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In the modern world, the arrival of intelligent digital solutions has enabled the growth of modern-day industries, but it has also supported criminals in achieving malicious goals. Business owners want to deal with fraud attempts effectively with the help of intelligent technology. The application of face verification services can facilitate organizations in accomplishing the above goals. Moreover, cutting-edge technology can offer a better user experience and offer a competitive advantage to clients. The following sections discuss the importance of applying face verification services to fight fraud in the corporate world.
Face Authentication Solutions: A Quick Insight
Face verification services are a foolproof technology that fights fraud and support compliance with know your customer & anti-money laundering regulations. Utilizing cutting-edge services can help corporations streamline the onboarding process and support customer retention.
According to Allied Market Research, the face recognition market size was around 3.83 billion dollars in 2020 which will grow to around 16.74 billion dollars by 2030. The figure highlights a CAGR of 16.0% for 2021-2030. As per the National Institute of Standards & Technology, the error rate of face recognition technology has decreased from 4.1% to 0.08%. Consequently, the significance of face verification services for fraud prevention cannot be denied.
Top 5 Identity Fraud Strategies From Cybercriminals
There are various types of ID theft that hackers can commit to achieving nefarious objectives. The following section discusses the five most popular kinds:
Driver’s License ID Theft
Perpetrators can exploit a driver’s license by taking advantage of home addresses, license number, and other critical information. Fraudsters can commit fraud by physically stealing documents or accessing information by breaching data privacy.
A criminal can use the government-issued record to avoid fines or pressure the victim through false arrest warrants.
Ghost ID Theft
It is a kind of stolen identity crime but of a deceased individual. Cybercriminals use the credentials of dead entities to design new profiles and receive free perks from organizations such as pensions. All types of companies can encounter ghost identity theft, such as insurance firms and banking service providers.
Synthetic ID Fraud
A synthetic identity scam is an organized fraud. To achieve malicious goals, cybercriminals create new profiles with the help of original user data and fake information. For this reason, hackers take advantage of children, the elderly and homeless entities because they do not raise suspicion.
Hackers use synthetic ID fraud to circumvent safety measures. If corporations keep using outdated approaches, companies will never be able to detect sophisticated fraud. Only the application of AI-driven face verification services can identify synthetic ID fraud in real-time.
Fake Identity Scam
Cybercriminals design fake ID cards and other documentation that does not belong to genuine identities or is issued by authorities. This scam can easily fool the human eye, but AI-powered face verification services can detect the forgery instantly.
Stolen ID Fraud
In this type of scam, criminals rob the credentials of an entity through Id cards, driving licenses, or bank account details to benefit from free services. All kinds of corporations can encounter stolen identity fraud which points to the significance of applying face validation solutions.
Using Face Verification Services to Discourage Fraud
Facial recognition technology is a type of biometric verification solution that is convenient to use and integrate with pre-existing applications. The state-of-the-art digital service has the ability to discourage all kinds of identity theft through advanced features. The following section discusses two important elements of facial recognition technology:
Face Matching
Facial verification solutions scan the new client’s face instantly and cross-match with photos on government-issued records. In case a criminal wants to fool the system, cutting-edge technology can identify the manipulation immediately and notify staff members.
Liveness Detection
Face verification services use a liveness detection feature to ensure the live presence of new clients. The AI-driven solution detects minor movements such as blinking eyes. This way, no fraudster can use fake images to bypass the security protocols. In this light, corporations can attract only genuine clients and ensure a better experience for new customers.
3D Depth Perception
This feature is especially important because it leaves no room for manipulation from criminals. The AI-driven software screens unique facial ID to discourage external attacks. The 3D depth perception feature has the capability to detect minor facial movements, which easily deters the aforementioned identity crimes.
Concluding Remarks
The implementation of face verification services can help businesses streamline the onboarding procedure and attract genuine clients from worldwide. Using cutting-edge technology produces high-quality results instantly. The state-of-the-art solution integrates with pre-existing applications while facilitating compliance with know your customer & anti-money laundering regulations. This way, companies can ensure a better experience for customers and fight fraud efficiently. Intelligent face verification services can discourage sophisticated fraud attempts immediately to safeguard corporations from exploitation.
