All businesses need to confirm the identity of their customers to fulfill regulatory standards. Gone are the days when organizations used traditional ID verification solutions such as authentication of hard copies of the customer’s documents before onboarding. It is a complex process in which customers need to take their identity documents with themselves to verify their identities. In manual authentication, the personal documents of the customers are not considered safe as there is a fear of losing documents during the journey or other data breaching issues. To provide guaranteed security to the customers in verifying their identities, artificial intelligence-based identity verification solutions are introduced.
The AI-powered ID authentication solution became famous in no time and also gained customers’ trust. Businesses are spending billions on ID verification services to provide them a flawless onboarding experience. According to Statista, the ID authentication market is expected to reach $18 billion by 2027. The reason that businesses spend a large amount of money on ID authentication is to meet security regulations to avoid hefty fines. There are various digital ID authentication solutions such as face recognition and age or address verification. Let’s discuss the online face recognition solution in detail.
Online Face Recognition Solution
In face recognition, ID authentication of the customer is done by matching his face with the provided documents. It is the best substitute solution for passwords that can be hacked easily by cybercriminals using phishing attacks. Online face recognition eliminates the need of keeping documents with you before onboarding in airports, cinemas, and other many places. To confirm the identity, the customer uploads an identity document with a live selfie. The AI-enabled face recognition system matches the customer’s data, especially the photo on the ID document, and sends the result to the system. The biometric facial recognition solution now becomes the need of almost all businesses for the swift onboarding of their customers. Now people are addicted to using this technology in their daily lives such as unlocking mobile phones, logging in social apps, and walkthrough check-ins in offices and shopping malls, etc. Let’s see how it becomes inevitable for online businesses.
The Need for Digital Facial Recognition Solution
The rapid increase in digital ID frauds compelled businesses to take precautionary measures to avoid cybercriminals. Identity thefts are common in the online space and every year businesses especially financial institutions have to pay hefty non-compliance fines to regulatory authorities. According to a source, 272.5 million pounds have been paid to regulatory authorities by UK companies in 2020 for non-compliance with GDPR (General Data Protection regulations). And if we analyze the non-compliance fines around the world, it becomes billions every year in which the banks are on top.
The Robust ID Authentication Solution
Online face recognition is one of the secure solutions that provide remote ID verification within seconds. It detects all fake attempts by fraudsters that try to log in to the account of other customers for illegal use. The biometric facial authentication system easily identifies 3D masks, printed or screenshot pictures, and video attacks. Although face recognition solutions are used by many industries across the world due to their robust security. But mostly the businesses that use this technology are banks, online stores, the travel industry, online gaming, social media, and other online platforms.
Financial institutions that need more security as compared to other businesses are also using online face recognition solutions for client face verification. The biometric facial authentication is also used for ongoing KYC to keep a check on the regular activities of the existing customers.
Key Takeaways
The biometric facial authentication solution facilitates businesses to provide their customers a flawless onboarding experience. It eliminates the need of taking original ID documents for customers to enter at any place such as to onboard in airports, cinemas, etc. Online face recognition solutions not only help businesses to confirm the identities of their customers in real-time but also help them to meet security regulations. By incorporating this technology, ID frauds can be reduced up to some extent that adds up the integrity of the businesses.
