Identity theft is a major issue, and identity fraud costs individuals and organizations billions of dollars annually. Businesses can quickly and easily confirm the identity of their consumers using facial recognition ekyc technology without having to take any extra steps or risk compromising security.
WHAT IS FACIAL RECOGNITION EKYC?
By comparing a person’s facial traits to those in a database, face recognition technology may be used to confirm a person’s identification. This kind of authentication may be used for a number of things, such granting access to locations or devices or confirming the identity of someone trying to access sensitive data.
Facial recognition in ekyc systems often employ facial recognition algorithms to check if a person is who they say they are by comparing their facial characteristics to a database of recognized faces.
HOW DOES FACIAL RECOGNITION IN EKYC WORK?
INCREASING THE SECURITY OF THE ONBOARDING PROCESS
Customers want the utmost degree of security when they entrust a financial institution with their money or personal information. By using eKYC throughout the client enrollment process, banks may create this trust.
The following are the ways that face recognition is used while creating a bank account:
- Customer wants to create an account or submit a credit application
- As part of the account registration and eKYC procedure, clerk scans a government-issued ID and takes the client’s picture.
- Using face recognition technology, the clerk conducts biometric verification.
- The customer may establish an account and use the bank’s services after passing the eKYC check.
UPGRADING MOBILE SECURITY METHODS
The popularity of contactless digital solutions is rising: 76% of Americans have used their bank’s mobile app to conduct routine business. The risk of sensitive information being intercepted is reduced by using biometric verification in mobile sites.
By implementing edge-based facial recognition ekyc on mobile devices, processing delays caused by cloud-based processing are eliminated. Devices only transmit tiny, encrypted templates to a server-hosted database of encrypted templates for validation. Because actions are finished in milliseconds, they are also quicker and more secure.
Many people apply for different financial services and products using browsers on laptops and PCs to undertake banking or brokerage activities. These venues might become safer and more effective thanks to facial recognition ekyc technology.
If a person wished to register a brokerage account through their PC, they might use a camera to take pictures of their ID cards and face photographs to prove their identification. Using the same encrypted template procedure as with mobile devices, the system speedily processes data stored in the cloud.
INCREASING ATM SECURITY AND CONVENIENCE
Despite the popularity of mobile banking, certain in-person transactions still need ATMs. The facial recognition ekyc technology searches the database for a 1:1 face match once an ATM camera records a user’s face.
The consumer next validates their identification by entering their PIN for a second level of validation. Without having to pull out their wallet or even carry their ATM card, they may then start the transaction.
ESTABLISHING SAFE CUSTOMER SERVICE
Customer service will progressively move online along with banking and other financial operations. The security queries that customer service agents often ask at the start of a consultation are frequently predictable and simple for identity thieves to access.
A user first authorizes the usage of facial recognition ekyc by contacting customer care through videoconference. The customer service agent will know they are speaking with the correct account holder after they have verified the user’s identification.
INTEGRATE SECURITY COMPLETELY
Physical banks and financial institutions are still at risk, despite the fact that financial transactions and security issues are moving deeper into the digital sphere. At ATMs or in branches, facial recognition cameras instantaneously recognize people on the block list, verify their identification, and alert security so they may take prompt action.
Facial recognition ekyc technology might potentially be incorporated into ATMs and online verification to increase the security of a single branch. Through the use of machine learning and online connection, eKYC enhances the security of physical and digital banking activities at every point of contact.
Facial recognition ekyc could be the solution for you if you’re seeking for a more secure approach to handle your eKYC procedure. Find out how our face recognition software can help protect your company from fraud by getting in touch with SmartOSC right now.