Identity and Metaverse Security
Since 2021, the metaverse has rapidly come to the forefront of most people's minds and emerged as one of the most searched buzzwords. However, it also comes along with a security issue of blockchain-based mechanisms when users are accessing their digital identity. In 2021, the majority of metaverse companies faced 80% more bot attacks and 40% more human attacks than other businesses. The metaverse has become a hot target for fraud. SO, fraud needs to be eradicated before users can enjoy the metaverse and support metaverse business with confidence.
Protecting one’s digital identity against theft and fraud is a critical and inescapable issue for the entire metaverse endeavour to be successful. A metaverse account shares a lot of personal information (PII) and sensitive data online, and can even include bank accounts details. This means that along with strong passwords, firewalls, and threat detection technologies, biometric authentication is also recommended along with blockchain technology to help users stay in control of their data and minimize the risk of fraud.
What is Biometric Authentication?
Biometric Authentication refers to a security procedure that uses unique biological features of individuals to verify their identity. There are various biometric characteristics that can be used like one’s face, fingerprint, iris, voice, and more. In fact, facial and fingerprint recognition are already widely used in security applications, such as two-factor authentication for online banking or even immigration at the Airport, all of which show that biometric authentication is already in our everyday lives.
Biometric authentication is relatively more reliable, accurate, fast, user-friendly, and hard to mimic or steal. The biometric system in the global market is forecast to reach nearly 43 billion U.S. dollars in 2022. Although every technology will encounter constant security challenges, it is still regarded as one of the most secure and efficient authentications today.
Top 3 Common Types of Biometric Authentication Technologies
Nowadays, biometric authentication methods are developed into varied types, using different measurements to analyse the inherent characteristics of individuals to determine their identity. There are 3 types of biometric systems that are widely applied in our daily lives. Let’s see how they work.
1. Fingerprint Recognition
Fingerprint recognition works by examining the unique pattern of ridges and valleys on our fingertips. By connecting to an access-control system, a fingerprint can be identified by comparing it with stored fingerprints. Unlike other authentications, fingerprint only requires a small size of storage space, so companies can have a more storage-efficient access control system. In fact, most biometric payments have already accepted fingerprints as a second authentication factor. It is estimated that more than 4.6 billion smartphones will support fingerprint sensors by 2024.
2. Facial Recognition
Facial recognition works by identifying the unique geometry of a face captured from photo, video or in real-time with high accuracy. According to Apple, there is only a 1 in 1,000,000 probability that a random person can unlock someone else’s iPhone using its Face ID. The application of facial technology is quite varied and include unlocking phones, law enforcement, searching for missing people, combating retail theft, banking, marketing and advertising, healthcare and more. For instance, Amazon introduced its exclusive face recognition technology - Rekognition to law enforcement agencies worldwide.
3. Iris Recognition
Iris recognition works by analysing the unique patterns within a ring-shaped region surrounding the pupil of each eye. Iris technology is widely used in different applications including immigration control, ID systems, crime investigation and more. It is estimated that the global iris biometrics market will reach $4.3 Billion by 2026 and expand its application from e-commerce to surveillance. However, Iris scanners are more expensive than other biometrics, being less cost-efficient to use in digital devices.
Our Biometric Techology Service
HKT Smart Access Control Solution offers double authentication with biometrics – Facial Recognition and Fingerprint Recognition. These are the most accurate biometric authentication solutions for enterprises to authenticate legitimate attempts to gain access. Ensure your database is fully secure with fast and reliable access control.