Top 5 Insightful Use Cases of Face Verification to Combat ID Fraud

The development of innovative solutions has facilitated the growth of modern-day industries. Moreover, it also supports criminals in achieving their malicious goals. Company owners seek intelligent technologies that can aid them in effectively countering fraudulent activities. For this reason, companies adopt face liveness verification technology to identify the customer’s IDs in real-time. Furthermore, the face verification market is expected to grow around $19.3 billion at a CAGR of 14.6% from 2023 to 2032.

The use cases of face verification solutions help organisations to restrict identity fraud in their financial dealings and ensure their business growth. The advantages of facial recognition over more conventional monitoring forms, such as biometrics, have led to its increased adoption. In addition to providing an edge in the marketplace, innovative technology improves customer interactions.

Let’s discuss the different use cases of face verification technology and how they restrict business identity fraud.

Top 5 Uses Cases of Face Verification in the Modern Corporate World

The following are the most compelling use cases of face verification technology:

• Access Control

Client face verification can execute a selective ban on entering specific identities or accessing some equipment. The following are the specific areas where such systems can be beneficial;

• Commercial and Apartment Buildings

In this case, face verification restricts the entries of unauthorised individuals. In addition, it allows the entrance of homeowners, family members, previously enrolled guests, and authorised workers. Thus, its practical uses include a door entry system, smart locks, and elevators.

• Airports

Biometric technology makes the travel journey through an airport seamless and enjoyable. Moreover, automated terminals and entrance monitoring tourniquets employing facial recognition algorithms prove useful for immigration procedures. In addition, 97% of US airports are expected to implement Facial Recognition Technology (FRT) by the end of 2023.

• Security and Surveillance

Facial recognition-powered security systems with real-time screening assist authorities in checking visitors to their buildings without making any possible mistakes. Face verification technology in surveillance systems improves safety protocols in all sectors and creates a safer overall community.

The following are examples of facial recognition in safety measures:

• Protecting Storehouses

Warehouses play a crucial role in distributing produced consumer goods nationally and globally. Using facial recognition algorithms, monitoring systems allow only authorised staff to enter encrypted venue areas. As a result, it protects products and reduces delivery delays.

• Smart Home Alarm Systems

Homeowners prioritising safety in their residences often employ facial recognition technology as a security system. Depending on whether or not family members are at home, a security system may be turned on or off. The device will alert the homeowner if it detects an unauthorised person.

• Law Enforcement

Face verification technology helps citizens, jurisdictions, and authorities discover terrorists and criminals, fight domestic violence & child abuse, find missing individuals, and more. Moreover, technology can help prevent crimes by allowing management to identify criminals and potential offenders promptly.

The following successful use is given below:

• Finding Missing Persons

Facial recognition is the most effective approach for finding missing or mistreated children and adults globally. The authorities are alerted when surveillance cameras recognise a person at a public or private building.

• Fintech Operations

Facial recognition is becoming more popular for financial transactions, especially mobile payments, and digital wallets. Applying face biometrics while conducting payments minimises the risk of identity fraud. This method provides increased safety against id theft, better authentication speed & efficiency, and secured financial dealings.

The following is how eKYC, with facial recognition, has revolutionised digital financial processes:

• Opening a Bank Account

The process of opening a bank account starts with a customer’s application. A customer’s photo is uploaded during registration for eKYC processing and matching with a government ID database. After the authentication, the client completes an eKYC scan and receives access to their bank account and services.

• Withdrawing Money from Cardless ATMs

Cardless ATMs allow people without bank cards or who avoid touching screens to withdraw money from their accounts. So, an ATM camera analyses a face, and technology identifies a match in the bank’s database. The following step requires the input of a legitimate PIN. In the long run, a person can transact after identity confirmation.

• Retail

The retail industry now relies heavily on face recognition technology for security and to stay consistent with ever-increasing customer needs. Businesses of all sizes can improve their customer service and responsiveness by adopting the following best practices for using facial recognition technology.

• Self-Service Shopping

Businesses transform shopping into a wholly automated process by Combining existing self-service tools with facial recognition technology. Buyers can fill their cart with necessary products and then drive to an intelligent self-service kiosk to check and pay for them.

• Sentiment Analysis

One of the functions of facial recognition technology is to analyse and understand people’s emotions. Modern AI algorithms can read consumers’ feelings and determine which products appeal to them most. As a result, stores alter their product ranges to reflect their customers’ preferences.

To Sum It Up

Throughout a variety of sectors around the world, businesses are increasingly relying on third-party face verification services. It is crucial that only authorised customers get access to a company’s sensitive information. It helps secure personal data and reduces the likelihood of hacking and other financial crime. The potential of facial recognition technology to transform the verification and investigation of criminal cases is enormous. Thus, this method significantly improves security against identity theft.