EXECUTIVE SUMMARY
Biometric authentication is becoming increasingly popular as an accurate method of user verification, data protection, and fraud prevention across organizations. However, there are challenges in implementing it correctly or meeting identity compliance standards. High costs of equipment or technology, difficulty in assigning vendors for verification, or lengthy processing times are other deterrents for enterprises to implement digital security that uses biometrics.
Selecting the right biometric authentication method for your enterprise is extremely important and solves half the problem. Credenze, our multimodal and multi-channel biometric authentication, identification, and fraud protection platform is a cloud-based system that provides a fast, reliable, smart, comprehensive, and a complete screening solution for enterprises. The solution is completely automated and includes faster identification, seamless field verification, user onboarding, authentication and monitoring.
INTRODUCTION
With increasing digitalization and globalization, security threats are commonplace. Hacking and impersonation are common and happen daily which is alarming. One can’t even begin to imagine the extent to which hacked data can be used or the consequences of an unauthorized entry into your premises. No company or business is safe from attackers. Consider some of the following questions:
- Is your financial organization’s security being breached repeatedly by unknown or unauthorized personnel, resulting in huge financial losses?
- Are you struggling to keep up with changing regulatory or identity compliance requirements, perhaps due to incompatible or non-scalable security systems?
- Is your organization looking for accurate and reliable biometric surveillance to monitor personnel safety and prevent trespassers?
If the answer is “Yes” to any of the above, then the key is to implement a smart solution to prevent data crimes and accurately identify your users.
Fortunately, advancements in technology have brought about several improvements in the area of digital or physical security, the most popular and robust of them being Biometrics. Biometric authentication is being adopted by more and more companies to provide a robust solution to fraud detection and user verification.
Since biometric authentication relies on an individual’s unique personality or behavioral traits, it is extremely accurate in identifying a person, thereby making impersonations extremely difficult. Multimodal biometric systems use several characteristics of a person in combination resulting in a high degree of accuracy and substantial reduction in error rates.
ENTERPRISE SECURITY CHALLENGES AND STATISTICS
Companies are struggling to beat hacking and impersonation on a daily basis, even with their automated security systems in place. Imposters are always one step ahead of technology. They are expert infiltrators, which results in enterprises incurring huge financial and data losses.
Remember LinkedIn’s recent security breach that resulted in 6.5 million stolen passwords? Or, Facebook’s massive security breach that affected 50 million user accounts? In the recent past, Citibank had about 1% of its database hacked and MasterCard hacks affected 40 million credit card users.
Verizon’s most recent Data Breach Investigations Report (DIBR) revealed that 92% of attacks were on financial service firms. Many top US and UK banks including Santander, Tesco, or Barclays suffered cyberattacks that cost them hundreds of thousands in pounds and dollars.
Besides these, companies are unable to cope with changing regulatory compliances. Business spends related to the maintenance and upgrades of systems and compliances are seeing a steep rise. Employers are also faced with the huge task of background verification which is cumbersome and takes a long time since it is neither seamless nor automated.
So, what’s the best and the most optimum solution that we have in the market today?
HOW DO WE ADDRESS ENTERPRISE SECURITY ISSUES?
As with anything, prevention is better than cure. Hacking is smart but prevention must be smarter. Adopting a holistic fraud detection and user identification system will go a long way in preventing cyber-attacks and crimes.
Biometric authentication and identification have emerged as the most accurate method as it offers a broad range of technologies and can pan across different business verticals seamlessly. It can help in forensic identification, identity management, background verification, user authentication, and access control. However, is biometric authentication the go-to technology?
Let’s look at some statistics. The biometrics market in the digital security space has been growing steadily. According to the Global Market Insights report, the global biometric market is expected to reach USD 50 billion by 2024. The use of biometrics in security and government sectors in North America is trending. The Asia Pacific too is seeing a solid growth with India and China developing facial recognition identity cards.
Learn more on Biometrics market @ Market Research.com
HOW IS THE SOLUTION BENEFICIAL TO ENTERPRISES?
Our multimodal biometric authentication and verification system is a one-stop solution that caters to many domains ranging from education to finance, where security is paramount.
- A completely automated end-to-end cloud-based platform for identity management, verification, authentication, and monitoring
- A generic and scalable solution that pans across various businesses and segments
- Customizable workflows to cater to each customer
- Project management and tracking ability
- Multiple revenue streams that reduce business risk
- Provides faster identity compliance by using offline and online solutions
- An efficient and cost-effective solution that doesn’t incur capital expenditure or manpower investment
- Higher ROI
HOW IS THE SOLUTION BENEFICIAL TO CUSTOMERS OR EMPLOYEES?
