China’s biometric industry, especially in the field of fingerprint identification technology, has entered a mature development period, but its application in the financial field is still in the initial stage of exploration. In a variety of identification methods, compound biometric technology is widely promising.

The Research Report on the development trend of China’s third-party payment industry from 2017 to 2018 points out that the competition among third-party payment institutions has gradually evolved from pure product form competition to business model competition, and will move to ecological construction in the future.

Before the ecological construction, the relevant enterprises have made brilliant plans, hoping to gain the advantage in the competition, taking the initiative, such as WeChat’s choice of payment to attack big data, while Alipay vigorously develops biometric technology.

Many people may ask that biotechnology has become more popular in daily operations. Even if it goes wrong, the impact is not great, but is its application in the financial field really reliable?

In fact, biometric technology has long been applied in the financial field, and fingerprint identification is a more mature representative. As an advanced high-tech prevention and management means, face recognition control system is widely used in important places with high security requirements such as banks and financial institutions because of its high security, wide application and extremely convenient use and management. The system has become an important symbol that the security technology has entered a new generation of biometric intelligent era.

From another point of view, the entry of biometric technology into the financial field is also driven by market demand. In recent years, with the Internet of traditional financial services and the emergence of new Internet financial services, the demand for user identity verification and authentication has increased rapidly. People are more inclined to safe, reliable and convenient electronic identity authentication technology, which has also become the focus of the industry, and biometric technology just conforms to this trend of the market.

However, there are many loopholes in a single identification technology, which is also the reason why many users are worried. For face recognition, the accuracy of image recognition is very important to the effectiveness of machine learning and executing user instructions, and it is also a prerequisite to ensure the wide application of face recognition. However, the development of face recognition technology is not yet mature, and there is still a great risk of misjudgment in practical applications.

In addition, the development trend of face recognition and big data fusion makes face recognition an important carrier for collecting massive data and generating key basic information, which greatly increases the risk of data leakage; Moreover, there is still a lack of corresponding management mechanism for the collection, storage and use of personal image data, and personal privacy is easy to be exposed in public.

In addition to face recognition, biometric technologies such as fingerprint recognition, palm geometry recognition, iris recognition and retinal recognition have their own defects. This is why biometrics cannot end the era of cryptography in a short time.

So, how can biometrics improve its own security? On the one hand, technology research and development is also a way that is now accepted by the public and applied – composite biometrics.

Composite biometric recognition combines a variety of biometric technologies such as fingerprint recognition, face recognition and iris recognition. It has more advantages than single feature recognition. It can not only identify a comprehensive biometric system with different biometrics, but also effectively solve the problems of non universality, fraud, invalidity and inaccuracy in identity authentication. Ant financial service adopts multiple biometric technologies including face, fingerprint and eye pattern to ensure the safety of customers’ funds.

Insiders said that with the continuous expansion of application fields, the new generation of biometric technology will lead the transformation of single biometric mode to composite biometric with its unique characteristics. Whether in security, finance or other fields, composite biometric will gradually become the mainstream of biometric field.

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