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Rapid digitisation over the past few years has led to the adoption of facial recognition for many purposes. Be it an attendance marking system at the office or fighting fraud, face recognition online comes in handy. Today, thousands of Artificial Intelligence models are deployed that make face recognition an effective measure for fighting fraud. According to reports, the facial recognition market is expected to reach $9.06 billion by the end of 2024. Nowadays, this technology is being widely used in identity verification systems. This post will inform you about the introduction of face recognition to the world and its role in the modern world.
Let’s jump into the details right away, shall we?
What is Facial Recognition?
Facial recognition is an AI-powered technology that authenticates the face of the end-users against the image on any government-issued ID documents. It makes identity verification easier and the chances of spoof attacks, deep fakes, 2D and 3D face masks, and replay attacks are significantly reduced during customer onboarding.
History of Facial Recognition
Previously, facial recognition was only fiction and Sci-Fi movies were the only place it existed. Over time, it has not only become a real phenomenon but is also widespread across the world. But do you know about its history or how the idea came into existence in the first place?
Around 60 years ago, Woodrow W Bledsoe was leading a research team and created a RAND tablet that could use horizontal and vertical coordinates on a grid using a stylus. The coordinates recorded areas of the face including hairline, nose, eyes, and mouth.
Though manually recorded, people could save metrics in the database. Upon receiving a new image, it could crawl through the database and fetch the image that resembled the most. This was the first time Bledsoe introduced facial recognition as a practical biometric verification measure.
Since then, facial recognition has marked its vitality in various sectors and as of 2021, it is used as a vital security measure as well.
How Does Facial Recognition Technology Work?
Facial recognition technology in 2021 deploys various Artificial Intelligence algorithms to enhance the efficiency of the process.
Within a few seconds, Shufti Pro performs facial recognition checks and helps businesses deter frauds.
Benefits of Facial Recognition System
Every year, thousands of cases are reported for identity theft and with continuously advancing technology, fraudsters are becoming experts in their job. Simple mechanisms for fraud detection and prevention are no longer useful for the corporate world so digital means of identity verification are crucial. Facial recognition technology is, therefore, a vital part of business operations. Different sectors across the world have benefitted from it. Let’s jump into a few benefits of facial recognition.
Seamless Customer Onboarding
Today’s customers need a highly efficient process for onboarding them that takes only a minute for completion. Considering the tedious manual procedures, businesses might lose customers without automation. Did you know that 74% of the customers abandon businesses during the onboarding process because it’s too complex? That’s a lot of customers. Using an online facial recognition system allows businesses to provide a state-of-the-art customer onboarding experience. Identities are verified, customers are effortlessly onboarded, and that too within seconds.
Robust Identity Verification Mechanism
Enhancing the efficacy of the identity verification process requires a system that can not only improve the mechanism but increase the robustness as well. Employing face recognition increases the authenticity of the procedure. In case a fraudster has submitted a forged ID document or it has been altered, facial recognition will identify the issue in no time.
Age Verification for Minor Protection
Protecting minors from the perils of the digital world is important and usual “I’m above 18” checkboxes do not suffice. The young ones can easily submit their elders’ ID documents for verification and enter a fake date of birth to dodge identity verification. With facial recognition technology, companies can verify the live presence of the person whose identity documents have been submitted. Minors can easily be prevented from entering the business.
Why Secure and Reliable Authentication Matters
The surreal fraudster activities are now dependent on advanced technology which is increasing challenges for businesses. With the help of a robust identity verification system, companies can detect any kind of identity fraud attempt. According to our Global Identity Fraud Report 2020, fraudsters will hinder biometric authentication measures. Adding face recognition will increase the robustness of the IDV system. All in all, secure and reliable authentication helps companies in fighting fraudsters efficiently.
