according to the 2021 Identity Fraud Study by Javelin Strategy & Research, it cost Americans $56 billion losses the previous year due to “traditional identity fraud.” Outdated passwords are one of the most common reasons why there have been so many scams that fraudsters had done by obtaining people’s log-in information from data breaches.
A single fraudster can hack his way into one’s account in a matter of minutes. The threat prompted many businesses to implement biometrics technology for more secure and safe authentication.
In addition to security, biometric security solutions have been implemented because it is convenient. Aside from not having passwords to remember, people will not have to verify their identity in person. Also, biometrics technology can enhance security for digital transactions for those with Digital Wallet.
Moreover, many businesses should also consider integrating a digital signature API to enhance their business processes. It allows businesses to collect a person’s signature for deals, agreements, contracts, and legal documents directly on their website or product.
It is easy and convenient, especially for clients located in faraway places, eliminating the need to travel to reach out to clients and make them sign important documents.
Learn about Biometric Technology’s history here in this infographic from LoginID.
