The online marketplace has gained a lot from the current advancements in the tech world whether it is API based infrastructure allowing transparent processing of data between 2 different services or the rise of sharing economy that allows different people to come together and share a common service. But the most unique and innovative of all these technologies have to be face verification that is the next logical step in the biometrics sphere. It has opened new gateways and we are not just talking about the facial screen locks that work excellently in smartphones. They have provided a new opportunity to businesses as well as the users to provide a streamlined user experience.
So here are 3 practical benefits of f and how it impacts online businesses in their quest to deter online frauds and better customer experience on digital channels
A facial verification system is more accurate than any other form of biometric verification as it can accurately authenticate the facial features of an incoming user without having to face any threat of biometric fraud, something that is very common in other types of online biometric verification systems such as fingerprint scans and retinal screening.
The figures of authenticity are so huge that if we compare the authenticity of a fingerprint scanner with that of a facial scanner than fingerprint scanner is susceptible to spoofing in one out of 50,000 chance of being tricked, for Facial ID verification these chances are reduced to about one in one million.
The technology involved in facial recognition is made up of features like 3D mapping, liveness detection, and depth perception analysis. It is now even nearly impossible to cheat the modern facial recognition technology with photoshops and makeup tricks as it can easily see through all the facial spoofing tactics through modernized checks that only track real and authentic facial features. Real-time verification results are thus available for each identity verification attempt thus ensuring that each attempt to make a transaction or login is not only genuine but also have the swift processing.
Every business is in need of genuine clientele that is free of any potential risk and most of all does not threaten to commit fraud or payment scam. But at the same time, businesses want to scale their budget for fraud prevention and they do not want to spend the exuberant amount on fraud detection technology, something that might overshadow the losses that they are protecting from happening.
This is where facial verification enters the picture with its no-special-hardware-needs as a simple webcam attached with a desktop computer or smartphone device can act as a source of facial recognition. So there are no separate cost overheads, especially there is no need for special hardware equipment as in the case of fingerprint or retinal scans, other forms of biometric verification. Additionally, it creates the opportunity to offer remote services to customers such as account opening and transaction authorization that is especially helpful for businesses with brick and mortar model.