Warning: You’re Losing Money by not Using Biometric Identification

Warning: You’re Losing Money by not Using Biometric Identification

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On the surface, Biometric Identification might seem as if it’s only useful for opening your bank account or when you cast vote at the polling station. The reality is that it can increase business profits and prevent fraud.  

Install Biometric Clock to Save Time 

Manually marking attendance is not only tedious but wastes time. And you cannot rule out errors. Install a biometric clock and it will take the burden off the supervisor. No need to manually check who is absent or who arrived late.

Profit and loss of a business are not only about the margin on the products sold. Managing human resources effectively is as crucial as selling a product for profit. The biometric clock also keeps a record of employees’ habits or biological traits. 

This also ensures that no one is ‘buddy punching’. What this means is that employees share PINs or swipe cards and use it for their friend, who is spending time away from the office.

Stop Fraud from Within the Company

Marking attendance for someone else is not always voluntary. Factory unions and offices can have small groups that can put tremendous peer pressure on employees to clock in for someone else. 

The company loses money by paying the wages for the day to a person that did not work. In certain cases, this apparently harmless act can turn ugly. What if the person absent at the office was involved in a crime but their register proves that they were at work?  

Eliminate Loopholes

You can lose your swipe card or the PIN you wrote somewhere but you cannot lose your fingerprint. When a payment is processed through biometric-enabled POS systems, you can be certain that the person was present. 

An employee could also be working for you remotely. Think about it. There are apps that give you access only after you identify yourself via a biometric. If you are the business owner managing a team of remote workers, you can make sure that your worker who is appearing online is genuinely present. 

Beyond the Finger Print

Think Beyond simple fingerprint identification. Imagine banks opening up bank accounts for you when you don’t even have to visit the branch. This has been tried at a few locations using facial and identity verification. It proved convenient for customers and profitable for banks. They didn’t have to spend money on additional staff and paperwork.  

A standard way to achieve this is to ask the potential customer to upload a government-issued ID to a secure online portal. Then biometric identification services match the picture on the ID with the person’s face. This entire process takes a few minutes.

You can open a bank account in minutes!  

Facial verification systems are becoming smart. They are not fooled by someone holding up a picture. The algorithms search for 3D depth for liveness. Moreover, there are systems that ask the user to turn the face away or blink to verify the person.      

Business, banks in general, are heavily invested in state of the art biometric verification of customers. Customer convenience aside, these are mandatory in many cases for know your customer and anti-money laundering compliance.

Biometric Authentication – A Solution Against Fraud Detection

Biometric Authentication – A Solution Against Fraud Detection

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Biometrics technology is the way forward for identity verification services as they allow for quicker and more reliable verification services as compared to conventional means of verification. Companies looking for an experienced KYC verification provider are preferring biometric identification because of its better track record with regard to fraud prevention. Large-scale adoption of biometric features in smart devices e.g. fingerprint scanners and retinal detection has further eased the adaptability of biometric authentication for online businesses.

How does Biometric authentication work?

Biometric authentication is different from a usual identity verification in which businesses require knowledge-based authentications like password protected logins or identity details that are specific to a user. Biometric identification determines an individual’s identity with the help of unique biographical features of a person. Most of the times, biometric authentication involved capturing unique biographical features of a person (fingerprint, hand scan, retina scan or facial scan) and matching them with previously stored biometric data of a user.

For a new user, such features are captured at the time of registration of a user, for record keeping and profiling a person’s true identity. Biometric authentication helps a business to determine the risk factors involved in bringing onboard a potential customer and helps them in fraud detection.

Types of Biometric authentication

Biometric authentication can be performed with the help of a number of biographical features of a person’s identity.

Facial Verification:

Facial recognition is one of the most common and inexpensive methods to perform biometric authentication. It requires little technical know-how on the part of the user to authenticate their identity. A “faceprint” is built by collecting unique information from a person’s face. At the time of customer onboarding, a faceprint is first examined for authenticity and originality to ensure that a real person is using their own image to perform facial verification. Afterward, that authentic faceprint is stored in the central databank of a business and every time that person asks for access to any resources to perform a transaction or to perform any other action, they are required to prove their identity through facial verification. At that point, that unique faceprint will be used as a benchmark for cross-matching the provided facial proof by a user.

FingerPrint Verification:

This is much like normal fingerprint scans that are used for physical verification of a person. The working principle behind fingerprint is that every human has a unique pattern of fingerprint and thus can be used to verify them by businesses. The launch of fingerprint scans in smartphones enabled businesses and KYC providers to provide support for fingerprint authentications as well.

Now, fingerprint scans might seem to be the obvious choice for biometric authentications in order to provide for reliable identity verification results and online fraud prevention. But there are issues such as scalability and very real chances of fingerprint duplication or hacking of such biometric information from some centralized database. On the other hand, facial verification coupled with liveness detection is the perfect medium to perform facial verification. It ensures that unique checks are performed to ensure the physical presence of a person in front of a camera. Any attempt of facial spoofing or tampering with the transmitted image is made easy with an AI supported KYC provider such as Shufti Pro.

Biometric authentication in cryptography

Biometric authentication becomes a more significant form of identity verification when used by ventures dealing with cryptography. Companies that adopt encrypting user data for data privacy and data protection can benefit from biometric authentication to achieve top-notch fraud prevention. Any attempt to encrypt fake data or hack into a centralized database storing encrypted data can easily be deterred by a top-notch KYC provider using biometric authentication such as Facial verification.

