Face recognition systems have become much more popular these days. It is a biometric scanning that assists several industries to combat fraudulent activities. It’s use in some industries as an attendance system, and it’s also use to make digital banking and other businesses more convenient. However, there is one major advantage of face recognition that everyone around the globe is satisfied with, and that is identity verification.
Client face verification software has advanced to the point that it has become a reliable tool for detecting fraudulent identities and avoiding spoof attacks in recent years. Artificial intelligence today supports biometric face authentication, giving it a competitive advantage over all other detection methods. The market has grown in size as a result of its robustness, and analysts foresee a major expansion in the next years.
How Does Face Recognition Work?
Face verification software identifies facial features from any image or video using biometric authentication techniques. The government-issue documents submit by the user are compare to the identify face. Depth mapping, 3D sensing, liveness detection, and skin texture analysis, are among the AI-power approaches use to verify authenticity.
Face Recognition Market in the Coming Years
The coronavirus posed numerous obstacles for all enterprises. The majority of industries are worry about their businesses’ post-COVID-19 situations. One thing is for sure: fraud will become more prevalent. Face authentication facilitate by AI will undoubtedly be an ideal option for organizations in the future. Let’s take a closer look at the face authentication market in the coming years.
Face Verification at Airports
Brazil has declared that upgrade face identification technology will be utilize at airports, allowing travelers to be identify by their face masks. Face verification technologies are currently in use at 18 airports in the United States. Because fraudsters use false identities to flee, facial detection and identification at airports have become commonplace. This practice will gain more traction next year, not only for combating fraud but also for guaranteeing that all travelers have the proper documentation. In addition, face recognition kiosks will become the new trend, allowing airport officials to authenticate people before issuing boarding cards. Document verification service also use for this purpose.
Secure Client Onboarding at Hotels
Face scan identity software will be use by hotel management to communicate with guests. This will help them in detecting minors who are abusing phony documents. Furthermore, face verification would allow hotel workers to quickly identify offenders and report them to the appropriate departments. Among other industries, the hotel sector will protect the client onboarding process with facial recognition.
Combating Fraudsters in the Financial Sector
The banks are the most important target for fraudsters’ illegal earnings. Money laundering has become more prevalent, with UNODC and Europol estimating that it consumes two to five percent of worldwide GDP. Biometric face verification is becoming more popular in the banking industry due to the increasing number of fraudulent activities. This will aid them in identifying offenders who have phony IDs or who have been flagged on various penalty lists.
Chargeback Reduction in E-Commerce Sector
The retail industry is also afflicted by problems, particularly chargebacks, for which there are no effective solutions. Companies can detect fraudulent activity with the use of face recognition during transactions. Amazon also uses a face identification system for transactions, several other eCommerce enterprises will also shift towards it in the future. As a result, chargebacks, as well as other financial crimes, will be significantly reduced.
Benefits of Facial Recognition
KYC and AML Compliance
The FATF has passed rules requiring KYC and AML checks during client onboarding in every industry. The goal is to keep fraudsters out of enterprises where they may cause havoc. Face verification allows the firm to detect spoof assaults and deep fakes quickly, making the KYC verification process more resilient. Moreover, it has become more convenient to follow the KYC and AML rules by deploying facial recognition.
Fraud detection and Prevention
Face verification compares the person’s photo to the picture on the government-issued identification document presented to the company. The verification is refused in case it is a counterfeit, and the firm can predict fraud even before damage occurs. Finally, the company can take the required steps to avoid future fraud.
Secure Client Onboarding
All organizations want to establish credibility for their platform, and safeguarding the onboarding procedure is one method to do it. Face verification checks ensure that everyone is authorize, and scammers are filter out before they could even cause any havoc. As a result, the onboarding process becomes safe, and the customers will feel protect.
Final Thoughts
The face recognition market is growing and is expect to grow in the future. Artificial intelligence has improved the efficiency of technology in the battle against fraud. Besides enhancing security, it can undoubtedly assist businesses in adhering to KYC/AML requirements. Furthermore, it provides the user with an enhanced experience, helps in client retention, and takes the firm to greater heights.
