For the past few years, identity verification frauds have been rapidly increasing. With numerous high-profile identity theft cases that affect millions of online users every year verifying businesses are trying their best to secure the data of their customers. All businesses whether they are providing online or manual services need to authenticate their customers to protect themselves from high-risk customers. In the present age, it becomes compulsory for businesses to confirm the identity of their customers to avoid any loss.
During the COVID-19 outbreak, ID frauds are on the rise due to the instant increase of internet users. The Federal Trade Commission reports 4.8 million cases of online fraud in 2020 in which most of the reports are about ID thefts. To reduce the cases of identity theft, businesses need to know their customers well enough and keep a check on their ongoing activities. In the past, people used passwords to keep their accounts safe from cybercriminals. But passwords are not proven beneficial for most customers as they can be hacked and their accounts are used for illegal means.
Some businesses use manual ID confirmation methods but people do not like to send their documents for verification as there is a chance of data breaching. Facial recognition technology is the solution to deter online ID frauds.
Facial Recognition Solution
Online face recognition helps businesses to onboard their customers in real-time within seconds. Although there are various digital identity verification services, face recognition proves to be the best among them. AI-powered face recognition technology confirms the identity of the customers by matching his face with the provided documents. Facial recognition technology is the most widely used ID verification solution in the world.
The end-user uploads a photo-based identity document and takes a live selfie to confirm his identity. After that, the system cross-checked the essential information and sent the result to the system. The liveness detection feature makes this solution the most robust to verify identity. That’s why this technology is mostly used in terms of market size and is expected to generate a revenue of $8.5 billion by 2025.
The Robustness of Face Recognition System
The AI-enabled face recognition system facilitates businesses and their customers by verifying them either from videos or images. It detects all spoof attacks such as 3D masks, photoshopped images, and other fake attempts for ID authentication. The 3D depth and microexpression analysis detect facial moments such as blinking of eyes to identify false attempts. Due to the credibility of the face recognition solution, many industries are adopting this solution to provide their customers a better experience for onboarding.
How Does Face Recognition Solution Ease the KYC Process?
KYC compliance is the foremost responsibility of all businesses for the flawless onboarding of their customers. Face recognition technology also helps them to perform KYC within seconds. Facial biometric authentication assists businesses to perform ongoing KYC of current customers to keep a check on their regular activities. Facial biometric authentication also helps organizations to amplify the sign-in process via selfie login that is mostly used in mobile phones.
It is also used for accessing authorized persons to enter somewhere and multi-factor authentication to provide more security to the accounts. Facial biometric authentication fulfills the online ID verification needs of many organizations. Mostly this technology is used in the education sector, banking, online gaming, e-commerce, traveling industry, and log-in social media accounts.
AI-based face recognition solutions facilitate Kyb checks businesses to onboard their customers through selfie logins to speed up the ID authentication process. It eliminates the need to take paper-based documents with you to confirm the identity before onboarding. The automated facial recognition solution not only assists businesses to securely verify their customers but also helps them to enhance the customer experience. It also helps financial institutions to meet AML/KYC regulations to prevent money laundering and online financial fraud. The reliableness and responsiveness of the system engage more customers and businesses to use this service to speed up the ID verification process.