Face Recognition Technology
The digital revolution has made the industries embrace the online world. This major shift has made almost all businesses find online means to cater to their businesses. Now the covid-19 has given the organizations a final push. In order to follow the social distancing protocols, the businesses are to function by developing their online platforms. However, fraudsters are taking advantage of this situation. They are using hacking and identity theft as a way to scam people. In order to fight these crimes, businesses must follow KYC protocols. But the question is how? How can they comply with KYC protocols? The answer to this question is to face recognition technology. This blog will further discuss in detail how face recognition technology can be used for video-based identification.
Importance of KYC
KYC- know your customer is a regulation that requires banks and businesses to verify the identity of their customer and ensure that they really are who they are claiming to be. In 1970, The Bank Secrecy Act was surpassed that obligated the businesses to record their customer’s identities and verify their identity. In case of any suspicious activity, the businesses are required to report the authorities for further investigation. These laws became more stringent to counter-terrorist financing. If businesses fail to comply with these measures, they have to face consequences in the form of fines and bad repute.
Facial Recognition to the Rescue
Now that the covid-19 pandemic has put a stop to the physical world, all the businesses are dealing online. This has increased the rate of fraud and scams. An online verification system is required and the best way to verify a person’s identity is to use facial recognition technology. A face recognition system can now be used to perform video KYC. Video KYC is the process of verifying identity through a live video-based interview.
Following are the steps of how video KYC can be carried out
- The customer is asked to fill a form online. This form is available on the company’s app or the website.
- After the registration process is completed, the customer is connected with a KYC expert. The KYC expert is a human that carries out a video-based interview for the verification purpose.
- The customer’s permission is asked to record the identity verification process. The process will only continue if the customer’s consent is given.
- The human KYC expert asks the customer some questions. The customer is also asked to perform some facial movements like blinking an eye or smiling.
- This process is carried out to defer any spoof attacks. If the person is wearing a mask or showing the old video, face recognition technology will detect it and alert the authorities of any spoof attack. This is how artificial intelligence is integrated into face recognition technology to authenticate the person’s face.
- Then the customer’s documents are also verified through artificial intelligence. The customer is required to show their identity document on the webcam. The identity document is checked from all sides and even edges to make sure that the identity document is real and no picture is being shown. The format of the identity document is checked through advanced AI machine learning to ensure that the document was not tampered with.
- Artificially intelligent technology is used to screen the identity document to ensure that the information provided by the customer is also authentic.
- Once this process is completed, the data is sent back to the back office and it can be extracted through OCR whenever required.
Face Recognition for biometric
Biometric authentication is a security measure that uses the unique features of a person to verify their identity. The face can be used as a unique feature through face recognition technology. Many industries are using face recognition technology to smoothen their process. Law enforcement can use face recognition based biometric to catch criminals through street cameras. Airports are applying face recognition technology to make traveling easier and safer. Passengers can now get verified within a few seconds and they are no longer required to stand in long lines.