Biometric authentication service provider

When it comes to reliable biometric authentications service provider then there is no one that can match the service standards of Shufti Pro. An AI-based identity verification service that is offering KYC verification and AML compliance solution, Shufti Pro should be preferred choice for any company that wants to integrate biometric identification in their business practices. With real-time verification results and proof of verification available in fully automated Back Office, Shufti Pro promises a competitive edge to its customer for high-quality fraud prevention.

Acting as a staunch firewall between a digital platform and facial spoof attacks, facial verification and biometric authentication from Shufti Pro gives you the best chance to cut down the losses you have to sustain because of frequent visitation from online scammers and identity thieves. With a success rate of 99.6%, facial verification, and biometric authentication from Shufti Pro is the closest you can hope for an online marketplace free of online frauds and false identities.

Integration headache is reduced to nill for Shufti Pro customers because of the RestFul API that makes it very easy to integrate identity verification services of Shufti Pro with any pre-existing software, mobile application or web portal. So your search for an airtight fraud prevention tool ends with Shufti Pro and its AI supported biometric authentication services.

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Biometric identification Analysis and Facial Recognition Technology

Biometric identification Analysis and Facial Recognition Technology

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Identity verification services might have been the most innovative and effective way to cut down on online frauds and identity theft cases but this business practice had the potential of being redundant. Now the identity verification service providers are seeking to make KYC verifications airtight through features like Biometric identification and facial recognition.

What is biometric identification?

Biometric identification is a verification method in which unique biometric features of a person are used to validate their identity credentials. Earlier, only physical biometric authentication was possible with no chance for remote biometric verification. Users had to physically provide their biometric evidence as proof of their identity for example retinal scan and fingerprints. But now the mobile technology has reached such advanced levels that fingerprint scan and retinal scan features are available in even the mid-range smartphone available to the populace.

This has enabled companies, and more importantly identity verification services, to integrate biometric identification as the premier source of identity verification.

Why Biometric authentication?

In the past, verifying the identity of a potential user was considered easy with the help of an identity document. But more and more cases were coming forward where users with fake credentials and even forged documents were able to register for a service. This created a barrage of cashback requests and identity theft claims for businesses and regulators, alike. User authentication was given a shot in the arm with the help of biometric authentications that can use distinctive biometric features of a person to verify their identity.

Although, major corporations and businesses are still in favor of a detailed KYC verification at the time of customer registration but biometric identification is being projected as an easier version of performing identity verification. For example, a bank can require a potential user to undergo a thorough examination of their identity using document verification, address verification, and phone number verification. But once banks have brought onboard a customer, they can use biometric verifications to authenticate large transactions, change of pin code or other vital banking actions.

Facial Verification – The Most Secure Verification?

People consider that fingerprint scans and retinal scans are the only viable options for biometric identification. But actually, facial verification is also an effective way to use biometric features of a person to ascertain their identity. Additionally, they are much more secure and don’t require any special equipment. All you need is an HD camera to take a shot of a person or to record a video stream of a few seconds of that person. Rest of the verification can be performed remotely or on the spot to ensure that a real person with a valid identity wants to use a particular service.

How does Facial Verification Works?

Facial Verification tracks distinctive facial markers of a person and checks them for authenticity. Features like liveness detection and facial recognition are typically used by a KYC provider like Shufti Pro offering Facial verification to its customers. The Facial verification process is the main aspect of Shufti Pro’s biometric authentication service and it is entirely handled by Artificial Intelligence, eliminating any chance of Human tampering. Liveness detection ensures that the person performing the verification is not using an image of a different person to validate their identity. Microexpressions are traced and verified by Shufti Pro to provide results that are highly credible. Any attempt to fake a facial feature or use some other tech to deceive the KYC system of Shufti Pro is instantly reported and the verification status is declared simply, “Not Verified”

The beauty of this entire facial verification service from Shufti Pro is the Proof of verification. It is a special feature from Shufti Pro that allows its customers to check why verification requests were rejected or, for that matter, why they were verified. Customers will be able to view for themselves the facial spoof attacks that were effortlessly identified and rejected by Shufti Pro’s superior Artificial Intelligence technology.

Real-Time User Authentication

Many businesses require instant user authentication for quicky service delivery to their customers. This a classical conundrum between speed and efficiency of a typical identity verification process. But Shufti Pro has solved it through its machine learning algorithms. Facial verification and all other KYC verifications offered by Shufti Pro are built upon this technology that becomes smarter with every verification. Each facial spoof attacks makes it easier to identify next time the similar trick is used for facial verification. Similarly, every authentication of valid facial identity also enables to process every next valid verification request much more easily and quickly.

Biometric identification service is coupled with Handwritten note verification service of Shufti Pro to provide Biometric consent verification as well. There are hundreds of use cases for this services, with few of those mentioned below

  • Businesses can ask their users to show their face along with a handwritten note showing time and date at which they are applying for a service.
  • Banks can direct customers to write down the amount they want to send to another account and show it to their webcam/phone cam along with their face to authenticate that transaction.

So, Shufti Pro has developed a biometric identification that is easy to work with and secure as Fort Knox. Integration of Shufti Pro’s facial verification and various other services is entirely hassle-free and will require no downtime what so ever because of it RestFul API.

Feel free to contact our sales team for more information on facial verification or for details regarding any of our other identity verification service.

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