Why Facial Biometric Solutions are More Preferred for KYC Compliance?

Why Facial Biometric Solutions are More Preferred for KYC Compliance?

The introduction of the internet and technology has given birth to multiple new industries and has brought businesses and firms in the financial sector to the online space. It has also generated new market segments to acquire but on the other side, it also led to an increase in the frequency of ID frauds and financial crimes. In order to ensure authentic customer onboarding and to reduce risk to zero, digital biometric solutions are the new weapon of entities to fight against fraudsters.

For the KYC (Know Your Customer) process, banks and corporations digitally verify the authenticity of the credentials of customers where biometric solutions validate one’s ID in no time by matching his/her facial and forensic data against information in national data registration authorities with great accuracy. This method of authentication is used all over the world as it creates convenience for both organizations and their customers, making the entire IDV process swift helps firms in providing a great digital user experience.

Importance of Facial Biometric Solutions

Whether an individual is opening a bank account or registering himself/herself in a crypto exchange or other funding platform, biometric technology ensures risk-free onboarding. The biometrics market is expected to grow by $65.3 B  in 2024.

This service of biometric solutions prevents unauthorized access. It is also a much secure method as unlike passwords or codes, it can’t be obtained by anyone conveniently. This is the era of AI-based solutions where the credibility and authenticity of a soul get confirmed in a heartbeat.

Cybercriminals use a bunch of tricks and technologies such as 3D mast attacks and screenshot images, video replay during facial recognition to join a network or gain access. In the biometric identification, the user uploads a selfie along with his required records, and the biometric solutions verify his identity by matching records against information in the concerned authority.

In biometric verification, AI mapping verifies a user’s face and detects even minor expressions, to detect liveness, and the 3D depth analysis performs anti-spoofing checks.

How Biometric Solutions Verify Identity?

Joining a network or platform by simply filling out checkboxes is history. Due to the boom in cases of money laundering and fake ID scams, firms and banks are extremely cautious about AML/KYC compliance and a single verifying solution in such scenarios is good for nothing. Therefore the integration of biometric solutions with other security systems is highly preferred.

In beginning, the user provides a set of records such as:

  • National photographic ID
  • Driving License
  • Utility Bills 
  • Proof of Residence
  • Bank Statements 

Post the AI-based system digitally scans every character and matches the information by comparing it with data registration authorities. 

The user uploads a new selfie. The biometric solutions authenticate the user’s identity on the basis of certain facial traits.

For biometric identification, a 3D depth analysis is performed to ensure that there are no such uses of screenshots or older images and that the uploaded one is genuine.

AI Mapping Techniques

The faceprints in biometric solutions recognize characteristics like age, race, and gender, to ensure that information on ID documents corresponds with certain facial features. This additional layer of protection in biometric solutions makes fraud prevention seamless.

Liveness Detection

The biometric technology confirms the liveliness of the user by capturing minor expressions such as blinking or smiling. 

For customer due diligence, background checks are performed through the system for AML screening. The biometric verification makes sure that the beneficiary has no suspicious track record which helps the companies and platforms in risk assessment and monitoring. 

Features of Biometric Solutions in the Industrial Sector

The verification technology has global applications for multiple industries and financial institutions.

Layered Protection

Due to ownership of multiple accounts on different platforms, selecting a long-tail complex password for each account is not practiced. Similarly using a single password for different accounts is not wise. The biometric solutions enable users to sign in to multiple accounts with facial recognition instantly.

Fraud Prevention

The AI-powered system is used for the validation of payments and transactions in online banking to prevent any financial fraud. The depth analysis and mapping authenticate the facial features of the user incorporated earlier in the back office prior to processing the transaction.

Age Verification

For age-restricted platforms, like gaming, gambling, and chat rooms, biometric solutions are mandatory for IDV to prevent age verification scams. The system makes sure that the user is eligible for signing in by scanning the appearance of the user.

For airport clearances, hotel check-ins, and much more, biometric solutions are handy.

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The ever-increasing cases of ID frauds, age verification scams, and financial crimes call for efficient biometric solutions. The machine learning algorithms of biometric solutions use AI mapping techniques and perform micro-expression analysis to avoid 3D mask attacks and spoofing and to assess the authenticity of facial verification in no time. It streamlines the KYC/AML procedures and reduces risk to zero for entities so they can provide a better digital user experience to their customers.

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