These days, fraudsters are using sophisticated methods to achieve their plans. They know the limitations of the common verification processes and bypass them easily. It creates a huge risk for the companies because their database is always under threat. Fraudsters can steal sensitive data and spread it on the black market for huge sums of money. Biometric face verification is a comprehensive solution for businesses because it not only enhances data protection but also enables compliance with KYC/AML regulations. It is an automated solution so multiple procedures take place within seconds which deters fraud effectively.
What Kind of Fake Identities do Fraudsters Use?
- Usually, fraudsters steal the ID card of a genuine customer to obtain free benefits and complete their illegal plans. This is a major reason that global regulatory authorities push financial institutions to adhere to AML/KYC regulations
- Scammers also use fabricated identity credentials to get their way. They manipulate the documents in such a way that the human eye cannot detect the alteration. Fraudsters successfully use this method in companies where manual verification procedures still happen. This method will never work in organizations where the latest biometric face verification method has been used. The advanced software will catch the modification instantly and alert the users
- Synthetic identity fraud is a pre-planned fraud. Cybercriminals create a new identity by mixing the credentials of different genuine identities so that it is difficult to highlight the fabrication. According to the insights of the federal reserves, synthetic identity fraud is very common in the USA. Normally, they construct profiles through the credentials of minors, low-profile individuals, and homeless people
- Ghost identity comes from the identity theft of a deceased individual. Cybercriminals use this approach to obtain free services. For instance, pension, and health insurance. The bad news is that ghost identities can attack any kind of organization i.e. public and private.
A Note on Synthetic Identities and the importance of Face Liveness Verification
It should be noted that if an organization has poor security measures, the fraudster with a synthetic identity will pass the security system easily. It is because the verification system only carries out superficial screenings and not comprehensive ones. Synthetic identity is different from fake identity. Only an advanced verification procedure that scans documents, facial signatures, and ID cards of the client can detect the fraud.
What is the Uniqueness of a Biometric Face Verification System?
Biometric face verification is a scalable and compatible solution for businesses because it brings sustainable growth, according to Victor Fredung. The system is convenient and easy to integrate into the existing technology. The biometric face verification software is a feasible way to prevent every type of fraud. It has the following features that make it foolproof. Shufti Pro’s services are up to the mark.
Cross-checking the Face
The feature cross-checks the facial signature of the client in real-time. Cross-checking happens with the previously submitted documents. In case, a criminal wants to use fraudulent identities to avoid security checks, the advanced biometric face verification software will highlight the fraud immediately. The feature notices the unique contour points and skin texture of the individual which are not present in a photo.
The Special Liveness Detection Feature
As it is clear that biometric face verification software captures the unique facial signature of the client. It records the pattern of micro facial expressions. This makes the system strong against facial signature manipulations i.e. fake photographs. In some organizations, there is also the requirement for video-based biometric face verification. The software asks the clients to make a facial expression e.g. smiley face. The artificial intelligence-backed system verifies the micro facial expression pattern of the individual and completes the procedure.
The Use of 3D Depth Perception
In case there were some chances of fraud from the above features, this feature won’t leave any room for scams. If a cybercriminal uses a different identity to violate the integrity of the authentication procedure, the 3D depth perception feature will instantly highlight the fraud.
The Application of Biometric Face Verification at Airports
Biometric face verification technology has been used in airports in Brazil and the USA. The system is so advanced that it can even detect identities with a face mask on, says Shahid Hanif, the founder of Shufti Pro. The system was put in place so that passengers can have a safe traveling experience. They also want to reduce the incidences of human and drug trafficking.
Finally, all kinds of businesses can use biometric face verification technology to upgrade their business operations. The advanced technology ensures that only genuine consumers connect with the business. It is because fraudsters come with a lot of risks that companies cannot afford to deal with.
Biometric technology is unique in the sense that it takes into account the unique features of the client during the authentication procedure. For instance, unique facial signature, code in the eye retina, and also fingerprint scan. Hence, it is almost impossible to fool the biometric face verification system.