There has been an immense increase in crimes related to identity theft. According to a survey, 16.7 million identities were stolen in the USA in 2018 causing a loss of $17 billion. Stolen identities are used to commit an array of frauds and crimes. The businesses have lost millions and some have learned their lesson and are using AI-based identity verification services. Facial recognition is changing the business models of many businesses these days. It has been used for many unique reasons to improve the way businesses conduct their operations.
Facial verification for fraud detection in banks and online businesses:
Many businesses are providing face verification services to identify thieves among real customers of the business. The fraudsters and identity thieves have used the stolen identities to cause losses of worth millions of dollars to huge companies like TJX and Target.
Other than that stolen identity is used for money laundering and bank account takeover frauds as well. According to a report banks in the UK lost
Hotels using it to identify identity thieves:
Many multinational hotels have been using facial verification for identifying their customers before giving them high valued services or before they enter the gambling suites or executive bars. Also, many hotels provide the facial verification service to their guests for check-in and check-out. People could easily check-in from their mobile phones and saves them the hassle of check-in at the reception.
Age-restricted goods seller:
Online businesses selling age-restricted goods are using facial recognition to scrutinize the ID proof presented by the customer buying the age-restricted goods like liquor, drugs, and games, etc. The facial verification software compares the biometric features of the person in a real-time video with the picture on the ID proof.
Facial verification in online gambling:
With an increase in cheating and money laundering frauds through the online gambling sites, the online gambling sites and casinos have started to use facial verification to identify the true identity of the person trying to enter the gambling site. Recently the UK has reformed its online gambling regulations where identity verification is necessary before the gamers’ account is activated and he starts to gamble online.
Facial verification for reuniting children with parents:
These days facial verification is used for many unique purposes and fits many business models. Facial verification is used by a company named “helping faces” to reunite the kidnapped children with their parents. This app is used to compare the real-time facial image of a kid with a picture of the kid in the database of kidnapped or lost kids. It is a very unique way of using real-time facial verification technology.
To conclude, the potential of facial verification is not confined to the above uses only. It can be used for various purposes and can serve various industries regarding risk mitigation and regulatory compliance. Also, the changing regulatory infrastructure of the world has made identity verification products like facial verification a worthwhile asset for the businesses.
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