Biometrics
Identifying individuals by unique biological traits (fingerprint, face).
Detailed Description
Biometrics
What are the two main categories of biometrics?
The two main categories of biometrics are physiological biometrics and behavioral biometrics.
How does biometrics enhance security in fintech?
Biometrics enhances security by providing a reliable means of identification that is unique to each individual, reducing the risk of unauthorized access.
What are some challenges associated with biometric systems?
Challenges include privacy concerns, high implementation costs, and technical limitations like false positives or negatives.
What regulatory considerations must financial institutions keep in mind regarding biometrics?
Financial institutions must comply with regulations like GDPR, which impose strict guidelines on the collection, storage, and processing of biometric data.
What future trends are expected in the field of biometrics?
Future trends include advancements in AI and machine learning, the integration of multi-factor authentication, and the development of new biometric modalities.