Identity theft, the most prevalent crime in the universe, has terrible effects on its victims. It is therefore important for businesses to protect themselves from this common threat because it facilitates many financial scams, including account takeovers and false insurance claims. One method for reducing such concerns is the use of facial recognition technology. The good news is that institutions are becoming more interested in using this technology to stop identity fraud. Let’s look at how face verification services address the issue.
A Quick Overview of Identity Verification
Identity verification is the method of confirming the individuals or end users with various documents that the individual submits to prove their identity. Authentication can be done in a variety of ways, such as using facial recognition verification. In this aspect, digital identity verification is superior to the sometimes unsafe manual process of customer identification.
Users seek data security because of the rise in online fraud in order to prevent future data theft. Instead of transmitting their data to external companies for verification, they are instead utilizing real-time verification solutions. Digital identity validation is a rapid and trustworthy technique to confirm the company’s or the client’s identification in no time. Face recognition is one such service. The AI-based solution simply compares the end-credentials user’s with the supporting documentation at the back office for instantaneous identity verification.
Understanding Face Verification Services
Online face detection methods authenticate people based on their facial traits. For example, KYC face verification software identifies people by measuring the space between two eyes. Not only this it also measures the size of an individual’s nose, the shape of their lips, and many other traits. Face recognition biometrics can quickly and reliably notice and identify anyone, whether they are in a crowd or as they cross a street.
How Do Face Verification Services Eliminate Identity Fraud?
Identity theft is when criminals use another user’s personal details to access their private accounts. This is what would occur in a realistic situation. To get client information, hackers use phishing scams or data breach assaults to attack business databases. Once they obtain their data, they utilize it to perpetrate a variety of different frauds. Those include gaining illegal access to personal accounts or insurance coverage and many others.
A face verification system can successfully reduce this threat for a variety of reasons. Let’s examine each one in turn.
- Document and Face Verification
A Face scanner and automated document verification accurately identify people. During this procedure, the user’s facial features are compared to the picture on the ID card. In this manner, if the person holding the paper is a fraudster, they will be quickly identified and prevented from accessing the financial account.
- Liveness Detection
Banks as well as other data-sensitive businesses can identify consumers depending on their live existence due to liveness detection capabilities. It can determine that an individual is not present in actual time if a perpetrator attempts to fool facial recognition systems by utilizing a mask or replayed recordings.
- Facial Mapping
By mapping a person’s facial traits from a picture or video, deep learning facial recognition may identify that person. It then matches the outcomes to a library of recognized faces in an effort to identify a match. This function eliminates scammers who could try to evade security checks by employing dishonest tactics.
- Micro-expression Analysis
Artificial intelligence algorithms in facial recognition companies track users’ minute facial expressions. With the use of this, businesses may precisely identify replayed video attacks, deep fakes, and other illegal operations.
How Can Businesses Use Face Verification Services?
Utilizing outside ID verification solutions is the best tactic for reducing the likelihood of identity theft. These service companies provide Artificial Intelligence (AI) based systems, like facial recognition biometrics, which can identify fraudsters quickly. Facial recognition software helps businesses improve customer onboarding processes, prevent spoofing, and maintain KYC (Know Your Customer) compliance. Fakers are successfully screened out by validating clients using their ID cards and a supporting selfie.
Roust facial recognition technologies also enable all businesses to conduct online identity verification, which is an added benefit. This has shown to be highly advantageous in the remote world of today, while earlier biometric technologies like fingerprint identification have limited utility due to the requirement of physical contact.
Many organizations throughout the world regularly employ face verification services. Companies use it to check that only authorized end users are gaining access to sensitive data. It protects private data and lessens the risk of security breaches and financial fraud. For accurate criminal investigation and verification, facial recognition is a viable solution. It offers a powerful barrier against identity theft.