Businesses are facing serious identity theft cases all across the globe and many of them are frustrated with financial penalties from global watchdogs. According to the reports, identity theft cases rose to 500,000+ cases in the previous year and they are expected to rise in the coming years. All companies and financial institutions want a robust solution that can protect their database from hackers and also enable compliance with AML/KYC regulations. Face scanning technology is a biometric service that can facilitate organizations in their fight against fraud and ensure compliance with AML/KYC standards.
How is Face Scanning Technology the Future of Biometric Services?
Biometric services have different options such as fingerprint, iris and retina scanning. Face scanning technology is a foolproof system because it is a combination of all of the above. In this way, hackers cannot bypass the system in any way possible. The industries using face scanning technology are benefiting from the advantages of the latest software. A big advantage for the companies is that they can easily integrate with the pre-existing technological systems. In such a manner, individual consumers are having positive experiences because they do not have to exert any manual effort for identity verification.
How Different Industries can Benefit from Face Scanning Technology Nowadays?
Face scanning technology is ever-growing with the demands of the market. Clients want to implement it because of its security features, as well as convenience. Face scanning technology can help companies ensure transparency in their systems. In the long run, they will be able to protect themselves against serious accusations of fraud collaborator.
Facial Recognition Scanner Technology: Implementation in Financial Institutions
The financial institutions must adhere to AML/KYC standards. For this purpose, they can integrate face recognition services to digital portals and websites. Customers will be able to verify their identities in real time and the organisation will fulfil the CDD standards automatically. Facial scanning technology can also help with investor identity verification. It will also send a positive message that their investments will be in the hands of responsible and caring individuals.
Biometric face comparison technology is a strong shield against clever scammers because they will never be able to exploit its weak points to their advantage. It is because they can never fake someone else’s facial pattern to enter the system. Face recognition services technology can even streamline the document verification system for the clients.
Face Scanning Technology: The Application in Online Businesses
Due to the rising identity theft cases, the global watchdogs are enforcing stringent regulations to ensure adherence to KYC/AML compliances. For this purpose, every business must fulfill its duties by screening stakeholders under the set standards. Face verification technology can support companies in their customer verification procedures. Its liveness detection feature will perform the process in a few seconds. Thus, customers will have a great experience every time they interact with the organization.
Biometric Face Recognition Technology and E-commerce Industry
The e-commerce industry is at a high risk of all kinds of fraud and financial scams. It is because online stores have branded products to sell and their payment methods can have weak points that hackers can target. They want to use the weaknesses to fufill their malicious plans.
Online payment service providers can strengthen their system with face authetication technology to deter scammers from their system. In such manner, genuine clients will get access to the services of the organization. Consequently, face verification software will reduce financial transaction fraud cases effectively.
Face Scanning Technology – How Healthcare Industry can Opt for it?
Healthcare industry has to deal with a huge number of patient influx every day. They must organize their records or treatment will be very hard for the attending doctors. The implemnetation of face scanning technology can facilitate the medical professionals in patient identity verification as well as organization their information in the database. Doctors and other medical staff members deal with a lot of sensitive data of their patients. If it is not securely stored in the database, cybercriminals can take advantage and exploit the victim for their purposes. Fortunately, face comparison technology can help professionals all of the above challenges.
In a nutshell, in every business around the world, be it education, e-commerce and travel industry. Face scanning technology can help them keep track of their consumers’ behavior patterns proficiently. Moreover, face scanning software is time saving as well as economical in some sense. Face scanning technology can provide a positive experience to customers every time they visit the organization. In this way, it can generate a steady flow of revenue for teh company. There are experts who predict that facial scanning technology will replace ID cards and debit cards. It means that customers will be able to do shopping and verify their identities through their their facial signature.