Additional Resources for you to explore In the midst of the digital revolution, businesses and organizations have also shifted to the digital world. Covid-19 has given a final push to these organizations to move to online platforms. Businesses are focused on developing their businesses online so that they are overlooking the fraudsters and scammers already utilizing these platforms to carry out their fraudulent activities. In order to fight these scammers, identity verification protocols are followed but that too have become difficult to carry on these online platforms. This is why face recognition technology is utilized. Face recognition technology is an artificially intelligent technology that verifies a person’s identity through their face.
Research states that there might be a growth expected in the global facial recognition market at an annual growth rate of 16.6 percent. This means a record value of 7 billion USD can be reached by 2024.
Face Recognition for Biometric Authentication
Biometric authentication uses the biological features of a person to ensure their identity. It is a new-age security measure. The biological identifiers could be a person’s iris, fingerprint, or with the help of face recognition technology now a person’s face can also be used as a unique biological identifier. Many industries are already applying face recognition technology to make their business operations seamless.
Facial Recognition and Face verification Integrating artificial intelligence into the verification procedure has made it really seamless. Face verification is one of the AI-based solutions that uses face recognition technology to carry out the verification process.
Following are the steps that face recognition technology uses to verify a person’s face:
Face Matching this process screens a person’s face and then matches the face with the picture of the identity document. This way if a person’s identity document is stolen, their face will not be matched with the identity document and the system will be alerted again.
Liveness Detection In this process, the person’s face is authenticated through minor facial movements like a blink of an eye. This is to ensure that the person is physically present and not using an old video for spoof attack purposes. The selfie video is verified through this process. Even the edges of the face are checked to ensure the person really is who he claims to be.
3D Depth Perception With the help of this feature, fraudsters cannot find any loophole for fraud or spoof attacks. This carries out detailed analyses on the face of the person. If a person is wearing a face mask or using an old photo to manipulate the system, this system will catch it. Skin texture and minor details related to facial features are checked with this process. Even if a person with alike features trying to gain access, the system will not allow the verification to be successful.
Face Recognition and Video KYC
KYC- know your customer is a verification process that requires all businesses and banks to verify each and every customer before doing any business. Online platforms and Covid-19 social distancing protocols have made it really difficult to carry out this verification process. This is where face recognition comes in handy. Now a video-based identity verification process known as video KYC is possible with face recognition. Video KYC is a procedure of verifying identity through live video-based interviews.
Here are the steps of video KYC:
The person is required to fill a registration form online through a website or application. Once the registration process is completed, the person is connected to a video call with a KYC expert for their verification interview. On the call, the interviewee asks the person to answer a few questions and perform facial movements. The face recognition system will authenticate the person’s face. The person verifies their identity card by showing it on the webcam. The card is also checked from all sides to ensure its authenticity. This whole process is recorded with the consent of the user. Once the process is completed it is secured in the back office.
This solution using both HI and AI makes the verification process really accurate. It can be done within seconds as well. Face recognition technology has helped a lot of businesses to carry out their operations fraud-free.