Benefits of Facial Recognition Technology in 2023
Research shows that the facial recognition technology market is expected to reach the worth of 8.5 billion U.S. dollars by 2025. Facial recognition technology is adopted by organizations worldwide. It uses liveness detection and deep learning algorithms (Artificial Intelligence) to verify the end user’s through their unique facial features. It is used for the identification of suspects, verification procedure for accessing the services of ATM, assistance in forensic investigations for seamless verification.
What is Online Facial Recognition?
Online Facial recognition is a process by which the end-user is verified through his face. Whether it is a live selfie or video it can easily verify the end-user. It is a widely used technology as it provides contactless verification.
The facial verification process is carried out in the following steps:
- At the earlier stage, facial recognition software performs the registration of the end user’s associating him with an identity while recording the complete process in the system
- After the registration process, the software prompts the user to provide his live selfie and the image of ID documents
- The facial recognition software matches the end user’s live selfie with the information on the ID document
- On a successful match, the software displays the end user’s verification status and the results are then kept in the back office
Benefits of Online Facial Recognition
There are various benefits of online facial recognition. It is widely used by businesses to secure sensitive information and deter the evolving threat of identity and financial scams.
1. Helps in Forensic Investigation
Facial recognition can help forensic investigators to identify the individuals that lost their lives due to criminal offense. It matches the facial features of the deceased with those in the public records. This not identifies the deceased but also assists forensic investigators to find the culprit behind the crime.
2. Identity Verification Measure for ATM
ATMs use facial technology to validate that only verified customers are accessing the information. This not only secures sensitive information but also validates the identity of the consumer in real-time. Facial recognition software grants access to the end-user if his facial features record matches with the verified end-users records in the bank’s database. It safeguards against the risks of identity frauds and financial scams.
3. Know Your Customer Measures In Cryptocurrency
Anonymity in cryptocurrency platforms has enabled criminals to exploit it for carrying out illegal activities. They impersonate themselves as legitimate and carry out activities such as terrorist financing, gambling, and money laundering. The regulatory bodies are deeply concerned with the lack of sufficient identity verification checks to prevent identity scams. They have introduced strict regulations regarding KYYC compliance. With the help of facial recognition, cryptocurrency knows your businesses can easily verify the investor before their engagement in the token sale. This will ensure better security of the wallet and remove illegal transactions at the same time.
4. Restricting the Access to Sensitive Areas
To prevent unauthorized access to sensitive information financial or non-financial organizations use facial solutions. Whether they are military facilities, corporate offices, labs, and government buildings, only authorized entities have access to these sensitive areas. Minimizing the threats of data breach and fake identity.
5. Law Enforcement
Facial recognition technology is commonly used by security and law enforcement agencies. It not only helps in security surveillance but also aids in the identification and apprehension of criminals. Police investigate the witnesses of the crime scene to acquire information regarding the criminal. After investigation, the police compare the record of the criminal’s facial features against those in the criminal database. If there’s a successful match the software then informs the security agencies regarding the current location of the criminal.
Facial recognition technology is commonly used by various organizations worldwide. It is used by financial institutions to verify whether the accredited end-user is accessing sensitive information. It secures sensitive information and reduces the threats of data breaches and financial scams. Facial recognition is a reliable solution for effective criminal investigation and identification. It provides a strong defense against identity fraud. Check out the facial biometric authentication solution with 7 days free trial and explore various features that suit your business.