One of the fastest-growing online crimes, identity theft, has caused devastating consequences for the world. After long and short term outcomes like account takeovers, data breach and financial scams and chargebacks. Bow businesses should look over for some solution to stop this. Facial recognition powered with machine learning is the solution that can help businesses in this case.
The game begins when the fraudulent actors join the business platforms, imposing themselves as legitimate customers. The entry of such users should be restricted and use can be done using KYC verification during the account opening. Know your Business is rapidly moving towards digital services, and thus the trend of digital identity is rising. Now the Bank does not keep its customer information on papers or files, instead, they are using software for this task. This has given them ease in data management and manipulation. The customer details can be accessed using computer queries and the data security has increased. The shift towards digitization and virtualization has some pros and cons that should be addressed on time for the best security of businesses and customers. Online videos have given countless advantages to two companies, but they also have some disadvantages like hacking and identity frauds.
Know Your Customer: An utmost protection for online accounts
KYC is the method of identifying and verifying the customer provided information, most likely name, residential address and date of birth. Mobile onboarding new customers required their personal information. Traditionally, the customer details are not verified, which causes fake and fraudulent profiles that belong to criminals or hackers.
Here comes the KYC that can help in combating identity frauds. KYC uses artificial intelligence and machine learning approaches to distinguish between legitimate and fraudulent customers. The customers have to upload the image of government-issued IDs that can verify their personal information. A facial selfie is required for biometric facial recognition, it is clicked by software in real-time.
Below are the types of vaccination that are performed by KYC software:
Machine Learning Facial Recognition
Facial recognition technology is empowered with machine learning that compares the real-world data sets with the customer provided images. The facial recognition system matches two facial images and analyses the similarity between them.
Document Verification
This verification scrutinizes and examines the genuineness of the customers IDs. The uploaded image of the ID undergoes document verification, where the software checks whether it is issued by the government or not. This is done by looking for legitimacy features like holograms, rainbow marks and MRZ code. Documents with the folded edges or crumpled corners are not accepted.
Then the data is extracted from the document using character recognition technology like OCR. It looks for the areas where the required information is and then makes it computer searchable and editable. As the typed information can't be compared with the image, it becomes essential to digitizing the ID data.
Age Verification
For the protection of minors, the KYC software also verifies that the new customer is above the required age or not. For this, it calculates the age from the date of birth and checks whether it was in the specified range. This service has helped different industries like gambling and dating platforms to restrict the kids’ access to their platforms. Upon not providing valid ID proof, the new users can’t access their services.
Facial Recognition: An Alternative of Passwords
Normally online users use passwords for their account security, but in the age where they can be predicted or hacked, they can’t be used in the long run. Online accounts should be secured with facial recognition systems like smartphones.
Today, almost all cell phones have facial recognition systems that are used during screen unlocking. The user just to show his face in front of the camera, facial recognition is performed will be performed on the current and stored image. This can also be used for online accounts where the users can be verified through their facial biometrics instead of passwords or PINs.
Biometrics are the future because they give completely distinct and solid security to the accounts. Facial recognition that is enabled with machine learning can save business from frauds and scams.
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