Since the initial introduction of knowledge-based recognition and passwords, security systems in banking and financial institutions have seen notable improvements. The dangers of cybercrime are increasing, data security laws are deteriorating, and company rules want far more dependable technology. Biometric authentication is now the best accessible approach for data security.
But knowledge-based authentication is seen to be riskier. General questions were about the customer’s maiden or their pet name when they were young. Several people reportedly randomly post their answers on social media. They are currently frequently used security tools. According to a Visa survey, Over 40% of customers believe biometric facial recognition to be safer than pin codes or complicated passwords, while 70% believe it to be simpler.
Tricks to Evade Identity Verification Measures
Wearing a mask is the most traditional way to pass biometric authentication exams. Thieves may now fake their identities and avoid identity verification procedures thanks to sophisticated technology. Scammers’ most current technique involves editing audio and video files with content to support their false identities. Con artists use deep learning algorithms to produce phoney videos that mimic another person’s facial features.
In addition to the use of face masks and glasses for spoofing, fraudsters also employ a range of advanced techniques. In the modern world, obtaining someone’s photo and using it for illegal reasons is not a concern. They use technology to modify photos to pass biometric identity verification.
Scammers generate facial artefacts using advanced automated printing and create a 2D or 3D mask. In modern spoof assaults, fraudsters clone real people’s faces to verify ID documents during biometric checks. Asking the end-user to move their face and eyes is one way to spot these illicit attacks.
Along with 2D and 3D face masks, deep fakes are a rising threat to banks and other financial organizations. Imposters manipulate audio and video data to further their illegal agendas and get unauthorized access to the accounts of trustworthy customers. In a movie, for instance, changing the scenery or the dialogue can make the requests for information or cash seem sincere. Because they are aware that companies have developed trustworthy verification systems to safeguard their customers’ accounts, scammers use deep faces.
Use Cases of Biometric Facial Recognition
The current three major uses of facial recognition technology in firms and financial institutions are security, authentication, and analysis.
Globally, criminal justice systems employ facial recognition technologies. In China and the UK, facial recognition system is frequently used to find fugitives and identify criminals. It is also used to find them using both personal and public surveillance cameras to reunite missing adults and kids with their families. To stop human trafficking, online facial recognition is also being used to look through millions of online adverts for victims.
Banks, investment companies, and the insurance industry are finding great use for biometric facial recognition technology as a useful tool for preventing fraud and assisting in the capture of criminals. Customers who fraudulently submitted phoney photographs in the past must now get through more difficult biometric checks.
Additionally, several ground-breaking advances in the healthcare industry are being implemented using biometric facial verification. Both sentiment analysis and patient monitoring use face comparison software. This helps medical professionals to decide whether patients are comfortable or they need pain medication. Diagnosing rare genetic illnesses like Cornelia de Lange syndrome and Angelman syndrome is an intriguing application of the technique. Similar to the financial sector, the healthcare industry is utilising biometric facial technology as a fraud prevention method.
Why Businesses Should Adopt Biometric IDV
Most people are already acclimated to the process when it comes to face recognition technology. Customers only need to stand still briefly for the webcam or camera on their smartphone to complete the biometric authentication process. Thus, if you implement biometric facial recognition into your organisation, it can enhance customer experience.
Although no technology now in use is secure from fraudsters, biometrics is a difficult trick to pull off. The process is significantly more challenging than gaining a password when spoofing and liveness checks are added, discouraging scammers.
The most popular authentication method is still passwords, although they are vulnerable to some threats, including phishing. In 81% of hacking-related breaches, weak or stolen passwords were utilised, according to the Verizon Data Breach Investigations Report. Access to additional mechanisms, such as document and token authentication, requires the usage of a document, token, or other such device. This authentication poses usability problems and leaves a possibility for fraud if a person misplaces their token or document.
In a world where online fraud and digital hacks are on the rise, it has never been more important to confirm that customers are who they claim to be. Fortunately, advances in facial recognition technology have sped up the process of biometric identification and authentication. The fastest and most accurate way to onboard reliable consumers is through KYC/AML procedures that utilise biometrics.
Businesses can deploy biometric facial recognition technology and enhance their identity verification processes with the aid of online face recognition solutions.