Face Verification Services — Tackling Identity Fraud in Real-time

Identity theft, the most prevalent crime in the universe, has terrible effects on its victims. It is, therefore, important for businesses to protect themselves from this common threat because it facilitates many financial scams, including account takeovers and false insurance claims. The facial recognition market is growing as forward-thinkers look to enhance physical safety and access control systems in the coming years. The market value of the face verification market was $4 billion in 2020 and is expected to double by 2030.

One method for reducing such concerns is the use of facial recognition technology. The good news is that institutions are becoming more interested in using this technology to stop identity fraud. Let’s look at how face verification services address the issue.

A Quick Overview of Identity Verification

Identity verification is the method of confirming the individuals or end-users with various documents the client submits to prove their identity. Authentication can be done in various ways, such as using face liveness verification. In this aspect, digital identity verification is superior to the sometimes unsafe manual customer identification process.

Users seek data security because of the rise in online fraud to prevent future data theft. According to forecasts, the identity verification market is expected to witness a surge in global expenditure, with its spending is projected to increase by over $13 billion, rising from $4.93 billion in 2017 to more than $18 billion by 2027. Instead of transmitting the data to external companies for verification, firms are utilising real-time verification solutions. Digital identity validation is a rapid and trustworthy technique to confirm the company’s or the client’s identification in no time. Face verification is one such service. The AI-based solution simply compares the end user’s credentials with the supporting documentation at the back office for instantaneous identity verification.

Understanding Face Verification Services

Online face verification methods authenticate people based on their facial traits. For example, KYC face validation software identifies people by measuring the space between two eyes. It also measures the size of an individual’s nose, the shape of their lips, and many other traits. Face recognition biometrics can quickly and reliably notice and identify anyone, whether they are in a crowd or as they cross a street.

How Do Face Verification Services Eliminate Identity Fraud?

Identity theft is when criminals use another user’s personal details to access their private accounts. This is what would occur in a realistic situation. To get client information, hackers use phishing scams or data breach assaults to attack business databases. Once they obtain their data, they use it to perpetrate various fraud. Those include gaining illegal access to personal accounts or insurance coverage.

Client face verification solutions can successfully reduce identity threats with various techniques. Let’s examine each one in turn.

• Document and Face Verification

A Face scanner and automated document verification accurately identify people. During this procedure, the user’s facial features are compared to the picture on the ID card. In this manner, if the person holding the paper is a fraudster, they will be quickly identified and prevented from accessing the financial account.

• Liveness Detection

Due to liveness detection capabilities, banks and other data-sensitive businesses can identify consumers depending on their live existence. It can determine that an individual is not present in actual time if a perpetrator attempts to fool facial recognition systems by utilising a mask or replayed recordings.

• Facial Mapping

By mapping a person’s facial traits from a picture or video, face recognition technology may identify that person. It then matches the outcomes to a library of recognised faces in an effort to identify a match. This function eliminates scammers who could try to evade security checks by employing dishonest tactics.

• Micro-expression Analysis

Artificial intelligence algorithms in facial recognition companies track users’ subtle facial expressions. With this, businesses may precisely identify replayed video attacks, deep fakes, and other illegal operations.

How Can Businesses Use Face Verification Services?

Outside ID verification solutions are the best tactic for reducing the likelihood of identity theft. These service companies provide Artificial Intelligence (AI) based systems, like facial recognition biometrics, which can identify fraudsters quickly. Face verification software helps businesses improve customer onboarding processes, prevent spoofing, and maintain compliance with KYC (Know Your Customer). Fakers are successfully screened out by validating clients using their ID cards and a supporting selfie.

Robust facial recognition solutions also enable all businesses to conduct online identity verification, which is an added benefit. This has shown to be highly advantageous in the remote world of today, while earlier biometric technologies like fingerprint identification have limited utility due to the requirement of physical contact.

Final Thoughts

Many organisations throughout the world regularly employ face verification services. Companies use it to check that only authorised end users are gaining access to sensitive data. It protects private data and lessens the risk of security breaches and financial fraud. For proper criminal investigation and verification, facial recognition is a viable solution. It offers a powerful barrier against identity theft.