Modern-day Point of Sale (PoS) systems have come a long way while technologically evolving over the years. Complexities within processing transactions and nuances of retail companies are in need of more efficient technologies to streamline payments. PoS systems are prone to various criminal threats such as phishing, malware, unauthorized access, fraudulent transactions, deepfake, and identity theft.
The retail industry requires robust biometric security solutions for safeguarding PoS systems from fraudulent access. Criminals use stolen cards, camouflage identities, deepfake, and spoofing attacks to make illicit payments. Therefore, AI-powered digital onboarding solutions assist retail stores to perform a myriad of functions without compromising their accountability, security, and market worth. This blog sheds light on the benefits biometric recognition solutions provide to retail sectors’ PoS systems.
Biometric ID Verification – Helping in the Establishment of PoS Systems
The retail sector is enhancing its operation by providing customers with more convenient payment options. However, it involves certain risks such as identity fraud, the use of stolen cards, and transaction scams. While more retailers, restaurants, and other sectors are turning to integrate hybrid biometric recognition technology as a vital component in their payment systems, the global PoS software market is sure to reach $42.49 billion by 2027.
In order to meet the strenuous market and customers’ demands, the retail industry is establishing biometric security-powered PoS systems. Furthermore, this technology serves as a hedge against both reputational as well as financial losses. It further boosts security and accuracy for transactions. For ages, fingerprint analysis has been the mainstream check in biometric identity verification for PoS payments.
The AI-powered biometric recognition technology has undergone various technological advancements while bringing more security to retail stores. Furthermore, it also increases convenience for customers and provides them with a hassle-free shopping experience. With solutions like facial feature verification, iris/retina scans, palm vein analysis, gesture evaluations, and liveness detection, biometric technology is streamlining online transactions. Since mobile payments make up around 30% of global PoS payments, the retail industry needs to incorporate digital onboarding solutions. Further benefits of integrating efficient biometric screening solutions are in the next section:
Fraud and Loss Prevention
The PoS systems are driving enough benefits for customers and retail stores alike. However, they are prone to security threats as well which will risk criminal exposure of confidential financial data. There have been countless stories of employees’ bank account exploitation, false returns, and transaction scams. Loopholes within the PoS systems are leaving enough room for criminals, compromising buyers’ privacy.
Retail stores are incorporating biometric screening solutions to add an extra layer of security to their PoS systems. Furthermore, AI-powered IDV services restrict unauthorized access by ensuring the customer is present at the time of making a purchase. Biometric user authentication also cross-verify individuals by scanning their facial features during touchless payments.
Eliminating the Need for PINs and Credit/Debit Card Scanning
Biometric recognition solutions provide touchless payments to eliminate the need for scanning credit/debit cards or PINs. as barcodes, CVV, and information within stripes are easy to hack, the retail industry is bringing in more secure options. Furthermore, nefarious activities and criminal threats are increasing financial loss and reputational damages as customers are less likely to vest their trust in any store with compromised worth. Individuals tend to forget their PINs which further increases the use of additional correction costs.
The retail industry requires biometric security systems to safeguard PoS payments and eliminate time drains. These AI-powered solutions facilitate customers to scan their facial features and perform a transaction. Hence, biometric screening helps retail stores can drive more accuracy while eliminating the hassle of carrying cards or remembering PINs for individuals.
Management of Workforce
For the retail industry, customers are not the only potential assets, employees and workers belonging to every Job Description (JD) are equally crucial. Where tracking their check-ins/outs becomes challenging and can cause consequences for workers, biometric screening helps overcome them.
With facial feature verification-powered machines at entrances, retail stores can ensure straightforward working time calculation. Similarly, biometric identity verification helps reduce the burden on cashiers and payment collectors by completely automating PoS systems. Furthermore, employees won’t have to scan cards through payment machines, instead, customers can enroll their biological/behavioral traits and exit stores with their purchases.
Biometric screening technology cuts down additional operational costs for retail stores by providing them with automated identity verification solutions. It provides recognition of distinct biological and behavioral traits that are impossible to replicate. AI-powered biometric ID verification streamlines PoS systems by automating transaction recording, monitoring, and evaluation process. Furthermore, it enhances the security of customers which ultimately leads to more market worth retention. Hence, biometric security services are the game-changers for retail stores’ PoS systems.