According to a 2017 Tractica report, biometrics hardware and software revenue will grow to $15.1 billion worldwide by 2025, with a CAGR of 22.9 percent. Businesses need to save themselves from fraudulent activities in this digital era. Many different frauds such as identity theft, credit card frauds, account takeover scams are eating up much of business. So business needs to stay a step ahead to combat such fraudulent activities by integrating identity verification technology to hinder cybercriminals from exploiting the system. Biometrics are being widely used to fulfill thiff requirement of businesses. Facial recognition is grabbing the most attention out of all the biometric technologies. Systems need to strengthen themselves against such fraudsters and facial recognition technology has created a lot of ease in recognizing and putting a halt on their activities.
A massive range of dynamic frauds demands security measures to ensure confidentiality. Facial verification technology provides a stringent filter for such scammers. A number of data breaches occur on a daily basis due to fake identities. Most of these threats are due to uncontrolled access and unauthorized services. This risk can be combated by using identity verification clubbed with facial recognition. In the banking and financial institutions which hold customer personal data need to ensure Know Your Customer (KYC) compliance using the customer identity verification solution online face recognition technology serves the purpose. Following are the reasons why face authentication solutions are the best for identity verification purpose:
- Mitigate Risks of Frauds:
Cybercriminals perform malevolent activities after accessing the system. But what if they are stopped from gaining access by having a secure facial recognition software that because of it 3D liveness detection is not easy to be spoofed. Scammers can be eliminated bu using this technology. Also, money laundering activities, terrorist financing, and credit card scams can be deterred by thwarting fraudsters.
- Cybersecurity Measures:
Cybersecurity can be implemented in many ways in a system. But instead of using the common hacks, there is a need to smartly handle the customer traffic and filter out the dishonest from the honest ones. This traffic monitoring is an important aspect where a bunch of transactions takes place every now and then. To serve the purpose facial recognition technology can play a vital role. Because of these qualities face verification is even rolling out at ATMs and payment counters of marts.
- Better User Experience:
For any business, customer experience is a big thing. The end-users must not be compromised in any way. As they are the ones who are using interface. The verification process should not be a headache for them as manual processes are. A user-friendly customer verification software ensures a better user experience such as looking at the camera for a few seconds for verification purposes as in facial recognition.
- High Accuracy and Precision Rate:
While asking customers for entering personal data and relevant information, many errors can take place, which can be related to inappropriate information. To avoid such circumstances, there is a need to verify the identity in real-time before taking the customer on board. The accuracy and precision rate with automated solutions can be high with legitimate verification services.
- Ensures Regulatory Compliances:
The verification services are implemented that ensure KYC and AML compliance and other local regulators that are crucially important for the regions that lie under these laws. The organizations on whom, these regulations apply and they fail to comply with them are subjected to harsh monetary fines and reputational damage. So facial recognition technology for verification is a must-have for businesses for many good reasons. To fulfill KYC requirements face recognition technology plays a crucial role. This technology increases the workflow by providing real-time verification.
In a nutshell, Business which do not implement vigilant security practices is the primary target of fraudsters as they are in the need of weakest prey. Businesses have an ultimate need for the identity verification service with face recognition to provide a seamless authentication which provides KYC and AML solutions for detecting fake identities.