Identity verification is the need of all businesses whether they are operating in online mode or offline to run a risk-free business. They have to verify their customers before onboarding to prevent scams. All businesses authenticate the identity of their customers but financial institutions give more importance to them. As they have to face more threats related to identity thefts, data breaching, and online fraud. With the increase in online services, cybersecurity attacks are also increased. According to a source, the US reports 1400,000 cases of ID fraud in 2020. And $1.9 billion lost in 2019 due to ID frauds. That’s why online businesses need more security to combat ID frauds.
Verification of documents can be done through manual or digital methods. In manual verification, customers have to send their documents for authentication but it is not a secure method. On the other hand, companies also have to maintain a large amount of data to keep the record of their customers safe. So, they also prefer to authenticate their customers online as compared to manual verification. Online ID verification can be done through different methods such as address verification or facial recognition solution, etc. Here we discussed face identification in detail.
In the past, people used passwords to protect their accounts but passwords are not too secure. Millions of passwords are hacked every year. That’s why people are coming towards artificial intelligence-based identity verification solutions to protect their accounts. Facial recognition technology is the most famous ID verification solution nowadays as it is not easy to break the AI-enabled system. “Face recognition is the process of confirming the identity of a customer using face-match.” Online face recognition solutions confirm the identity of the person using photos, videos, and live video calls.
Face Recognition Solution – Is Your Business Ready to Embrace the Future?
Face identification solution confirms the identity of the customer with more than 90% accuracy in no time. That’s why billions of people are using this service on mobile phones, checking in-out, and many other devices. Face identification solution detects all fake attempts such as spoof attacks, deep fakes, face masks, etc that are provided for verification purposes.
The AI-powered system is very responsive and easy to use. End-users just need to upload a picture with a government-issued ID card or other documents. The system cross-checked the documents in real-time and sent the result to the business.
Is Biometric Facial Recognition Strong Enough to Protect Your Account?
To eliminate the risk of fraud, the system uses micro-expression analysis and 3D depth perception for ID authentication. The liveness detection feature also adds up to the integrity of this service. It confirms that the customer is actually who they are supposed to be.
If the end-user fails in ID verification, proof of verification is sent to the company. The automated system provides stronger authentication with no credential stuffing within seconds that improve the user experience. The system also detects screenshots, printed pictures, distorted photos, and video replay attacks to make the system more secure to protect the accounts of the customers. So, we can say that the biometric face identification solution is robust enough to protect the accounts of the customers.
Facial Biometric Authentication for Ongoing KYC
Ongoing KYC performs to keep check of the existing customers that enhance the login process through selfies. It provides businesses an economic approach to prevent ID fraud. Businesses opt for this technology as it verifies the customers remotely that improves the customer experience. It also helps businesses to meet KYC/AML compliance, safe customer onboarding, and quick ID authentication of their customers.
Wrapping It Up
AI-enabled face identification solutions facilitate businesses to confirm the identity of their customers. It helps them to securely onboard their customers in real-time with accuracy that enhances customer experience. Face identification solutions also assist businesses to comply with security standards that ultimately improve their brand image. Due to the integrity of face identification solutions, the technology is used by billions of users in the world to protect their accounts.