The regulatory requirements are becoming stringent with every passing day as cybercriminals are trying to commit online frauds using more sophisticated ways. The changing regulatory demands make it difficult for businesses operating in the online space to meet security regulations. On the other side, data breaching cases are also touching the skies. Every year, businesses lose a large amount of money in ID thefts cases losing their customers as well as their brand reputation. Losses are forecast to reach 721.3 billion by 2021 according to the report by the Insurance Information Institute that is a huge amount.
That’s why businesses are under immense pressure to employ stringent identity verification services to reduce ID thefts. Businesses need an instant ID verification solution to combat ID frauds. AI-powered ID verification solutions prove to be a helping hand for businesses to authenticate their customers before onboarding to limit ID thefts. The deep learning face recognition system is the best possible solution considering several data breaching cases. Let’s have a look at how online facial recognition helps businesses to establish a better B2C relationship.
Deep Learning Face Recognition Solutions
Biometrics-based solutions are considered to be the most secure solutions for identity verification. Face recognition solutions are one of them that are used extensively by online businesses across the world to confirm the true identity of their end-users remotely. It confirms the identity of the end-users by identifying facial patterns using a live video call or image. It also eliminates the knowledge-based complex authentication methods to protect accounts, saving precious time for the end-users. Online face recognition systems validate the identity of the customers within seconds to provide a seamless onboarding experience to reduce the drop-off rate. It just needs an ID document with a live selfie of the user, the system matches the image with the government-issued card and forwards the result to the back office.
How Secure is Face Recognition Solutions?
Face verification solutions perform various AI-enabled authenticity checks such as 3D sensing, live environment, depth mapping, etc to ensure the legitimacy of the customers. It also uses biological analysis such as blinking of eyes, smile, retina, hand geometry, DNA, and other skin texture checks to provide businesses with robust security measures to keep fraudsters at bay from their system. The liveness detection compelled businesses as well as customers to adopt face recognition solutions to perform different tasks such as selfie check-ins, multi-factor authentication, etc. The ongoing facial biometric authentication also facilitates businesses to keep a check on the regular activities of their customers to avoid any complex situation.
Use Cases
Travel Industry
Face recognition solutions eliminate the need to keep documents or show the documents physically to the documentation officer. Now, airports are taking advantage of facial recognition solutions and verifying the identity of the passengers on the go. Various crimes are committed using airports such as sending black money to other countries rather than online transfer to conceal the source of money. The automated solutions reduce these sorts of crimes helping airports with thorough customer screening. It also improves the passengers’ onboarding experience as the accuracy rate of this solution is more than 98 %. Due to the robust security, face recognition solutions are expected to be used by 97% of airports by 2023.
Education Sector
Face recognition solutions are efficiently used in educational institutes as an attendance system and save the students’ records in the database. It saves the time of the teachers for marking attendance and to keep the attendance registers safe for the students’ records to assess the annual performance.
Moreover, face recognition solutions are also used by law enforcement agencies, banking, e-commerce industry, etc to facilitate their customers for swift onboarding.
Conclusion
Online face recognition solutions prove to be a helping hand for businesses to deter identity thefts. It assists businesses to save the data of the customers from bad actors by secure onboarding. The authenticity checks such as liveness detection, identification of biological patterns, etc make this solution robust enough to detect fraudsters at the time of onboarding.
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