Identity theft and other crimes are rising with time. According to a 2023 fraud report, globally 18% of crime has increased with 51% of cases being ID scams. Applying innovative technologies such as face verification services can deter bad actors and facilitate compliance with KYC & AML regulations. This way, businesses can not only attract genuine clients but also win trust. Moreover, corporations can avoid hefty fines and permanent bans from global regulatory bodies. It facilitates experts to achieve business milestones effectively while making informed decisions.
Face Verification Services: A Quick Insight
Facial authentication has the support of AI & ML algorithms to quickly validate customers’ faces by cross-matching the images on ID documents. This way, experts can discourage spoof attacks, deep fakes and 3D face masks during customer onboarding. Moreover, corporations can easily follow the latest KYC & MAL regulations.
According to Markets & Markets research, the global face verification market size will reach a financial worth of around 8.5 billion dollars by 2025, showing a CAGR of 17.2% from 2020 to 2025.
Investments from the government and defence sectors have facilitated the growth of the face verification market. The US Department of Defense has funded the evaluation of facial recognition technology (FERET) to boost the effectiveness of its algorithms. This facilitates the development of systems to become commercial market products. Furthermore, the government & defence sectors will hold the largest shares during the forecast period.
The adoption of cloud-based facial verification services presents an opportunity for further growth to effectively deal with technical challenges.
The APAC market will grow at the above-mentioned CAGR of 17.2%. Major growth drivers behind the industry are increasing investments in security & surveillance, and rising crime cases. In APAC, the use of face verification services is increasing with time. As per Biometric Update, face validation solutions have the power to transform the travelling experience and enhance customer satisfaction.
Microsoft Azure has updated its face verification services to empower businesses and enhance data security. This innovative approach not only offers flexibility but also reduces expenditures to run corporate projects.
Top 5 Features of Online Facial Recognition Systems
Face verification services are best to determine the authenticity of a client’s identity. But there are more features that must come to light. The following sections highlight the unique points of face verification solutions in the age of digitization:
- Identifying objects with Face Recognition Solutions
Cutting-edge technology uses the latest tools to identify not only people but also objects. The algorithms working behind innovative systems can be trained to highlight colours, trees and bikes. This can easily happen even on a massive scale. Moreover, according to Statista, the facial recognition market size will reach a financial worth of around 12.67 billion dollars by 2028.
- Understanding the Importance of Training Models
Face recognition is an AI-driven technology that depends on data training models. In this way, it relies on the quality of information that it is trained on. This can also create biases which can be easily dealt with by ensuring good quality training on large datasets that ensure fairness.
- Ensuring a Positive Customer Experience
Face verification services are extremely helpful because the innovative system adds additional layers of security. It is also the case that laws in some regions can limit the application of advanced systems. This not only educates users about the changing landscape of global regulations but also supports compliance with KYC/AML standards. The innovative approach increases transparency in the process regarding data collection and storage.
- Streamlining Business Operations
Face verification services identify & authenticate a client’s identity by screening facial features in real time. This requires no long queues and offers a contactless experience to users. In this way, businesses can provide a positive travelling experience and facilitate smooth financial transactions without any issues. It also attracts only genuine clients from all over the world.
- Facilitating Mass Adoption
The existing legal framework creates restrictions to the execution of facial verification services in several countries. Many jurisdictions have completely banned its application without official permission. This way, institutions have to come up with a strategy to regulate the use in the region. In other cases, there would be a number of regulations that create complexity and confusion for service providers.
The Bottom Line
Technological innovation has enabled fraudsters to use sophisticated means of deception and bypass defence mechanisms. This urges all industries to implement AI-driven face verification services to discourage bad actors. It gives a strategic advantage to users in a tough market atmosphere while boosting market credibility.
Teaming up with a third-party vendor can provide a GDPR-compliant solution that ensures unbeatable security. It sends a message of care and responsibility to users while winning trust and loyalty. The AI-driven solution can ensure global coverage to cater to the needs of global clients while giving multi-lingual support.