It goes without saying that financial organizations have been struck with the COVID-19 pandemic. While the consequences of the outbreak are indefinite, businesses are looking forward to making progress. In order to cope with the international health situation, the best possible way is to follow the rules set forth for COVID-19 protection, to minimize the spread of the virus. Contactless solutions are seen as a great opportunity for businesses in developing a good product strategy despite the pandemic.
Since technology is skyrocketing and the digital space is becoming increasingly popular, facial recognition solutions are making their way in 2021 with a blast. These systems are now backed with artificial intelligence that is constantly learning new methods of verification which means that customers and end-users could be authenticated in real-time.
According to the Federal Trade Commission (FTC) of the United States, COVID-19 fraud instances have cost around 130 million US dollars. In this regard, facial recognition technology seems to be a feasible solution to solve these problems of identity theft and data breaches.
Facial Recognition Systems as a Security Mechanism
AI-powered facial recognition systems now support liveness detection and 3D depth-sensing by which facial features of a person can be analyzed in detail. When talking about enterprises, this is specifically helpful in combating online fraud, cybercrime, data breaches, account takeovers, and other types of deceitful acts by fraudsters. The AI models built into facial recognition technology entails a series of verification checks that are intended to compare the user’s live facial identity with the one stored on the profile or the one which they submitted before during the verification process as identity proof.
Covid-19 and Face Identification Solutions
You can’t deny the fact that face identification systems are becoming very popular among both business businesses and their clients and customers. When we talk about enterprises conducting secure operations daily, they need to make sure the users make transactions safely and open accounts without any hassle. In this regard, enterprises invest a lot of revenue in automated identity verification methods that are used during Know Your Customer (KYC) checks at the time of customer onboarding.
Facial recognition technology can greatly help in customer identification by scanning their facial identity and storing them in their biometric profile which can be used as proof of authentication later. Even though facial biometric verification is the need of the hour today, it does have some disadvantages as well as some benefits, which we will discuss below.
Reasons to Support Facial Recognition Technology
- Online facial recognition systems are accepted as a feasible solution these days which helps businesses in keeping away bad actors to overcome security checks at the time of customer onboarding. This ultimately helps in putting an end to data breaches and identity theft fraud that are a big concern for the corporate sector. Facial recognition is much more efficient with artificial intelligence that is helping businesses reduce false positives and failed verifications during the identification of customers.
- Without a doubt, quick and efficient solutions are better for businesses and their customers alike. Any company wouldn’t want a slow and tedious process when it needs to enroll 50 clients per day. Facial verification systems make this process time-efficient, and less costly which helps businesses make their operations streamlined, efficient, and timely.
Reasons to Dislike Facial Recognition Technology
- Facial recognition systems may seem like the solution to all your business problems, but that is not true. Since it is mostly based on artificial intelligence models, they are constantly in a learning phase. This means that they could often fall short of recognizing people with different skin color, texture, or tone, etc. This problem needs to be addressed by making these models much more efficient over time.
- With all the efficiency and convenience facial recognition technology brings, it is also costly and resources inefficient. Oftentimes, its maintenance could become a hassle for startups and small businesses that are looking to save up money to invest in research, revenue building, and other important tasks.