Biometric Authentication for Your Forex Mobile App

7 min read

Traditional authentication techniques, such as passwords and PIN numbers, are quickly going out of style. Biometric authentication is developing as a game changer, providing clients with the optimal balance of security and simplicity.

The use of biometric technology in the financial sector is here to stay. Recent market research [1] projects the biometric system market to grow from USD 39.70 billion in 2024 to USD 99.97 billion by 2032, showing a compound annual growth rate (CAGR) of 12.23% during this period. This impressive growth demonstrates the increasing confidence and demand for biometric solutions across various industries.

Implementing biometric verification in mobile apps is a strategic decision for brokerage owners. It not only increases security measures but also indicates a commitment to using cutting-edge technology to improve the entire user experience.

Let’s look at how this technology works, its types, advantages, possible risks, and how it works in our mobile app.

 

What is biometric authentication?

Simply put, biometric authentication is a security mechanism that uses individualised biological characteristics to identify people. 

By replacing traditional password-based systems, biometric authentication offers a more secure and convenient way to access sensitive information on mobile devices.

How does biometric authentication work?

The biometric authentication process typically involves three steps: enrolment, verification, and authentication. 

During enrolment, the user’s biometric data is captured and stored securely on the device. When the user attempts to access the app, the system compares the user’s live biometric input to the stored data, verifying their identity before granting access.

 

Types of biometric authentication

The most common types of biometric authentication include fingerprint scanning, facial recognition, voice recognition, and iris scanning.

• Fingerprint scanning uses the unique patterns and ridges of an individual’s fingertip to identify them.
• Facial recognition analyses the unique features of a person’s face.
• Voice recognition analyses the unique characteristics of an individual’s voice, including pitch, tone, and speech patterns.
• Iris scanning, on the other hand, uses the patterns of the coloured portion of the eye to verify identity.

Biometric authentication techniques

Biometric authentication uses advanced technologies such as machine learning and computer vision to identify users. These techniques often involve capturing high-resolution images or scans of the biometric feature, which are then processed and compared to the stored data using complex algorithms.

 

Biometric authentication advantages

Biometric authentication offers several key advantages over traditional password-based systems.

• It is more safe as biometric data is harder to copy or steal than a basic password.
• Users no longer have to recall and enter complicated credentials, so it offers a more practical user experience.
• It can help reduce the risk of unauthorised access and data breaches.

The risks of biometric authentication

While biometric authentication is generally considered a more secure option, it does come with some risks. For instance, unlike a password, an individual’s compromised biometric data is difficult to change. 

Furthermore, as certain biometric authentication systems include the gathering and storing of private data, they might generate privacy issues.

How does biometric authentication looks like in the mobile app

Our mobile app solution offers biometric authentication, enhancing both security and user experience for your valued clients. Here’s how this feature can benefit your brokerage:

• Easy Activation

Your clients can easily activate biometric authentication through their account settings. This user-friendly approach encourages the adoption of enhanced security measures.

• Flexible Login Options

The login screen offers two authentication options:

• • Traditional sign-in using email and password
  • Biometric sign-in using Face ID or Fingerprint

• Better User Experience

Our app initiates biometric authentication automatically, simplifying the login process for your clients. This feature significantly enhances user experience, potentially increasing client satisfaction and app usage.

• Stronger Security Measures

The system includes failsafes, like redirecting to traditional login after multiple failed biometric attempts. It also manages sessions securely, requiring re-authentication when necessary.

• Automatic Security Updates

When a client changes their password, biometric authentication resets automatically. The app then prompts them to reactivate it, ensuring continuous security without complicating the user experience.

Integrating our mobile app with advanced biometric authentication features helps your clients:

• Get better security for their sensitive financial information.
• A more convenient and user-friendly experience
• Cutting-edge technology that sets your brokerage apart from competitors

Embracing biometric authentication is more than just a technological upgrade – it’s a strategic move that shows your commitment to client security . 

 

By choosing our mobile app with biometric authentication you’re investing in the future of your brokerage and the trust of your clients.

Contact us for more details! 

 

References:

[1] Market Research Future – https://www.marketresearchfuture.com/reports/biometric-system-market-3754?utm_term=&utm_campaign=&utm_source=adwords&utm_medium=ppc&hsa_acc=2893753364&hsa_cam=20817028056&hsa_grp=160107916030&hsa_ad=683127039302&hsa_src=g&hsa_tgt=dsa-2160750274689&hsa_kw=&hsa_mt=&hsa_net=adwords&hsa_ver=3&gad_source=1