Face Recognition Technology
The number of cases of money laundering, ID theft, data breach, engineering Id frauds is not stopping any time soon. By keeping this vulnerable state of financial and corporate sectors in mind, Fintech and other IDV services providers supplement needy firms with AI-driven face recognition technology, able to filter out fraudsters and streamline ID verification and customer entertainment.
The compliance laws and directions with regard to client verification and identity checks, make the institutions and enterprises deploy online face verification solutions in their systems to create a safer marketplace.
Identification Process by Face Recognition Technology
- In the primary, face recognition technology demands ID and nationality proof of the person, diverse sorts of documents are considered such as national identity card, driving permit, or any other imagery proof along with the latest selfie that should be taken and submitted to the verifying bank or commerce platform on the very time of verification
- The OCR service hardcoded into face recognition technology looks for artificial/synthetic elements such as forgery, editing, or something else. The solution filters the information and inspects it by going through non-public digital data banks of regulators, financial, and intelligence watch dogs
- The face recognition technology verifies the organic documentation in real-time and entertains the genuine customer right away, any false document or ID is detected and rejected seamlessly
Applications of Face Recognition Technology
Banking
Just like a person creates accounts on different platforms for availing of different features. Not exactly but somehow the same goes with banks, a proprietor always manages his/her personal and professional expenses separately into different accounts, operating a number of bank accounts for different clients and purposes. So facial recognition is extremely imperative for banks to facilitate large groups of audiences.
In kyb checks (Know Your Customer) verification and AML (Anti Money Laundering) screening, face recognition technology verifies the identity of future clients in seconds. If the to be verified sou in facial verification is using a 3D mask or using deepfake technology. The counter face recognition technology would detect inorganic profiles as the ML algorithms of the verification solution consist of AI models more than in thousand. The solutions are globally praised for their accuracy rate and swift service.
P2P Economy
Since the bank verification process is almost full-proof and comparatively hard to cheat. Many people for covering tax frauds or hiding their assets to avoid loan providers, or for converting their black money into a legit income join peer-to-peer marketplaces like cryptocurrency and money lending platforms. To pass face recognition technology, people might not use synthetic ID but the purpose of joining somehow remains unknown
Two acquaintances might pose as borrower and lender, where one asks for a lump sum of money with a fake ID and need, and the provider grants the funds which he/she wanted to be white and who knows what that amount can be used for and against whom.
Therefore face recognition technology makes sure that the borrowers and lenders are genuine so in any unfortunate case, during the investigation, a strong prominent lead can be discovered
Face Verification in Hospitals and Healthcare Platforms
Face recognition technology in the healthcare industry is now getting quite popular. It enables the hospitals/pharmacies and nursing homes to identify the patient before beginning the therapy or treatment as ID theft is not restricted to commerce and financial platforms. There have been many scandals of innocent individuals like Anndorie Cromar, who could have lost the custody of her children due to her medical ID being stolen/leaked.
Face recognition technology not only verifies the identity of an individual by matching his/her ID card from concerned authorities but the verification solution can also analyze the facial dynamics of the patient to find out whether the person is going through any genetic disorder/mutation and other things or not.
If the person is true to his therapist or not? Because cases like these have been discovered that a particular person tries to fake his/her medical condition to get a particular prescription or medication. Face recognition technology prevents addicts from getting cannabis for themselves by creating false reports or facial conditions. The facial recognition technology analyzes the facial depth by a three-dimensional analysis and verifies the individual in seconds.
Conclusion
The face recognition technology not only guarantees the profit of verifying businesses and banks that are using it but is ultimately protecting the general population. Ordinary individuals are the end consumer of the technology/product. The face recognition technology enables the customers to enjoy the digital facilities of finance and commerce platforms, protects their earnings, and most of all their reputation as due to engineered Id fraud, the victim had to go through ridicule and investigation. Every industry can benefit from face recognition technology, without it, one can not stand the ground.
