In the midst of this technological revolution, the fraudsters have also evolved enough to use the technology to pull scams. In order to fight these criminals, a digitized solution is required. Facial recognition technology is one such answer to this plight. It is a technology that uses the face of the person to verify their identity. The question is where will it take us? The next step the facial recognition technology will take to improve the verification process is video KYC. Video KYC is an artificial and human intelligent solution that verifies a person’s identity through a video-based interview. Before we get into that, let us first discuss the need for verification solutions and how facial recognition has played its part.
The Requirement of Identity Verification
Ever since the increase of online businesses and e-commerce platforms, criminal activity has also increased. Cyber Attackers and fraudsters are using creative ways to manipulate the system and loot businesses and people as well. In order to stop these frauds, an identity verification solution must be implied. Identity verification can verify the identity and ensure that the user really is who they claim to be and not using fake identity and credit card information to impersonate as someone else. This verification process is known as KYC- Know your customer.
However, the process of KYC requires a lot of time and operational costs. A significant number of labor is hired and the additional cost of managing it is another thing. Still, there is no guarantee that the process is completed without errors. In case the businesses fail to perform the verification, they have to face major consequences in the face of penalties and permanent closure of the business. This is due to The Bank Secrecy Act of the 1970s that required all businesses to record and identify their customers before dealing with them.
Biometric Authentication and Face Recognition
As a security measure, biometric authentication uses a person’s biological features that are unique to them only. These identifiers could be a person’s face or their fingerprint or even the iris of the eye. Now facial recognition technology has made the biometric authentication process so much more accurate with the face-scanning and matching. Artificial intelligence has made it possible to detect and analyze the face and stop fraudsters. Many industries are applying this method as their security measures and even law enforcement is using this technology to catch fraudsters.
Where to next?
The next step this verification process will take is the video KYC. Video KYC is the process of verifying a person’s identity through a video-based interview with a KYC expert online. This KYC expert is a human but the system also has facial recognition technology that applies artificial intelligence to the process. Both Integrated makes the whole process so much more safer and accurate. It has been a major help during the covid-19 Pandemic as people were to maintain the social distancing protocols and the verification process became more difficult from far away.
Here are some steps that explain the whole process of video KYC
01: The customer must fill a registration form online. This form is available on the website or the application of the company.
02: Once the form is completed, the is connected with a KYC expert through a video call for a video-based interview.
03: The KYC expert asks for consent to record the video of the whole verification process. The process only goes further if consent is given.
04: For face verification, the customer is asked to perform a few facial movements like smiling or blink of eyes. Face recognition technology will analyze the face of the person through a liveness detection test and 3D depth Perception. If a spoof attack is occurring like using an old video or face masks, the system will not verify that individual and alert the company of the possibility of fraud.
05: The Document of the person is verified as well. The person has to show the document on the screen through a webcam. It is scanned and matched against the previously given data.
06: Once the process is completed it is saved in the back office and can be extracted wherever required.