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The AI revolution has enabled businesses to leverage the power of technology in KYC verification. Shufti Pro is constantly upgrading its facial recognition technology in line with the latest AI tools, further enhancing the way businesses fight fraud in a digital-first world.
The biometric facial verification systems deployed by Shufti Pro for enhanced KYC enable businesses to cut the fraud rate while onboarding new clients significantly.
With nearly $5 billion in 2021, the market worth of AI facial verification is expected to jump to $13 billion by 2028. Facial recognition technology has so far managed to reduce biometric fraud rates in a digitally connected world.
How does Shufti Pro use Machine Learning to improve facial recognition technology? Let’s dig in.
Machine learning and Facial Recognition – A Match Made In Heaven
Officially, the world population has surpassed 8 billion residents. Businesses face a challenge to capture, manage, and process every individual’s data. Even if people are unaware, facial recognition technology is prevalent everywhere. From logging on to smartphones to accessing private and confidential data, facial recognition has become an industry standard to combat fraud.
Many aren’t aware of the fact that there is constant machine learning doing all the magic behind facial recognition.
What is Machine Learning?
Machine learning, in simple words, is a process of teaching computer systems to continuously improve based on the huge datasets it processes, by developing algorithms and detecting fraud patterns. The vast amount of data is used by machines to develop algorithms that break down and solve complex problems that otherwise are impossible to do by programrs.
What is Face Recognition?
Face recognition is a KYC process that Shufti Pro uses to identify a user’s unique traits and confirm they are who they say they really are.
Most of the available commercial facial recognition systems aren’t really sophisticated as they match the user’s face to already available data in the records. Shufti Pro uses AI-based facial recognition technology that studies every face’s unique characteristics, ensuring it matches with the ones in the record. For example, a high-resolution, color copy of a user’s face may fool a typical facial recognition system, but not bypass an AI-tool. But it just doesn’t stop here. AI-based tools can also learn and detect individuals if their facial appearances have changed, for example, moustaches and beards.
The biggest use of face recognition is deterring fraudulent attempts by combatting ID thefts.
Industrial Use Cases of Facial Recognition Technology
There are multiple industries in which facial recognition can be used to enhance security and combat fraud. Here are a few of these:
- In the medical industry, integrating biometric devices can help verify the identities of staff and patients. Alongside this, it can also automate the check-ins and check-outs of medical staff, doctors, and nurses.
- Just like Apple Pay and Google Pay that do not require a physical card to pay for goods at retail outlets, the same can be done through biometric devices. This allows for contact-free payment mechanisms so that only verified users get charged on their credit/debit cards. It also removes the waiting times for customers standing in long queues.
- In the education and corporate sector, facial biometrics can automate the check-ins and check-outs of staff members, students, and employees instead of manual attendance.
- Banks cannot onboard users without following a host of stringent AML/KYC regulations, including video KYC and liveness detection.
- Gambling service providers can onboard users and go beyond the conventional and outdated “Verify I am 18 years old” statements to ensure the clients they are onboarding are over 18.
How Shufti Pro’s Facial Recognition System Can Help
Our machine-learning technology helps combat fraud and stop ID thefts with an accuracy of 99%. The best part is that our systems continue improving with the passage of time as more and more dataset is fed to teach the system. This is the beauty of machine learning.
Once our client onboarding a new customer or business, the first part is OCR, or Optical Character Recognition. It allows us to extract all of the textual information from the user’s ID card, driving license, or any other form of ID documentation they have used for verification.
As such, a complete user ID verification is performed in a matter of seconds. Our clients use this technology to verify the identity of end users and ensure only legitimate customers are onboarded.
Our technology highlights:
- Politically Exposed Persons
- Individuals and corporations subjected to sanctions
- High-risk entities from high-risk countries
Our ID verification technology for KYC and facial recognition has built-in safety and security features. Our multi-layer authentication process ensures that data remains safe from hackers and fraudsters at all times.
Coupled with the Optical Character Recognition and Liveness Detection technology, the facial recognition process is safe, secure and truly fast compared to traditional verification methods.
Shufti Pro’s AI-based liveness detection, 3d depth perception, and fake image detection in facial recognition help businesses remain compliant with ever-changing AML/KYC laws. Learn how we can help you in this fight to prevent cyber crimes.
Talk to a compliance expert now and learn you can use this ultimate defense against facial spoof attacks.