The technology was in the evolution phase for decades and now the world is moving towards Artificial Intelligence (AI) and machine learning. Passwords are getting out of league and biometrics is paving the way in social and industrial infrastructures. Face recognition is one such evolution achieved through a fatal combination of machine learning and AI. several industries have identified the potential in this revolutionary solution and face verification is utilized for fraud prevention, customer onboarding, crime investigation, security, etc.
4 Industries that Use Face Verification
E-commerce is a global phenomenon with its roots spread in every country and territory. The reason behind this global acclaim is the ease that it created for people. It delivered everything to the doorsteps. This global acclaim is sometimes exploited by criminals as well. Credit card frauds, money laundering, blackmailing, under-age selling, data breaches, etc. are some major issues faced by e-commerce.
Face verification is used commonly at e-commerce platforms to address the above-mentioned risks and for customer onboarding.
The banking industry is one of the most common targets of financial criminals. Money laundering, account takeover fraud, terrorist financing, etc are common threats. Banks are bound to exercise thorough due diligence on their customers to address the risks associated with the operations of this industry. Online banking added to this risk, manual/face to face verification is not possible. So the banks are using online KYC solutions with face verification features.
Online verification of end-users minimizes the risk of fraud by identifying the identities of end-users in real-time. It reduces the risks associated with remote banking, the verification is performed online and the verification proof is stored in the back office. So, fraud is eliminated completely. Also, secure banking services are delivered with a swiftness which helps the banks in smart risk management along with regulatory compliance and customer satisfaction.
Fraud is everywhere, in every industry. The ride-sharing industry also faced a lot of criticism based on the security of its passengers and drivers. So, global ride-sharing companies like Uber use face verification to deliver a secure environment to its passengers and drivers. The driver is verified by the passenger to make sure a registered driver is picking up the passenger and not some kidnapper or thief.
Social media websites hold huge data consisting of confidential information. Often criminals (Fraudsters, blackmailers, etc) gain illegal access to this data through hacking, etc. and sell it on the black market.
Facebook incorporated face recognition in its app in 2012. It alerts the person if his/her picture is uploaded by someone without tagging that person in the post. It reduced the illegal use of pictures of facebook users.
To wrap up, face verification is used widely around the globe for fraud prevention, customer onboarding etc, and it is expected that it will become even more efficient in the future. The reason behind this global acclaim is the accuracy that it delivers and its effortless integration in any type of solution. Also, it is easy to use for end-users as well. Due to the wide usage of selfie camera, people find it easier to enter their accounts through face verification than passwords. So, it is a win-win situation for businesses and organizations that use face verification.