The Point of Sale (PoS) customers see today has technologically evolved over years. Considering an increase in retail stores’ payment complexities, providing customers with the same old transaction methods can drive them away. PoS systems are prone to unauthorized access, phishing attacks, identity theft, and deepfake attempts, retail stores require efficient IDV mechanisms.
The retail industry should integrate robust biometric recognition to safeguard PoS systems from fraud risks. While criminals use stolen cards, spoofing, and deepfake attempts to camouflage identities, AI-powered digital onboarding solutions place a myriad of authenticity checks in their way. Hence, retail stores won’t have to compromise their security, accountability, stability, and market worth. This blog entails the benefits of biometric security solutions for PoS systems.
Establishing Efficient PoS Systems with Biometric ID Verification
The retail sector is upgrading its services by moving stores online and providing customers with more convenient payment options. Alongside, they are increasing fraud risks as criminals are eager to exploit loopholes in financial services. Stores, restaurants, hotels, and other such sectors are integrating hybrid biometric recognition technology to safeguard their PoS systems.
Being an innovative payment method, the global PoS software market is predicted to reach $42.49 billion by 2027. Therefore, to meet strenuous customer demands and a competitive edge in the market, retail stores are making biometric user authentication a part of their online payment systems. AI-powered IDV tools automate transaction validation processes and serve as a hedge against both reputational as well as financial losses.
Biometric recognition technology is taking manifolds in regard to their applications for PoS systems. While fingerprints have been the mainstream check to validate payments, facial verification is massively taking over as a more reliable and accurate authentication method. This new biometric screening solution offers touchless transactions where customers can simply scan their features at PoS systems. Where facial verification drives convenience it also reduces fraud risks to a greater extent.
Mobile transactions make up around 30% of global PoS payments, the retail industry needs to establish biometric security systems to improve their security. With facial verification, palm vein analysis, iris/retina scans, liveness detection, and gesture evaluations, digital IDV checks are enhancing retail operations. Further benefits of biometric screening solutions include:
Eliminating the Use of Credit/Debit Cards and PINs
Biometric screening solutions are accelerating touchless transactions and replacing the use of credit/debit cards or PINs with facial verification. Furthermore, criminals can easily obtain CVV and OTPs by phishing attacks which require retail stores to come up with more efficient payment solutions. Otherwise, they will have to experience transaction scams, reputational damage, and financial loss. Whereas, biometric security-powered PoS systems elevate customers’ trust and limit additional correction costs.
In case customers forget their PINs or their cards somewhere else, scanning facial features through a biometric ID verification system will help them make a transaction. Furthermore, retail stores can save time drains, eliminate hassle, and offer a risk-free shopping experience.
Prevention Against Fraud Instances
Biometric recognition-based PoS systems are benefiting both customers and retailers alike. On the contrary, criminals are equally exploiting confidential data records and other services. There are countless instances of bank account takeover, payment scams, identity theft, and false returns. Furthermore, lax identity verification checks create enough loopholes for criminals to sweep illicit financial benefits.
Retail stores are readily integrating biometric recognition services to incorporate additional layers of security in their PoS systems. AI-powered IDV tools restrict unauthorized access and ensure the real-time presence of clients while making a purchase. Biometric identity authentication also cross-verify individuals by scanning their facial features during touchless payments.
Better Workforce Management
Retail stores not only deal with customers, but they also manage other employees belonging to different Job Descriptions (JDs). Inaccurate calculation of their working hours, salaries, and check-ins/outs can lead to workers’ dropoff. Furthermore, it can create chaos as employees will demand fair treatment. In case of failure, retail stores will experience reputational damage and legal repercussions.
With an AI-powered biometric recognition solution in place, retail store management can overcome employee-based challenges. Similarly, they reduce the burden on cashiers and payment collectors by completely automating PoS systems.
In the End
Biometric screening technology offers secure customer digital onboarding and transaction authentication services that cut down additional operational costs for retail stores. By using biological and behavioral traits as means of identification, digital IDV solutions curb transactional fraud risks. Biometric security solutions drive various upgrades to PoS systems by automating recording, monitoring, and evaluation processes. Hence, retail stores can ensure secure payment while retaining a competitive edge.
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