Anti-Money Laundering and Terrorism Financing Prevention

What is Biometrics?

Biometrics is the analysis of unique biological and physiological characteristics with the aim of confirming a person's identity. The five most common types of biometric identifiers are: fingerprints, facial, voice, iris, and palm or finger vein patterns
As an example, banks need your biometric data in order to provide their various services remotely. If you want to open an account or take out a loan then you used to have to go to a branch, whereas now you can access many services over the phone.

There are two types of biometric systems: physical biometrics and behavioral biometrics.

Physical Biometrics

With the help of special devices (scanners, sensors, and other readers), a person's biometric data is stored in a database. The system saves this information, such as a fingerprint, and converts it into digital data. Then, when the finger is placed back on the scanner, the system compares the new data with what is stored in its database. Finally, the system will either confirm the person’s identity and grant them access if there is a match or decline the request if not. Modern smartphone cameras and video recorders can easily recognize faces with the help of built-in sensors powered by neural networks. In this sense, the image becomes a person’s identifier. This technology can be used not only to unlock phones, but also for more complex tasks such as confirming purchases or accessing financial services.

Behavioral Biometrics

Behavioral biometrics is a recognition system that identifies a person based on dynamic or behavioral characteristics. These characteristics may include handwriting and signature dynamics, voice and speech rhythms, gesture recognition, electronic device usage characteristics through typing speed, the way a person holds a smartphone or tablet, and even the way they walk. This type is also known as passive biometrics, as it doesn’t require a user's active participation to proceed with the authentication process.
These dynamic authentication methods are based on the characteristics of a person's behavior. They evaluate a person's unique behavior and subconscious movements in the process of reproducing any action.
Voice recognition is a technology that combines both physical and behavioral biometrics as it analyzes dynamic and static characteristics of human voice at the same time.