Saturday, September 30, 2023

Biometric Security Solutions – A New Era of Advancements for KYC Process


Where fraud and hacks are noticeably increasing, the need for biometric screening of customers to ensure they are present at time of onboarding is also skyrocketing. Criminals use various synthetic identities to dodge the identification process and illegitimately onboard sites. Moreover, they not only threaten the security of other customers but also put integrity of their respective industries at stake while exposing them to non-compliance penalties. 

Advancements in facial recognition are streamlining the Know Your Customer (KYC) process by providing more robust and cost-effective solutions. Sectors such as e-commerce, retail, finance, online payment, transport, and healthcare are already using biometric technology to strengthen their digital onboarding processes. The blog covers ways how AI-powered solutions are upholding the accuracy and efficiency within industries’ operations.  

Biometric Facial Recognition is the New Game Changer for E-Industries 

Biometric recognition solutions are helping industries limit access to fraudsters while keeping their operations secure from external breaches. With its ever-evolving facial verification technology, AI-powered services not only eradicate friction during customer onboarding and automate workflow, but also help businesses stay put with KYC and data security requirements. 

Cyber bad actors are deploying several methods such as spoofing attacks, deepfake, use of 2D/3D masks, and others to bypass biometric security checks. However, AI-powered solutions come with technically advanced measures that eliminate the chances of fraud risks. The system scans facial features and reconstructs a three-dimensional image. These traits are then cross-verified within documents as well as global databases. The process of face-based biometric ID verification further involves the following stages;

  1. Detection 

This step involves the detection of an individual’s face within the picture or video

  1. Normalization

Normalization involves rotating a non-frontal face towards the center point from where the data is to be extracted. 

  1. Processing

Facial processing refers to process where a system takes images or videos as input data and converts them into mathematical algorithmic 

  1. Feature Extraction

The fourth stage in face-based biometric screening involves extraction of features including the space between eyes, shape of nose, jawlines, and other distinctive traits. 

  1. Cross-Matching

After successful extraction of facial features, the biometric security system matches it with ones on documents. For further authenticity, it cross-verify images within databases. 

Biometric User Authentication – Benefits for Businesses Operating Online 

Biometric recognition technology is becoming widespread due to a number of reasons. From driving high accuracy to providing convenience by offering remote identification, AI-powered solutions benefit online businesses in numerous ways. As biometrics undergo continuous evolutions, they are leaving less space for criminals to perform illicit activities. 

Biometric screening technology is further eliminating the need for customers to be present physically at time of verification. They can simply scan their face to make an online order from e-commerce platforms, or fingerprints to authenticate e-payments. However, in case of opening a bank account, individuals may have to visit banks along with their biometric ID cards. This helps financial institutions store customers’ information in records. 

On the other side, facial verification is the complete opposite as AI-powered solutions come with enough accuracy to remotely differentiate between imposters and legit users. More benefits of face-based biometric recognition are in the next section;

Eliminates Chances of Misidentification

Where traditional identity verification methods are prone to human errors, biometric facial verification relies on use of machine learning. This makes the AI-powered solutions more accurate while eliminating chances of misidentification. Furthermore, law enforcement agencies are using biometric identity verification technology to identify criminals and keep track of their activities. 

With its advanced and accurate facial features recognition tools, AI-powered biometric security solutions are streamlining the operations of every industry. Similarly, banks can detect spoof attacks before accepting any transfer or withdrawal. Businesses shifting their services online are actively integrating biometric face identification to provide customers with convenience without compromising their security. 

Uphold Security and Integrity

The use of machine learning for identifying faces of individuals is speeding up the pace of digital onboarding. This tool is capable of analyzing huge datasets and providing instant results which reduce the friction and hassle users may face while registering on online platforms. 

Biometric recognition solutions enhance customer security while limiting reputational loss for businesses. Facial feature analysis is an improved form of AI-powered identification technology which makes it more reliable.

Concluding Remarks 

Harnessing biometric security solutions streamline industries’ KYC processes while speeding up customers’ digital onboarding. With advanced facial feature analysis, AI-powered tools help businesses stay put with AML requirements as well. Hence, in order to combat fraud risks such as spoof attacks, synthetic identity fraud, and others, biometric recognition services are reliable solutions. For industries, it also drives an uplift in this reputation while pacing up the identification process.

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