Face Verification Solution has become an integral part of the verification process of business entities and financial institutions for risk-free customer expansion as due to technological advancements, cybercriminals and professional hackers are more equipped than ever before. Creating an untraceable synthetic identity is no big deal and many corporations and institutions in the financial sector have become victims of Id fraud. In the U.S, a total of 712.4 billion was lost to Id fraud: a 42% increase as compared to the previous year.
Face Verification Solution eliminates all errors in the KYC procedure, enables entities to prevent scams, and in providing a better customer experience to everyone.
It is massively used in the industrial sector, from unlocking a cell phone to accessing a confidential database, face verification solution makes sure no unauthorized soul gets the access.
However, the concerns about safety and violation of privacy always stay there.
Functioning of Face Verification Solution
Prior to getting a customer onboard or forming a partnership, corporations demand a set of particular records varying with the platform the user is trying to get on. The common documents include photo-based ID, utility bills, bank statements, and so on. Facial recognition consists of simple steps:
- At first, the user positions his/her documents in front of the digital device where the OCR model of online face verification solution extracts the desired data from it.
- The end-user is supposed to upload his/her selfie along with the documents. The recognition technology performs following in an eyeblink
- Liveness Detection
- AI mapping
- Anti Spoofing Checks
- Fake Image Detection
- 3-D Depth Perception
- Microexpression Analysis, the machine learning algorithm of face verification solution analyze slightest expressions or movements of the person
- The AI-powered system turns the information into a proper structure and matches it against the data incorporated in regional/national databases to make sure that the credentials provided are genuine and the individual or firm never had any trouble with the law and is eligible to join
- Afterward, the final results get stored in the back office of the organization or platform
The purpose of the face verification solution is to authenticate the validity of an individual and confirm his/her eligibility because many age verification scams have been reported worldwide, underage souls attempt to register at dating or adult websites, gambling, and age-restricted gaming. Face recognition by AI-powered solutions prevents all of this in a second.
Advantages of Facial Recognition System
A More Secure Method
Customers these days own multiple accounts for various personal and professional purposes and creating a different complex password for each one is not common. People usually use a simple or same password for many platforms. This creates ease for hackers and cybercriminals. Facial recognition solution prevents all of that in such cases as stealing and re-creating the same facial data is not as easy as hacking passwords or PINs.
Face recognition technology is imperative for businesses and organizations in the financial sector to detect fake and synthetic identities in a go. It analyzes the microexpressions of the end-user and verifies the face through AI mapping techniques with great accuracy,
With the integration of AI models and optical character scanners, the face verification solution can easily recognize 3D mask attacks, eye cut photo attacks, video replay, or screenshot images in a heartbeat.
The algorithm of the intelligence model of face verification solution is also useful in medicine, it can help in predicting how a particular genetic disorder took place on the basis of some facial traits.
Cons of Facial Recognition
People frequently ask, is face verification solution secure or not? It goes without any argument that facial verification solution is a much more suitable option other than passwords or PINs. It saves consumers time from signing in and verification every single time but when the recognition system generates end results, they get stored in datasets of the particular platform or company.
The matter of violation of privacy has always been a highlighted issue. The sensitive data vulnerable out there raises the worry of customers.
As mentioned, an individual uses numerous accounts, which means that his/her sensitive biometric data is granted to every social platform, crypto exchange, e-commerce platform, bank, and many more. This surely bothers people about their data security and what it can be used for without their knowledge and consent.
This somehow creates a feeling of being under constant surveillance as they are transparent, all of their private information is known and shared with many authorities.
The advent of technology has also created a smart gateway for hackers and fraudsters, fresh techniques have caused a great deal of loss in the global financial and corporate sector. Face verification solution is essential for detecting fake IDs in no time. It matches the face of the user with amazing precision through AI mapping and observes microexpressions to prevent spoof and 3D mask attacks. For ensuring protection against fraudsters, entities require sensitive biometric data which surely prevents any misfortune but creates an ongoing concern of data vulnerability and violation of personal freedom and privacy. However, it is important to acknowledge that regulatory bodies enforce strict compliance laws and the consequences of negligence and data breach have cost organizations a fortune. Plus an ideal verification solution ensures validation and rightful possession of data with accuracy and is beneficial for firms.