Face verification solution is the most critical part of digital know your customer authentication.
Did you hear the interesting fact that AI ought to be the most innovative technology in the near future? More than electricity ever will be?
Well, a PWC report has claimed that by 2030 the globe’s artificial intelligence activities market value of goods and services would increase up to 14%. Subsequently, the total amount will approximately be equal to almost $15.7 trillion.
Nevertheless, technological changes and cybercriminals go arm in arm. Technologies are aiding to make everyday tasks better than before while cybercriminals are using those technologies to benefit themselves. The cutting-edge mind-boggling technology “artificial intelligence” utilizes easy to complex algorithms. These techniques can be used for the convenience of society or to dispute the regulative governments.
Complicated tactics are upheaved by cyber fraudsters to damage the business network and go ahead with criminal activities. Data breaches, identity theft, terrorist financing, and multiple more related fraud activities are trending at a significant rate. Corporates go through monumental challenges when wanting to fight away these threats. Furthermore, it is massively burdensome to keep track of ongoing changes in regulatory compliance. Consequently, companies face hefty fines and sanctions because of regulatory violations and then go through reputational losses along with financial losses.
The need of the hour is to incorporate such technologies that help human beings in making their everyday business activities easier. Technologies that have been assisting businesses in know your customer authentications must be adopted. These technologies have provided the most benefits to businesses wanting to perform identity verification. They can perform facial recognition, biometric verifications, and other verification methods that involve artificial intelligence. It is necessary for businesses to adopt such practices altogether and not only focus on one verification method. This is mainly because criminals have learned a few tactics to bust some verification methods but when all are performed the chances of error are reduced to none.
The main 4 identity verification services widely adopted around the world are:
- Document verification
- Biometric – Face verification solution
- Age verification
- Address verification
But for now, let’s have a complex analysis of the face verification solutions and compare their advantages and disadvantages in wanting to help businesses streamline their processes.
The necessary comparison analysis of the pros and cons of facial verification solutions is necessary to understand if all businesses must adopt this technology.
Facial recognition technology gives a range of pros in all businesses such as financial, medicare, transport, extravaganza, IT, construction, and educational institutes. In all corporations, face verification has a unique use case but essentially face verification solution presents security privileges.
Popularized IT institutes for instance Google and Apple have adopted face verification solution technologies to help in photo adjustment and organization. The inaugurations of this technology automate photo taggings of individuals by distinctively recognizing faces from the photo album and separating the pictures. These photos are then grouped under one individual profile aiding users to instinctively find pictures of the person they want to. The same procedure was incorporated by Facebook lately which automatically tags or suggests an individual’s name after authenticating the face.
Face verification solutions have mostly served society when the COVID19 hit. Government authorities and WHO advised tarrying in isolation and evading physical contact to prevent the spread of coronavirus. Facial recognition was then used to authenticate people in bank account openings, mall door openings, etc. The method is obtained through artificial intelligence to reduce the touch.
Political plans, bad actors, and perpetrators are omnipresent, and to defeat these intimidations the best way of action is to select innovative technology such as face verification solutions. Online face verification has boosted security and safety obligations at a bewildering pace in all businesses. Organizations deal with various security violations due to their consistent communication with people. Financial institutes want KYC/KYB verification along with anti-money laundering and counter-terrorist financing to comply with global regulations. All these verifications can be supported through solution technology.
Just like individuals, technology is imperfect. Likewise, face verification has insignificant drawbacks that are addressed below.
Insignificant vulnerabilities can prompt businesses to face depreciation. Illegal entrance into the organization’s channels can transform the company database which can then be abused. These data are exchanged on the dark web illegally and can be utilized to handle the system. Minor features such as analysis of individuals’ faces can be misused to obtain accounts.
Technological modifications can be practiced to fool cameras into tricking the face verification solution. Transforming appearances through several angels are tactics regularly fostered by criminals.
Blameless people may be targeted: Face verification solution technology had to face discrimination beforehand when it identified all political heads as a threat to the system. Another perception the technology faced was when it produced racial bias while identifying the face.
As great as facial verification is, it ought to get sounder. Technological changes are the bedrock of the marketplace and companies need to embrace this technology instantly. This is a sink or swim moment for all industries and there is no moving back.