Digital transformation has compelled various sectors to adopt facial recognition for different purposes. Statistics show that the facial recognition market is expected to reach 11.62 billion US dollars by 2026. Whether it is employed as an attendance marking system at schools/offices or preventing identity theft frauds, a facial recognition system comes in handy. At present, multiple artificial intelligence algorithms are employed that make facial recognition software an efficient measure for deterring frauds.
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What Is a Facial Recognition System?
It is an AI-driven technology that authenticates the face of the customers by comparing the image on their government-issued ID documents. It makes the identity verification process flawless and the possibility of deep fakes, 3D masks, or facial spoof attacks are greatly reduced during the onboarding of customers.
Advantages Of Facial Recognition Technology
Annually, millions of cases are reported for identity thefts and with the use of advanced technology, criminals have become more sophisticated in their approach. Statistics show that in the US 1,387,615 cases of identity thefts were reported in 2020. Ordinary mechanisms for fraud detection and elimination are no longer effective enough for the corporate sector. For that reason, the incorporation of digital methods for ID verification is crucial. Hence, facial recognition technology is an essential component for securing business workflows. Multiple industries around the globe are taking advantage of this technology for frictionless customer identification and onboarding.
Swift Customer Onboarding
Nowadays, customers require more efficient ID verification processes that take limited time for onboarding them. Taking into account slow and tedious manual procedures, businesses might lose potential customers if they lack automated means for verifying customers’ identities. The majority of the customers abandon businesses during the onboarding process as it is way too complex and time-consuming. With the adoption of facial recognition technology, businesses can provide a state-of-the-art and swift onboarding experience to their customers.
Robust ID Verification
Facial recognition technology integrated with the identity verification mechanism enhances the accuracy and authenticity of the ID verification process. If a fraudster submits a forged document tempered with fake details, the facial recognition system matches his face and identifies the issue within seconds.
Age Verification For Safety Of Minors’
Protecting kids from the threats of digital space is significant and simple “I am above 18” checkboxes are no longer enough. Youngsters easily trick the ID verification process by using their parent’s ID documents or by entering the fake date of birth details. Facial recognition technology helps companies to ensure the live presence of the customer that has submitted the ID documents during the verification process. Young ones can be restricted from entering adult-oriented business platforms.
Facial Recognition For Secure And Reliable Authentication
Fraudsters are taking advantage of advanced technologies for the execution of illegal activities. Causing severe threats for businesses that lack robust identity verification protocols. With the support of a robust ID verification system, companies can identify any suspicious attempt. Facial recognition technology will increase the efficiency of the identity verification mechanism. In general, reliable and secure verification assists companies in preventing fraud effectively.
Components Of Facial Recognition Technology
The facial biometric verification mechanism provides many features for businesses to secure their business operations and prevent scammers from causing any harm. Provided below is the list of features offered by face recognition software:
AI-Driven 3D Depth Detection
To check if the document is tempered with an image, 3D depth analysis is significantly important. Distinct points on the image are captured and matched against the previously saved digitized images. The combination of 3D facial recognition techniques, skin texture analysis, and human intelligence is utilized during this process.
Liveness Detection Analysis
Liveness detection checks ensure the live presence of the customer during the verification protocol. Therefore, deep fakes and spoof attacks are identified and eliminated at an initial stage. But, fraudsters tend to deceive biometrics as well and liveness detection analysis enables you to prevent them.
Deep Face Detection
In case the vendor has opted for video KYC verification, the mechanism performs several AI-driven checks such as 3D depth detection, skin texture checks, and image distortion analysis to identify deep fakes.
Facial recognition technology was developed in the late 1960s but nowadays, it has become one of the most efficacious technologies to enhance security. Companies can seamlessly onboard customers, fulfill the Customer Due Diligence (CDD) requirements, and improve the overall efficacy of their security protocols. Face recognition software is a reliable approach for the identification of criminals on border surveillance and airports. It detects spoof attacks and deepfakes in seconds.
Sohaib Khalid a professional content writer and write about technology blogs such as artificial intelligence and machine learning.