Face Recognition Technology – Securing FinTech Companies Around the Globe

Modern companies use face recognition solutions to ensure their employees’ authenticity. Face scanning allows organizations to verify clients while performing onboarding procedures for customers. Other biometric techniques, such as fingerprinting and eye detection, are also used to verify customers’ identities.

40% of customers around the world have become victims of identity theft. Identity theft is getting more complex as biometric technology evolves. In reality, such scams result in financial theft and put individuals in danger by committing fraud with their names.

Moreover, know-your-customer face recognition services allow using customers’ selfies and verify them with their ID card images through artificial intelligence. Accurate authentication of customers’ IDs is only possible with AI-powered technology. Furthermore, companies use face recognition technology to provide a safe environment and precise verification.

How is Face Recognition Done?

Facial recognition of customers’ IDs helps organizations work more effectively without worrying about fraud. This advancement is also beneficial in many smartphones. Some techniques through which face scanning technology help are:

• Upload a Picture 

The customer takes a picture or a selfie of themselves and then uploads it on the face verification software to verify their ID.

• Facial Scanning

The provided picture matches the customer using the camera with the real-time and previous database records. Moreover, essential facial features are verified to check the user’s authenticity or whether any fraudulent activity is happening.

• Facial Feature Comparison

The database record helps validate customers’ facial features using face recognition technology. It also provides the necessary access to the consumer after carefully verifying their faceprints and authenticity. 

Touchpoints Reduction

A diverse workforce is essential for verification methods such as fingerprinting and palm detection. Facial verification solutions require no touchpoints at places like airports so people can have fewer points to make physical contact to complete entry checks.

Advantages of Facial Recognition Services 

These services help corporations verify customers’ identities using face verification software. They are used to detect identity theft and limit fraudsters from misusing any business’ data. Hence, facial recognition services are a must for companies to increase their credibility in the industry and gain customers’ trust.

Following are some benefits of these verification services

• Unlocking of Phone

Smartphones are one of the most common devices, and users can unlock most of them without entering a password. Due to the implementation of face recognition service technology, smartphones are now capable enough to verify their actual owner. Thus, it is one of the most advanced technologies and includes dot projectors that can scan a person’s facial features.

• Detect Criminals & Find Missing Users

Biometric verification systems help companies look for verified customer onboarding by comparing facial identification features. It also help the authorities of law execution to help them verify criminals and scammers who use fake identities. The police department also uses a face verification solution to identify and arrest criminals by matching their faceprints.

• Enhanced Security at Airports

Airports are one of the highest-risk areas and need the best security system. Therefore, they use face validation techniques for security. It allows them to improve their services and will enable travelers to reach the entry points using these techniques.

• Reduction of Fraudulent Activities in Organizations

Previously, businesses used cameras for security purposes, but now they are upgraded with artificial intelligence-based face validation software. It instantly verifies a customer’s identity and allows them to increase reliability in the market.

• Better Customer Experience

Liveness verification services enhance the customer experience through instant facial validation of identities. It also eliminates the need for in-person verification, which takes a lot of time. Thus, customers can have digital identity authentication using facial detection techniques.

• Increase Flexibility

The biometric identity benefits users by removing the need to remember their safety codes. It is one of the intelligent and better approaches that help customers safeguard their sensitive data from external attacks.

• Maintaining Data Security

Utilizing advanced face recognition technology ensures 100% data security. This solution restricts unauthorized access to deter criminals. It allows users to enjoy world-class data security.

• Instant Availability

Business owners can use physical identity validation systems to allow the system access only to authorized entities. Moreover, administrators can conveniently limit access to some individuals and permit several parties to use biometric solutions. 

Use cases of Face Detection Systems in Biometrics

• Customers’ digital onboarding 
• Greater accessibility
• Automated Teller Machines (ATMs)
• Better time management
• Digital check-ins
• Multiple programs for training

Conclusion

In this day and age, the utilization of face recognition technology is helping many corporations. It is a must for businesses as it makes them capable enough to identify authentic customers by cross-verifying their facial features. Moreover, It has benefited the company’s growth by detecting spoof attacks and criminal activities.

It is an instant and intelligent customer ID validation technique, improving the customer onboarding procedure. AI and ML-based solutions have made face verification services faster and more reliable. Therefore, companies can identify their customers rapidly and with zero human errors.