Identity validation with biometrics and AI for companies

According to a Markets and Markets study, the global identity validation market size is anticipated to rise from $8.6 billion in 2021 to $18.6 billion in 2026. 

A significant rate that has been driven by progressive business digitization and the usefulness of this technology to prevent the rise of spoof fraud and cross-vertical digital identity use cases. 

This technology has evolved exponentially. Today, thanks to biometrics with artificial intelligence, more than one traditional authentication problem has been solved, such as forgetting passwords, for example, and it is key in the services of companies and institutions.

What is identity validation? 

It is the mechanism used by which it is ensured that there is a real person behind a process, and that he is truly who he claims to be. 

This is key in user authentication tasks and other digital procedures in business systems where identity recognition is a pillar to carry them out.  

What is biometric authentication with artificial intelligence and what advantages does it offer?

Biometrics refers to biological measurements, or physical characteristics, that can be used to identify people. 

Fingerprints, facial recognition, voice and retina scans, facial contortions and vital signs are some of the most popular methods within the biometric authentication category. 

On the other hand, there is artificial intelligence and machine learning that analyze thousands of biometric data, among others, to compare them with those registered in databases, and determine if the person on the other side of the process is who they say they are. 

In that sense, these innovations automate user authentication and other identity validations, making the identification of fraudulent transactions and strange behavior faster and more accurate. 

With an added bonus: machine learning allows the machine to "learn”And improve analysis and detection as more verifications are processed.

Compared to traditional authentication systems, the user does not run the risk of password loss, theft or forgetting. In addition, it offers the company other extremely high-value advantages: 

Improve the identity validation experience 

With this technology you can offer your customers a more efficient, faster and smarter identity validation experience, which allows them to complete their authentication processes without having to carry out complex or tedious activities. 

In fact, consumers' 80% value the greater speed and ease that biometrics offers, as it does not require remembering or managing passwords, according to results of a survey conducted by Visa in Latin America and the Caribbean.

Avoid costs associated with data breaches

Although biometrics and artificial intelligence systems must be complemented with other authentication tools (such as two-step verification), it is essential to increase transactional security and avoid the cost of an authentication problem, fraud or data breach. 

We must bear in mind that the data breach had a global average cost in 2021 of 4.24 million, according to the report Cost of a Data Breach 2021, from IBM.  

Improvement of corporate image

The implementation of biometric technologies contributes to enhancing efficiency, security, fraud reduction and the possibility of executing remote procedures. 

Of course, this significantly improves the general opinion of the organization, but it is not the only thing, since the companies that make up these resources are also associated with innovation, cutting-edge technology and investment in research and development. In Codster we are specialists in the development of artificial intelligence applications, here, you can create the identity validation solutions that your company needs to innovate and enjoy these advantages.

According to a Markets and Markets study, the global identity validation market size is anticipated to rise from $8.6 billion in 2021 to $18.6 billion in 2026. 

A significant rate that has been driven by progressive business digitization and the usefulness of this technology to prevent the rise of spoof fraud and cross-vertical digital identity use cases. 

This technology has evolved exponentially. Today, thanks to biometrics with artificial intelligence, more than one traditional authentication problem has been solved, such as forgetting passwords, for example, and it is key in the services of companies and institutions.

What is identity validation? 

It is the mechanism used by which it is ensured that there is a real person behind a process, and that he is truly who he claims to be. 

This is key in user authentication tasks and other digital procedures in business systems where identity recognition is a pillar to carry them out.  

What is biometric authentication with artificial intelligence and what advantages does it offer?

Biometrics refers to biological measurements, or physical characteristics, that can be used to identify people. 

Fingerprints, facial recognition, voice and retina scans, facial contortions and vital signs are some of the most popular methods within the biometric authentication category. 

On the other hand, there is artificial intelligence and machine learning that analyze thousands of biometric data, among others, to compare them with those registered in databases, and determine if the person on the other side of the process is who they say they are. 

In that sense, these innovations automate user authentication and other identity validations, making the identification of fraudulent transactions and strange behavior faster and more accurate. 

With an added bonus: machine learning allows the machine to "learn”And improve analysis and detection as more verifications are processed.

Compared to traditional authentication systems, the user does not run the risk of password loss, theft or forgetting. In addition, it offers the company other extremely high-value advantages: 

Improve the identity validation experience 

With this technology you can offer your customers a more efficient, faster and smarter identity validation experience, which allows them to complete their authentication processes without having to carry out complex or tedious activities. 

In fact, consumers' 80% value the greater speed and ease that biometrics offers, as it does not require remembering or managing passwords, according to results of a survey conducted by Visa in Latin America and the Caribbean.

Avoid costs associated with data breaches

Although biometrics and artificial intelligence systems must be complemented with other authentication tools (such as two-step verification), it is essential to increase transactional security and avoid the cost of an authentication problem, fraud or data breach. 

We must bear in mind that the data breach had a global average cost in 2021 of 4.24 million, according to the report Cost of a Data Breach 2021, from IBM.  

Improvement of corporate image

The implementation of biometric technologies contributes to enhancing efficiency, security, fraud reduction and the possibility of executing remote procedures. 

Of course, this significantly improves the general opinion about the organization, but it is not the only thing, since the companies that make up these resources are also associated with innovation, cutting-edge technology and investment in research and development.

 

In Codster we are specialists in the development of artificial intelligence applications, here, you can create the identity validation solutions that your company needs to innovate and enjoy these advantages.

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