Endless developments and enhancements in technology come about every other day, and it seems there is a solution to every problem. The topic of identity frauds and securing businesses from the threats of data breaches never goes out of the news.
Facial recognition program is one such advancement in the field of biometrics for security, that has essentially revolutionized the process of securing anything from mobile phones to big businesses.
What is Facial Recognition?
Facial recognition program is the definitive security solution that protects various types of institutions from identity fraud and the subsequent crimes. According to research, more than 80% of the people prefer to use biometrics instead of PINs or passwords for their financial transactions.
Face recognition uses biometrics to inspect the facial details of the particular individual whose identity needs to be verified. Various AI models are used with this technology to detect the smallest details of the face. With the use of facial recognition program, unique personality traits can be identified, and this technology helps filter out the imposters.
Everything from mobile phones to security doors at offices can be secured with face recognition technology, and it provides fast and easy access – nothing can be easier than just showing your face to a camera.
Identity Fraud & its Types
It’s an age-old crime to use someone else’s identity by stealing ID documents. For business or financial institutions, it’s the biggest fear. Identity theft causes customers to lose trust in the business and in many cases the business has to suffer huge losses as well.
One of the usual offenses is to create fake identity cards from no authorized source. Criminals create their own ID documents in order to take advantage of services that they are not actually supposed to benefit from. In many cases, humans cannot detect fake identity cards.
The concept of ghost identity is simple, but only those with criminal intentions can use it. The term ghost identity is given to those ID documents which use information of dead people or those who are missing. Apart from doing other illegal activities, fraudsters with ghost identity can also earn a pension because of the dead person whose information they used to create the document.
Synthetic identity, as the name suggests, is a mixture of original information and self generated fake information. Synthetic identity is the most commonly used out of all the types of fake documents for identity fraud. The financial sector is adversely affected by the use of synthetic identity, involving IDs of the elderly, or small children.
Institutions that unexpectedly get involved in crimes such as money laundering because of the lack of due diligence have to pay huge sums as AML (anti money laundering) fines.
Is Facial Recognition Program the Solution?
The beginning of a client-business relationship is the onboarding process.
It can go anywhere from that point onwards. Therefore businesses need to pay attention and spend where they should. Implementing a facial recognition program is the absolute solution to all crimes pertaining to identity fraud. The reason being that facial recognition ends the chance of a person with a fake identity getting involved with the system, which is the root cause of financial crime.
With improvements being made in the technology, facial recognition program along with the use of AI and ML has definitely earned a top spot. This is because every step in the process of facial verification program is accurate. Following are the stages of facial recognition program:
- Face Matching
The beginning process is to identify the face of the desired potential customer and match it with the photo on the ID document issued by the authorities. In online spaces where this technology is not used, criminals can easily manage to use fake names and photoshopped images to get through the onboarding process. However, using biometrics, that will not be the case. Anyone attempting to fake anything will simply be rejected.
- Liveness Detection
In certain situations, the fraudster may try to use manipulated images to make it through the facial recognition process. However, with liveness detection technology legitimacy cannot be proved unless the actual person is present. Liveness detection, as part of the face recognition program, can distinguish between an actual person and a static photo by checking characteristics like blinking, smiling and other facial expressions.
- 3D Depth Perception
Additionally, another feature called 3D depth perception checks the depths of the face at different points. Facial recognition program goes to the extent of identifying the contours of the face, leaving nothing to guess work.
To wrap up, there is no denying that facial recognition program is definitely the essence of revolutionary technology and makes for a much more time efficient, reliable solution for identity verification.