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How Facial Biometrics Help Banking and Financial Institutions

Banking institutions are one of the most vital sectors for the global markets, and keeping them secure both physically and digitally should be a top priority. From utilizing blockchain within their cybersecurity solutions to ensure cyber attacks are not successfully executed, to using facial biometrics to secure the physical infrastructure, keeping this industry secure is vital to the day-to-day life of businesses and individuals.

The Boom of Biometrics

Historically, biometric access control has been utilized for decades. However, as this advanced technology became available to everyday consumers, its usage rates have sky-rocketed. Consider how you currently unlock your phone, computer, or tablet. Additionally, certain apps on your mobile device allow for biometric access as an alternative to passwords.

The reality is that biometrics provide a far more secure means of data security. The everyday user is likely using a fingerprint, or perhaps even facial recognition to keep their devices and information within them safe. Yet, the biometrics boom goes far beyond the consumer. Think of your employer. How are they using biometrics to keep your digital and physical infrastructure secure? Do these methods provide a passive, yet secure environment, or are they less than user-friendly?

Facial Authentication for Businesses

Facial biometrics help to enhance the level of security for businesses of every size and sector. The use of facial authentication enhances the integrity of these facilities' security by providing access control that is essentially spoof-proof. By using one’s face as their credentials, they cannot be lost, stolen, or shared like other forms of security protocols. For example, a proximity card can be shared amongst employees, and passwords are often written down or used across multiple platforms, reducing their overall effectiveness.

From securing data warehouses to medical facilities, facial authentication can create secure access points at any predefined location needed. This is also the case for financial institutions.

How Banks Can Use Facial Biometrics

Facial biometrics for financial services can be used to secure a variety of spaces throughout the building. By securing areas like the vault and safety deposit boxes, access is controlled to only those with those heightened privileges. Similarly, from an on-premise data security stance, server rooms and data centers can also become secured at their highest abilities using biometric technology. 

Beyond tightening access controls for specific areas within the building, facial biometric screening can be used as primary access points. If the building is secured by external gate access, facial biometrics can be used to control entry. Additionally, this technology can be used to permit employee access to the building, effectively tracking attendance and time of arrival. Furthermore, visitor authentication can be used to keep not only the building secure but employees safe.

The Benefits of Facial Authentication

There are several forms of biometric scanning options available for access control. However, that does not mean they are all created equal. Fingerprint and iris scanning are both effective means of biometric security; however, their usability can leave much to be desired. For instance, dirty hands or even slightly wet hands can prevent the fingerprint scanner from working effectively. Also, iris scanning requires employees to stop at the access point to get scanned, before they can proceed. Both of these do not provide a passive form of heightened security.

Facial authentication technology offers real-time biometric scanning that is hands-free and frictionless. By working in just seconds, employees can look at the scanning device as they approach the door, and either be granted access or denied, depending on their level of credentials, by the time they reach the access point.

Additionally, facial biometrics offers a touch-free approach. Touchfree access points have increased in vitality after the COVID-19 pandemic. With touch-free security, employees are not physically touching anything for access to be granted, effectively eliminating germ-spreading authentication.

The Cons of Facial Biometric Solutions

Many facial biometric solutions can be difficult to install, expensive, and often do not prevent tailgating. Tailgating is a commonly used social engineering approach where an unauthorized individual follows an authorized party into a controlled area, successfully breaching the organization’s security. For financial institutions, it is vital to thwart these forms of attacks.

When choosing a facial biometric solution, be sure to do your due diligence. It is important to understand how the solution will integrate into your existing security stack. You will also want to consider the ease of installation, ability to monitor tailgating attempts in real-time, as well as multi-layered authentication approaches.

Advancing Banking Security

The financial sector is critical for the daily operations of businesses and individuals around the world. Protecting the digital and physical security of this sector is imperative. To properly thwart unauthorized access from internal and external parties, the utilization of facial biometrics is encouraged. By using a facial biometric solution or access control, organizations are enhancing their security infrastructure, while providing a frictionless, hands-free, and touch-free approach. When choosing which facial authentication solution to use within your organization, there are several things you must consider, including the ease of installation, overall integration with the existing security protocols, and real-time tailgating alerts. 

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