralized databases, making it an attractive target for hackers and states. There are already cases today massive leaks of biometric informationthat compromise user privacy.

Main problems:

• Mass surveillance – collection of biometrics can be used to monitor citizens.
• Transfer of data to third parties – Corporations can sell biometric data.
• Use without consent – It is unknown how companies store and process such data.

To protect biometric data, it is important use decentralized methods of storing and encrypting information.

Biometric identification – an important step in the development of financial securitybut she is not an absolute solution. Although fingerprints, facial recognition and voice authentication are convenient, these methods have weaknesses associated with data leakage and the possibility of forgery.

But, despite the convenience and reliability of such technologies, they have and weaknesses. The issue of data privacy remains one of the most acute – if the password can be changed in case of leakage, then Fingerprint or face cannot be changed. Moreover, scammers they are already finding ways to bypass biometric protectionwhich casts doubt the idea of ​​completely replacing passwords with biometrics.

How does biometric identification work in finance, which banks and payment systems have already implemented this technology, what threats exist associated with the leakage of biometric data, as well as the prospects for completely eliminating passwords in the future.

probably biometrics will not completely replace passwords, but will be used as an additional layer of protection. The financial industry must develop new methods of encryption, decentralization and multi-level authentication, to make biometric technologies as safe as possible for users.