Online fraud and hacking have become more prevalent in this age. It's crucial to make sure your consumers are true to their identity. Thanks to advances in facial recognition software, biometric verification is now easier.
Facial recognition: What is it?
Facial recognition uses the face to identify or verify a person. Face recognition algorithms are used to determine the identity of people. This can be done in photographs, films or in real time.
Biometric security also includes facial recognition. Biometric software can be used for voice recognition, fingerprint recognition and retina or eye recognition. While the majority of biometric software is used for security, there is increasing interest in using it for other purposes.
Why is face recognition important?
Face recognition technology is well known to many because of its FaceID feature that unlocks iPhones. But, this is only one example of face recognition. Face recognition technology does not rely on large databases of photos to establish an individual's identity. It identifies and recognizes one person, while restricting others.
Facial recognition can not only unlock phones but also allow for the tracking of individual medications. To improve customer service, facial recognition was also implemented in the retail industry. It has been possible to monitor the behavior of people by installing cameras in shopping malls and stores.
Limiting risks
Facial recognition is a popular way to verify an individual's identity. This technology has been integrated into many sectors and industries to combat identity fraud and identity theft.
This type of additional identification minimizes the possibility of falsifying an RFID Card and transferring it to another party. Additionally, multiple people cannot access the same card.
Learn about your customers
The development of a system to improve the effectiveness and resilience of the identity verification process is essential. Facial recognition increases the legitimacy of the procedure. Face recognition is able to quickly detect fraudsters who have submitted fake or altered ID documents.
Less time onboarding
A further advantage of facial recognition technology's processing speed is the lack of interaction with users. The user must remember passwords and present ID cards. They also have to deal with various issues associated with existing identity verification systems. Facial recognition on the other side reduces the time it takes to get onboard.
Conclusion
Biometric face recognition technologies may help speed up KYC procedures and ensure compliance with AML. But, misusing the software could lead to data security and misidentification issues.
LEM Verify's automated multilayered verification platform, which uses biometric identity authentication technology, overcomes these difficulties.
LEM Verify's ID verification system, which combines liveness detection and biometric face recognition, is highly accurate for faster, cheaper verification. Our data storage architecture simultaneously secures all biometric data within the user's control.