Face recognition technology has become quite famous over the past few years. This biometric face recognition is helping businesses around the world in various ways. Some industries are using it for security systems while others are using it for marking attendance. Some places are even using it for digital banking. The major benefit of face recognition technology is identity verification. In this blog, we will talk about how face recognition technology has taken over the corporate world and streamlined the identity verification process.
The Emergence of Face Recognition
Face recognition is a type of biometric authentication system that uses the facial features of the individual to verify their identity. The facial features could be measured through a picture, video, or live presence. Facial recognition technology is used in the identity verification industry by matching the face of the person with the photo provided on the government-authorized identity documents. The AI technology is used in face verification to authenticate the identity of the person through liveness detection, 3D depth perception, 3D sensing, and skin texture analysis.
The efficacy of the face recognition software is enhanced by AI algorithms, machine learning, and training models. Business organizations need up-and-coming technology to eliminate the fraudulent activities they face. The most common types of fraud prevented by face recognition deep fakes, fake identities, identity theft, and spoof attacks.
Face recognition technology first came into being in the 1960s and has been used for a variety of purposes including employee management. Face recognition has now turned into a face verification system and is used to capture fake identities and spoof attacks.
Face recognition online is now integrated with AI to give a competitive edge. Due to the cutting-edge technology, the face recognition market size has surged. A report from Statista reveals that the market size of face recognition will go up to USD 7 billion by 2024. Another report suggests that by the end of 2026, the projected value of the market will be USD 10.9 billion. With this huge increase in the market size, face recognition has expanded astonishingly. Keep reading further to find out how face recognition has become the latest trend in the corporate world.
The Use of Face Recognition in the Corporate Sector
The COVID-19 pandemic has brought myriad challenges for businesses in 2020. The corporate world is now worried about the after-effects of the pandemic on the business entities. The fraud has certainly increased it is certain that it will continue to do so. The facial recognition system can be a perfect solution for businesses to secure themselves.
Let’s dig deep into the use of online face recognition in different sectors.
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Face Recognition in Travelling
Criminals are known to present forge identities to escape through airports. In order to capture such fraudsters with a fake or stolen identity, face recognition is installed in airports. It streamlines the passenger onboarding while verifying all the passengers’ identities. Another way airports are using facial recognition is touchless kiosks through which passengers can get their documents verified without coming in contact with anyone else. Recently Brazil’s airport has announced that they will apply facial recognition technology at the airports for passenger verification. Japan’s airports are also testing facial recognition technology at their airports.
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Hotels and Recreational
The hotel industry can use facial recognition technology to verify the identity of all the guests. This can also assist them in accurately ensuring the age of the residents and ensure that no minor is misusing their facilities. The criminals hiding in hotels can also be identified through face recognition and help the hotels to keep such participants out of their way to protect their reputation.
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E-commerce Platforms
Online businesses can easily become victims of identity theft fraud. The research suggests that online businesses must use face recognition to secure their platforms. Identity thieves can purchase items online and get out of the way. The victims ask the bank to reverse the transaction later reporting the identity theft. The retailer who has sold the item to the fraudster will have to return the money to the victim. To secure their platforms, the e-commerce platforms must apply face recognition to verify the identity of the customers and avoid any fraud.
