Biometric Authentication In Digital Payments: Utilizing AI And Big Data For Real-Time Security And Efficiency

Abstract

Biometrics is the technical term for body measurements and calculations. It refers to metrics related to human characteristics. Biometric authentication (or realistic authentication) is used in computer science as a form of identification and access control. It is also used to identify individuals in groups that are under surveillance. The basic premise of biometric authentication is that everyone is unique and an individual can be identified by his or her intrinsic physical or behavioral traits. It allows us to capture biometrics or personal information and make digital payments fast. For the sake of digital banking, biometrics pointed the way to reinvest the identity verification process automatically into a system. As a result, financiers no longer have to substantially subdivide themselves from their customers, especially when ascertaining identity. A procedure that used to take weeks or months has now been reduced to a matter of minutes if not seconds. As an efficiency bid, it is orders of magnitude more efficient than any human could ever be to preserve the verification process by using existing biometric data.

Biometric identifications are discrete physiological or behavioral characteristics that can be measured to identify a person. Digital payment alternatives are gradually replacing the traditional ways of transactions. Biometric authentication is based on inheritance and specific characteristics and is considered to be more secure compared to traditional PIN methods. Fingerprint recognition is the most common biometric identification available in various smartphones. Replacing traditional signatures with more secure and efficient fingerprint verification leads to the automation of the KYC process in the banking system. In this paper, readers will understand the working and potentiality of biometric authentication with the help of Artificial Intelligence (AI) and Big Data for correctness purposes. This paper will help non-technical readers understand the concepts and power of intelligent AI used in banks for KYC purposes.