Rise of biometrics in retail to combat fraud

Retailers are not only interested in increasing their profits, but they are also interested in reducing loss from theft and more importantly, improving their productivity. Fast, accurate customer ID verification means fast, accurate decision making.

Point-of-sale based biometric verification is a critical aspect to reducing losses caused by increasing levels of ID fraud. Once customer details are registered, you can trade with certainty at every point of transaction.

Whether it is fingerprint identification, palm-vein technology, facial-recognition systems, there are a growing number of ways biometric technology is helping the business world move in a new direction. Retailers are now, more than ever before, enthusiastic to investigate ways to gather more information about their customers.

Not only was the Apple iPhone 5 launched with a fingerprint identification sensor, but more recently, Samsung and PayPal introduced a new biometric feature that allows Galaxy S5 smartphone owners to use fingerprint authentication for mobile payments with PayPal merchants.

Biometrics offers a convenient and additional layer of security, which helps prevent fraud and create a better customer experience. Controlled access and accurate records for attendance of staff and visitors provides the basis for a more secure workplace.

Secure, cashless payment systems for services such as parking, tuck shops and canteens, photo-copying and printing are also made possible through fingerprint-based identification solutions. In turn, costly identity fraud through the sharing of card PINs and passwords is effectively prevented.

Increasing consumer understanding of biometrics will help improve early adoption, which in turn may see more systems of this type emerge within the retail sector over the coming months. As the industry continues to investigate new technologies to help their businesses grow, biometrics is certainly on the agenda.