Over the past few years, companies have invested heavily in facial recognition technology. As a result, facial recognition technology has become increasingly prevalent in our daily lives. For instance, you can unlock your smartphone or laptop by using the stock cameras that come equipped on these devices.
The reason why this is possible is because of the increased number of biomarkers that these cameras can identify. The cameras are incredibly accurate and provide users with a way to protect their information.
As companies face increased scrutiny over how they verify information and protect their customer’s sensitive information, they must continually look for new technology to help do so. One of the areas where companies may want to begin looking is face matching. Today’s facial recognition technology can assist with customer onboarding and automatically detect multiple submissions of IDs with the same face.
The Problems Of Fake IDs
Today, people can make fraudulent identifications very quickly. Furthermore, thanks to the Dark Web, anyone can purchase a fraudulent ID in a matter of minutes. This article from USA Today details how severe of a problem fraudulent IDs are. One of the most significant issues with false IDs is how good the technology is that’s used to create them. To the average individual viewing IDs at a bar, it’s challenging to tell the difference between fake and real.
The article doesn’t even divulge into the problems fraudulent IDs can have when in the hands of an identity thief. These individuals can create an ID with their face on it. If this person were to send a standard 2D photograph of the ID, the company would have no way of confirming that the identification is fraudulent.
Lastly, one of the other problems with fake IDs is that the individuals who use them can create multiple. For instance, imagine someone who creates a fake ID to steal someone’s identity. They use the ID to open fraudulent accounts with the compromised individual’s line of credit. The compromised individual notices the inquiries on his or her credit report and flags them as fraudulent.
Now, the identity thief attempts to use the fake ID again. However, this time, the account is denied. The thief now must create a new identification using another address. That person may repeat this process dozens of times. However, today’s face matching technology could prevent this from happening.
Face Matching Technology Prevents Multiple Submissions
One of the most significant benefits of today’s face matching technology is that it prevents individuals from submitting multiple submissions. Today’s facial recognition platforms rely on algorithms. Users don’t have manually compare facial pictures. Instead, the algorithms will identify critical biomarkers to determine the authenticity of a face.
Additionally, many facial recognition platforms rely on databases to cross-check the faces of individuals. If an identity thief were to use more than one ID, their submission would be flagged immediately as potentially fraudulent. Once flagged, the company can then follow up with the individual to request further information.
Not only can this help companies protect their sensitive information, but it could also help them meet KYC regulations as well. For instance, in Europe, the new Fifth Anti-Money Laundering Directive requires companies to report all submissions that were red-flagged. By picking up fraudulent requests, the company ensures that they remain compliant with local laws and regulations.
Perhaps more important is the fact that flagging these submissions allow governments to track down these individuals and potentially arrest them for their criminal activity. So, today’s facial recognition software not only protects companies from being taken advantage of, but it also increases the likelihood that these individuals are held accountable for their actions.
Making Facial Recognition Software Accessible
Many people don’t realize how accessible face matching technology is. For example, employers could direct the people they wish to onboard to log into an app. There’s a good chance that this individual’s phone has the cameras available to confirm their identity. The process to do so is quick, and the algorithms can verify the identity instantly. This also makes it easy for the employer as well, as they must merely check in on the report once it’s complete.
If you’re looking to learn more about facial recognition, be sure to contact our team at AU10Tix. We have more than two decades of experience and have continually developed new products that ensure companies remain compliant with their local regulations. We’ve worked with large corporations like:
• PayPal
• Coinbase
We design our solutions to minimize data entry errors, improving a company’s fraud protection systems. If you don’t have any experience with KYC, there’s no need to worry. Our processes are fully-automated, and we make sure to onboard you completely. Our face matching technology could help you save on materials, overhead, and labor.