2 Positive NFC Technology Verification is Highly Pivotal

NFC, short for Near Field Communication, is built on the foundations of RFID (Radio-frequency Identification) technology. Back in 2002, mobile giant Nokia was the first organization to include NFC technology in mobile devices. Ever since then, it has been evolving. 

In today’s era of technological advancement, it has enabled numerous other technologies for the convenience of companies and consumers alike. In this article, we will be taking a look at the most crucial one – NFC biometric verification.

What is NFC?

Near-field communication refers to the interaction that takes place between two compatible electronic devices once they are taped together. Typically, for NFC to work, the devices have to be brought in proximity to each other. Usually, a distance of 4 cm or less has to be maintained to allow data to be transmitted. 

NFC technology enables devices to verify identity documents and also acts as key cards. With the growing demand for cashless payment systems, it is considered a better alternative for making mobile payments instead of using credit/debit cards or electronic smart cards. 

The application of NFC in the real world can be found in most businesses today. From exchanging small files such as corporate contracts to transmitting large media files such as videos, photo albums, and song lists, this technology has taken the world by storm and is here to stay.

What is NFC Identity Verification?

An electronic device enabled by NFC technology has the ability to scan microchips that exist in credit/debit cards, passports, or ID cards. This method is known as NFC verification. 

It verification solutions typically scan official ID documents to verify the identity of the holder. The microchips are embedded with the end user’s Personally Identifiable Information (PII) such as their full name, gender, date of birth, residential address, place of birth, blood group, date of issuance and expiry, etc. for NFC identity verification to be successful, a touch-based NFC reader simply extracts details from the microchip-embedded document through a simple tap with the document.

What is NFC Biometric Verification?

To add an extra layer of security, NFC technology is also used along with biometric technology.

Biometrics is considered the most reliable method of identity verification and authentication. They involve a mathematical analysis of an individual’s physical characteristics to verify whether a person is actually who they claim to be. Physical characteristics that can be verified include, but are not limited to:

  • Facial features 
  • Iris and retina patterns
  • Fingerprints 
  • Hand, palm, and vein patterns
  • Behavioral characteristics 
  • Voice and speech recognition
  • DNA samples

NFC biometric verification provides an all-in-one solution for identity verification. This procedure is particularly important for the financial services industry, as retail banks, insurance firms, brokerage companies, life assurance and pension organizations, stock markets, and fintech face numerous threats every day. 

With cybercrime such as identity theft, account takeovers, money laundering, credit card frauds, and data breaches on the rise, institutions that are monetary in nature are in dire need of safeguarding customer data. What better solution is there than verifying entities prior to transactions through advanced NFC-based biometric verification?

Why is it Necessary?

NFC technology biometric verification is highly beneficial for financial firms, healthcare businesses, educational institutions, retail stores, and the hospitality and tourism industry as it adds an extra layer of security. 

In particular, it has the ability to detect and eliminate synthetic identity fraud which is highly difficult to spot through traditional verification methods. In synthetic identity fraud, deceivers combine legitimate user information with fake identity details to forge ID documents, making them seem legitimate. 

Fortunately, NFC-based biometric verification solutions not only verify ID documents by scanning the information embedded in the microchip, but also verify the document holder in real-time through facial recognition, fingerprint scans, or other biometric methods. 

Key Takeaways

  • NFC works on the same principles as RFID technology
  • The application of NFC in the real world can be found in most businesses today
  • NFC identity verification allows businesses to verify clients in a cashless and friction-free manner
  • NFC biometric verification provides an all-in-one solution for identity verification
  • Examples of biometric verifier include fingerprints, facial features, retina patterns, etc
  • NFC biometric verification is crucial for combating cybercrime such as identity theft and money laundering
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