- Complete transparency and easy-to-use system to create unique personal records
- Multi-factor and multimodal authentication that involves a combination of characteristics for fool-proof security
- Easy user management for system administrators
- Faster background verification checks resulting in faster employment
WHY IS OUR MULTIMODAL BIOMETRIC SOLUTION BETTER?
While our multimodal biometric authentication solution is not the first to hit the market, it’s the only integrated solution that is scalable and works across industries, government agencies, or private sectors. Most players use their own in-house software or excel sheets to capture user data. Some of the biometric solution providers such as Crossmatch or Centrify target specific industries or users.
Moreover, identify compliance workflows may not be fully integrated into the existing solutions. Our solution, however, can help businesses in faster and seamless identity compliance.
WHAT IS MULTIMODAL BIOMETRIC AUTHENTICATION?
Biometrics literally translates to “measuring life” (bio=life or living things, metrics=measure). Since each human being possesses unique physical traits, biometrics provides one of the most secure and accurate ways of identifying users and allows them controlled access.
Multimodal biometrics includes a combination of the following:
- Eyes including retinal or iris scans
- Fingerprints, fingerprint veins
- Face scans
- Voice recognition
- Gait analysis (behavioral patterns)
- Photos, Videos
ADVANTAGES OF USING MULTIMODAL BIOMETRIC AUTHENTICATION
- Increased security and accuracy as a combination of characteristics are used
- Error and forgery-proof
- Unique and permanent
- SMART = Specific, Measurable, Achievable, Recordable/ Relevant and Timely
SOLUTION DETAILS
We understand the challenges in user identification or verification and have designed our Credenze Biometric services, which can be tailored to meet your company’s requirements. Consider some of the use cases:
IF YOU’RE A COMPANY LOOKING FOR FIELD VERIFICATION SERVICES OR BACKGROUND CHECKS, THEN WE PROVIDE:
- Faster access to verification services
- Vendor identification and assignment
- Automated workflows for the entire project that provides real-time tracking and monitoring of field verification
- Ready-to-use compliance tools and verification technologies
How is this possible?
- Provision of multiple online and offline data repositories including government (Social security, IRS, court records, etc) and social media accounts
- Multiple client account setup, which is customizable for each client
- Candidate profiling including online and biometric profiling
- Powerful monitoring and reporting with detailed background check reports
- Analytical reports including predictive analytics
How does it work?
- Company wants background verification of its customers.
- System collects customer data including biometric information from various sources such as social media, job sites etc
- Field service directory of vendors is made available to company for selection and assignment of work
- Selected vendor assigns job to verification agency
- The caseworker follows the workflows, checks online and offline repositories and verifies customer
- Verification done in real time and report is sent to company
IF YOU’RE A FINANCIAL ORGANIZATION LOOKING FOR A COMPLETE BIOMETRIC AUTHENTICATION AND SURVEILLANCE SYSTEM TO PREVENT IMPOSTERS AND FRAUDS, THEN WE PROVIDE:
- Multimodal authentication services including face, voice, and fingerprints
- Multifactor authentication using behavioral authentication
- Detection of imposters or frauds in real time within seconds much before any damage can be done
- Eliminate unauthorized usage of the system by intruders reducing business liabilities
- Video-based facial recognition services to detect intruders in real time
- Geo-fencing perimeter tracking in real time
How is this possible?
- Cloud platform making it seamless
- Integration with biometric service providers related to onboarding, monitoring, and authentication.
- A unique platform where users can register their unique credentials and add their biometric profile
- Multi-channel support such as Web applications, API, SDK, mobiles, widgets, etc
- A plug and play approach for clients to integrate with Credenze system
- Easy user interface for users and administrators to create their own unique records
How does it work?
- User accesses Credenze system through their company portal
- User creates their profile and is redirected to Credenze system to create their biometric profile
- User records and verifies their voice
- User profile is stored and is constantly monitored for hacks
CONCLUSION
Selecting a smart authentication method to avoid data losses, financial crimes, or unauthorized intrusions while keeping in mind the changing regulatory compliances is a huge ask for any enterprise. It is imperative that they implement robust security practices and faster verification systems while getting a higher ROI. Companies can achieve this by using integrated biometric authentication management as explained in this paper.
MHK Tech Inc is dedicated to providing scalable, feasible, and high-quality cloud-based identity solutions to various businesses with their innovative products such as Credenze, a completely integrated and automated tool for user identification and verification.
Contact us at [email protected] to know more about our products and solutions for your complete security needs.
KEY TAKEAWAYS
- Enterprise security needs to scale up to prevent constant threats and breaches
- Smarter and faster multimodal biometric authentication provides a feasible solution
- Credenze is a completely automated and integrated solution to identification, authentication, and verification problems faced by organizations and businesses.
