Facial recognition is one of the main notable enhancements in the IDV market, which has attained prominent recognition over the prior few years. Facial recognition adopts biometric technology for liveness detection and interpretation. It can assist in authenticating a person’s identities from a set of databases to find the accurate match for identification. The facial recognition market is examined to increase at $5 billion in the year 2019 and now expected to increase at $8 billion by the year 2023. Monetary institutions and other global sectors are rising to show concern in it since there is a need for robust IDV due to the increase of fraudulent activities of online identity fraud and scams.
How does Facial Recognition Technology operate?
Facial recognition technology operates for authentication and identification. They both might seem similar but are very distinct ideas. The face of a person under question is matched with a database of distinguished faces to find the identity of an unfamiliar face. The facial recognition system has been commonly used by administrative authorities to authenticate whether the possible users are who they claim to be. Some circumstances of facial recognition technology:
Unlocking digital phones or iPad by authenticating users face
Logging in to the online banking app
Validating identity at terminals or trains
Verifying health insurance form at healthcare facilities
Facial recognition might operate separately for various companies but the main idea is the same:
The client displays their facial scans in front of the camera. In proof of IDV for monetary institutions, they might ask you to present the ID documents along with liveness detection of the user.
It performs a comprehensive facial scan using microexpression analysis and 2D & 3D face mapping methods to reduce cyber attacks.
The client’s face is then matched with the picture on the identity document and databases of recognized faces.
After examination, the outcome is either accepted or rejected.
Companies that adopt facial recognition technology
Facial recognition is adopted by global sectors for the main idea of identity authentication.
Regulatory authorities: It gives an additional layer of protection by recognizing fraudsters or criminals.
Healthcare Sector: We can examine an increase in medical data breaches during the previous years. IDV that adopts liveness detection can assist in reducing medical data breaches from entering the system imitated as someone else.
Online E-commerce websites: Physical and online stores both are adopting facial identification systems on the consumer to fight identity fraud which can reduce expensive chargebacks.
Travelling sector: We can view and learn a lot of travel frauds due to identity theft. Tearing hotels or restaurants off of their earned profits. IDV through facial recognition systems on consumer check-in and check-out can reduce malicious activities. Air terminals are testing facial recognition to smooth the entire process.
Monetary institutions: The banking sector and financial institutions have initiated to adopt facial recognition systems for safe customers to log in through their digital banking apps.
Online gambling and gaming sector: face recognition technology is using it for online gambling and gaming websites for gamer facial scanning and can minimize incidents of money laundering.
Voting: we can learn about a lot of fraudulent activities in the government sector in times of the voting period. The procedure for citizens is similar to it for everyone. The voters take a picture of their government-approved ID document with their front picture, upload it for verification. After acceptance, they can cast their choice.
Cybercrime is significantly rising each day in a world full of technological advancement. Several businesses are now adopting AI-powered facial recognition services as a safety measure. It is a likely technology that is perceived to be transforming how companies perform their KYC or know your customer processes. Facial recognition technology is an eventuality but it does have an adverse effect. Client’s images can be easily found online on social media websites which can then be adopted for facial spoofing attacks. The idea why companies need to have facial recognition systems for wrong hands. Flaws and vulnerabilities within business practices constantly exist. It uses liveness detection to recognize the remote presence of the people, which can increase the software’s capability to detect and reduce attacks.