With the world moving towards technological advancements, every day we come face to face with innovations. These innovations are driving the way we lead our life. The things that we used to see in movies now we witness in real-life. A few years back who would have thought that the operations we handle manually will be automated and can be done within a glance.
Whenever we hear biometrics the first thing that comes to our mind is fingerprints but now it is not limited to it. Biometric technology – especially facial recognition– has set new dimensions for the business industries in terms of enhanced security and customer experience.
Face verification Replacing Traditional Authentication
Facial recognition technology is gaining strong grounds in the industry. Powered by artificial intelligence, it is transforming the traditional authentication checks, replacing the passwords. If we talk in terms of security, undoubtedly, face verification is an efficient verification and authentication tool. It can verify and authenticate the authorized user in real-time. The traditional authentication method relies on user ID and passwords. Username is to ensure who the person is and password to confirm that the user is who they say they are.
Simple as that right? But how can you ensure that credentials are only entered by the authorized entities? Anyone having access to the credentials can easily access the system that makes them vulnerable. To secure the systems and ensure that only authorized users can have access, businesses are readily integrating face recognition software with their systems.
Fighting Fraud in Real-time
The explosion of the internet and businesses moving towards digitization have opened new opportunities for cybercriminals and fraudsters. In the past few years, there is a continuous rise in digital frauds. It causes millions and billions of losses for the businesses, apart from legal liabilities. Passwords have failed to combat the fraudsters from accessing the system. Through social engineering and automated tools, hacking passwords is no more of a difficult task.
Face verification helps in fighting frauds and that too in real-time. Based on AI and machine learning algorithms, the face verification system can easily detect the spoofing attacks on the system. It confirms the remote presence and liveness of the user at the time of authentication. Moreover, with identity theft and account takeover frauds on the rise, businesses especially banks and e-commerce platforms need to their transactions. Through face verification, even the transactions can be authenticated to avoid fraudulent chargebacks.
In e-commerce businesses, the readily available information of the user on their accounts provides a golden opportunity for the fraudsters to takeover account and carryout fraudulent purchases. Requiring identity proof at the time of checkout through facial recognition hinders any unauthorized purchase and transaction. Moreover, it is an effective solution to fight against the card-not-present (CNP) fraud.
Enhanced Customer Experience
Most of us relate facial recognition to how we can unlock our mobile phones. But it is no more just that, instead it features enormous applications now. These changes have taken customer convenience to another level. The face of a person is now an identity token. In China, now you can pay by scanning your face in the system. While in the US, the people can check-in at Delta by showing their faces and enter the airports – for instance, Atlanta and Detroit. There is no need for waiting in queue to prove the identity.
Face verification makes the business more secure and provides users with the flexibility to verify their identities. Identity verification as easy as taking a selfie, what else would customers want? Moreover, the effort of remembering the passwords is eliminated due to face verification services.
No doubt, facial recognition is considered to be an effective solution for securing businesses. However, some companies have already started to look beyond the technology application of recognizing a human face. This technology is now all set to read human facial expressions and recognize how they feel without even asking them and that too in real-time. Amazon’s Rekognition is an example of such an initiative.
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