5 Ways Facial Recognition is Benefiting Industries
The traditional authentication practices are no longer appreciated or considered efficient. Also, talking about the security aspects, 2-factor authentication and KBA (Knowledge-based Authentication) methods are not praised much. The reason being the loopholes in these authentication mechanisms that are easily exploited by the fraudsters who are roaming in search of opportunities to fulfill their malicious purposes. Security concerns shift the attention to reliable strategies that serve the purpose of secure and efficient authentication procedures. The advent of technology is looking for possible measures that can contribute to the betterment of cybersecurity. Among authentication techniques, biometrics are rapidly growing. Specifically, face recognition technology is one of the most appreciated methods of biometric technology. It is harnessed at globally depending upon the need and use-cases for serving particular needs accordingly.
For online security, face biometrics are widely used. From the travel industry to the medical and education sector to online businesses, facial recognition technology is creatively utilized that fills the security holes. A number of possible attacks to which specific industries are exposed to can be eliminated with the installation of face recognition software. The system can integrate the API and take advantage in the best possible ways. Especially the online businesses, who need to authenticate their customers in online portals at the time of account registration are in dire need to take in place innovative authentication methods that by no means be fooled by bad actors. Online payment scams, identity theft, phishing attacks, data breaches, and similar ruinous strikes can be very harmful to industries. To combat these, face recognition technology provides promising customer verification based on unique facial traits.
Following are the benefits of face recognition technology that are pushing online marketplaces and industries towards digital authentication methods:
A higher level of Identity Assurance
Enterprises can conduct online face verification by identifying the picture on government-issued id card and matching it with the user uploaded a selfie in real-time. The facial features on the document are captured and facial information is stored in the database in the form of a mathematical formula. In the same way, information is captured from the uploaded picture. Both are matched against each other and identity is confirmed. Artificial Intelligence and Machine learning algorithms are used underneath this technology which maps the facial features and verifies them. This provides a higher level of identity assurance for online businesses.
Fraud Detection and Prevention
Online companies are highly prone to cyberattacks and to detect those beforehand is crucially important. For that verify the first step to make sure that you know your customers. Verify them that they are using their own identity that is real and not involved in any criminal activity. For this, customer screening is done. Online face verification mitigates the risks and helps in fraud prevention. When a customer would have to prove identity through shreds of evidence that could document or biometric information, there would be fewer chances of cyberattacks.
Efficient Authentication Methods
Along with security aspects, customer experience matters a lot. Online businesses need to ensure that customers do not leave the verification process in between. To balance both security and user experience, facial recognition helps a lot. In real-time verification in mere seconds, an identity can verify itself.
Speedy Authentication Process
Face recognition technology is highly praised in the reduction of the process abandonment rate. It provides a better user experience with its robust user verification ability. Modern facial verification techniques quickly compare the real-time captured facia features with the ones stored in the database and give results within seconds. Hence serve the purpose of both security and efficiency simultaneously.