How does biometric authentication contribute to reducing fraud?

Biometric authentication helps reduce fraud by offering a higher level of security compared to traditional methods. This is because biometric data, such as fingerprints, retina scans, or facial recognition, are unique to each individual and extremely difficult to replicate or steal. This uniqueness makes it harder for fraudsters to gain unauthorized access to systems or accounts. Additionally, biometric authentication is more secure than traditional methods like passwords or PINs, which can be forgotten, shared, or easily hacked. The continuous advancements in biometric technology also enable enhanced accuracy and reliability in verifying a person’s identity, thereby making it a more robust solution against fraudulent activities.