Features of Facial Recognition for Identity Verification
Facial biometric identity verification offers many features that ensure business security and prevent fraudsters from causing any trouble. Here are some of the features that Shufti Pro’s facial recognition software offers:
With liveness detection, the chances of spoof attacks are eliminated and ensures the live presence of the end-user at the time of verification. Unfortunately, fraudsters try to bypass biometrics as well and liveness detection checks enable you to fight them.
3D Depth Detection
To ensure that images haven’t tampered with the document, 3D depth detection checks are important. Different points on the image are captured and compared to the ones on the previously digitised image (the unique code generated for the selfie). 3D recognition, skin texture analysis and human intelligence are collectively used for this check.
Deep Fake Identification
If the merchant has opted for videos for identity verification or video KYC, the system performs different AI-based checks like skin texture analysis, image distortion analysis and 3D depth detection to detect any deep fakes.
Use Cases of Facial Recognition
Facial Recognition can be employed in many industries to prevent fraudsters from hindering identity verification systems. Here are some use cases of facial recognition technology:
Facial Recognition for Banking and Finance
The banking and finance sector is a goldmine for criminals. Creating fake bank accounts, account takeover (ATO) fraud, identity theft, money laundering, and terrorist financing are some of the fraudulent activities that are on the rise. So, the banking and finance sector must employ facial recognition biometrics for verifying identities.
Facial Recognition in Safety and Security
The overall security and safety of the corporate world require the utmost attention and a facial recognition security system is what businesses need. From border checks to security clearance at airports, the vitality of facial authentication technology cannot be doubted.
Facial Recognition for Law Enforcement Agencies
Law enforcement agencies use facial recognition to identify criminals. Using this system at check-ins and security checkpoints can help law enforcement agencies in knowing if any criminal is residing within the system, undetected. The face recognised can be matched with the images in the database for this purpose.
Facial Recognition for the E-Commerce Industry
Facial recognition in the e-commerce industry has made payment systems seamless. All it takes is your face to verify and book your order. It reduces the chances of chargebacks and other frauds. Furthermore, merchants can enhance the customer experience as well.
Facial Recognition for Gaming Industry
The gaming industry is the second biggest target of financial criminals for achieving their illicit goals. To combat them, all online gaming platforms can use face detection and onboard legitimate players in real-time. Moreover, minors have easy access to these gaming sites but facial authentication can prevent them from accessing adult-oriented games.
Facial Recognition for Cryptocurrencies
Cryptocurrencies are anonymous and become a viable option for fraudsters to launder illegally earned money. So, cryptocurrencies need a better option for identity verification to comply with the regulations and prevent fraudsters from achieving their malicious goals. AI-based facial recognition software is what that crypto market can adopt.
Facial Recognition for the Healthcare Sector
With facial recognition, the healthcare sector can onboard patients without any delays. This system can help in restricting unauthorised access and patient records can be kept safe. Moreover, fraudsters cannot avail patient benefits or acquire prescription-only drugs if face verification is added as a mandatory requirement.
How Can Shufti Pro Facial Recognition Help?
Shufti Pro is among the fastest facial recognition software providers and employs thousands of artificial intelligence models to authenticate the live presence of the end-users. Furthermore, it detects spoof attacks and deepfakes to enhance security. The identity verification system has multiple layers and the process begins with document verification. Next is the face verification step that works in two simple steps.
A selfie or video is required from the end-user which is authenticated using AI. A unique signature is created for the photo which is used in step two for verification.
The end user’s image in the government-issued ID document is verified against the unique image code generated as mentioned above. In case the image of the document does not match with the photo, the verification is declined.
In a Nutshell…
Facial recognition technology has been in action since the 1960s and today, it is one of the most powerful tools to enhance security. The corporate world can seamlessly onboard customers, comply with the CDD requirements and enhance the overall security of the enterprise. Face recognition software is also a great way of identifying criminals on border checks and airports. By using thousands of AI models, all it takes is a few seconds for Shufti Pro’s facial recognition software to detect spoof attacks and deep fakes. There is no end to the uses and benefits of this technology. All you have to do is to get in touch with us.