How AI-Powered Face Recognition Automates The Customers' Onboarding Process?
AI-powered face recognition solutions totally changed the way of the customer onboarding process. It helps businesses to enhance customer experience and combat ID thefts.
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Identity thefts are common these days and increasing with every passing day. Billions of customers lose their identities every year losing billions of dollars. On the other hand, businesses also suffer a lot due to an increasing number of ID frauds and lose billions every year as they implement substandard KYC procedures. According to the Insurance Information Institute, Americans will lose $712.4 billion in 2020 due to financial identity theft.
Due to the large number of high-profile data breaching cases, businesses are under immense pressure to incorporate robust ID verification solutions to prevent hefty non-compliance fines. AI-powered identity verification solutions prove to be a helping hand for businesses to securely onboard their customers in real-time to prevent ID thefts. Let’s see how automated identity verification solutions help businesses to prevent ID thefts.
AI-Powered Identity Verification Solutions
Identity verification is the need of every business, especially the businesses operating in the online space. In the past, businesses used manual verification methods to confirm the identity of their customers in which the customers had to go physically or send their documents to the office for verification. This method of verification is not too secure as there is a risk of losing documents and it also wastes the precious time of customers.
AI-powered identity authentication solutions eliminate the need of carrying ID documents before onboarding which facilitates the customers a lot and makes the KYC process secure enough to avoid ID thefts. Identity verification solutions are of different types such as face recognition, address, age, or document verification but face verification solutions are widely used solutions among them. Let’s take a quick glance at AI-enabled face recognition solutions.
How Do AI-Based Face Recognition Solutions Authenticate Customers?
Know your customer is a mandatory requirement for all businesses to meet security standards. Face recognition solutions confirm the identity of the customers in a go, reducing the drop-off rate and enhancing user experience. The system verifies the identity of the customers by taking a live selfie and matching it against the ID document that the customer submits for verification. Face recognition technology uses a blend of human and artificial intelligence that adds up the integrity of the solution. The automated system performs various authenticity checks to keep fraudsters at bay from them to prevent identity thefts. That is why businesses are adopting face recognition solutions extensively. Let’s discuss how secure face recognition solutions are.
Face Recognition Solutions - A Strong Line of Defense Against Identity Thieves
AI-powered face recognition technology uses various AI mapping techniques to provide robust security to the end-users. The liveness detection, 3D depth, and microexpression analysis detect all spoof attacks used by the fraudsters to take access to the customer’s account. The system also detects fake attempts made by cybercriminals to log in to the account that includes 3D masks, screenshots, printed or distorted images, and video replay attacks, etc to ensure security.
Use Cases of AI-Powered Face Recognition Solutions
Face recognition solutions are widely used in different places in the world. Let’s explain some important use cases of face verification solutions:
Financial institutions widely use face recognition technology to meet AML/KYC regulations. It also helps them to prevent money laundering and other financial frauds.
Secure Customer Onboarding
Most businesses use face recognition solutions to securely onboard their customers and enhance user experience. Customers also like to use face recognition solutions for onboarding as they don't need to take documents with them.
Now face recognition solutions are used at different airports around the world. It helps them for quick passengers onboarding and to catch illegitimate passengers.
Similarly, face recognition solutions are also used by cinemas, law enforcement agencies, and other places for better security.
AI face recognition solutions provide businesses a better way to onboard their customers in real-time. It eliminates the need to remember passwords for protecting accounts. It also helps to perform customer due diligence and enhanced due diligence to identify high-risk customers to prevent ID frauds. Face recognition solutions also help businesses to meet regulatory standards and to improve their brand image to stand in the market.
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