Biometric technology is in the throes of an identity crisis. Biometrics relies on matching algorithms that analyze the physical or behavioral traits that differentiate one individual from another, such as fingerprints, the retina or iris of the eye, or the patterns of an individual's voice.Through its use, financial institutions could reduce costs related to identity theft, while simultaneously assuring consumers that their financial assets are protected.
Banks, for example, might rely on biometrics to determine whether a credit card is being fraudulently used. Insurance carriers have identified fewer needs for biometrics, with the reduction of fraudulent claims being one of the more logical applications.
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