Biometrics is a foolproof technology that validates the unique personality traits of identity for fraud prevention. Biometric verification mainly includes face verification along with other types (e.g., fingerprint). All kinds of biometric verification can streamline customer onboarding, increase security protocols, and ensure compliance with international regulations.
Online face verification has the transformative power to facilitate modern-day businesses. It can help corporations stay put with KYC & AML regulations to protect their organizations and customers from external attacks. According to reports, the majority of users prefer biometrics for their foolproof fraud prevention capabilities. Hence, all types of corporations can achieve their goals by implementing online face verification technology.
Gaining Insight Into Manipulative Techniques of Fraudsters
Nowadays, businesses face various threats from cybercriminals. Perpetrators can utilize fake identities in order to exploit businesses. Following is a list of notable fraud scenarios that criminals can use to their advantage:
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Using Stolen Identities
Criminals get their hands on identity credentials by using ID cards, driving licenses, or account details to access bank accounts. The primary purpose is to receive free services associated with the individual and accomplish nefarious goals. Businesses of all sizes can face this crime at any time.
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Implementing Fake Identity Fraud
Criminals design fake ID cards and other identity documentation that neither have the ownership of a real identity nor are issued by some official institutions. Such types of cards often appear genuine to the human eye. But when they go through AI-driven document validation software, the system immediately catches the manipulation within a few seconds. The human eye has several limitations because similar QR codes can fool it.
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Utilizing Synthetic Identities
Synthetic identity is an advanced type of scam. In this light, the criminals create a new (synthetic) identity with the help of original data and some fraudulent information. According to the latest insights from FBR reserves, this type of fraud is widespread in the USA. Additionally, fraudsters use synthetic identities by using credentials of children, or elderly people, because such identities do not raise suspicion.
Synthetic identities help fraudsters circumvent security protocols, particularly when manual validation is used. Moreover, the software only authenticates the ID card number and does not validate the authenticity of given records. Synthetic identity is different from fake identity fraud because it is an amalgamation of various identities. In this way, only an ID card number cannot help in detecting advanced fraud. It demands a comprehensive screening solution that validates the documentation, face, and ID card number altogether.
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Executing Ghost Identity Scam
This is a kind of stolen identity of a deceased individual. Cybercriminals use the ID credentials of dead people to create synthetic identities. The main objective is to receive free advantages such as pension/ insurance funds. Such types of fraud can hit all kinds of corporations at any time, so enterprises should be prepared for it.
Using Online Face Verification as a Powerful Solution
Online face validation is a robust system for fighting fraud. It ensures convenience integration with pre-existing technologies and compliance with international regulations.
Face Matching
The face verification process validates users’ faces instantly and cross-matches it with the photo on the given ID document. If a criminal tries to fool the system by using a stolen, fake, or synthetic ID card, the advanced feature will detect and discourage the fraud attempt immediately. Hence, online face verification can protect modern-day companies.
3D Liveness Detection
Online face recognition technology detects the live presence of a user through multiple facial movements. The AI-driven system screens the whole face meticulously. In this way, it leaves no chance for the criminal to fool the security mechanisms. The AI-driven system asks the user to upload a selfie video and asks them to perform certain actions.
3D Depth Perception
This advanced feature, in online face verification, has the power to discourage all types of fraud attempts because it screens all types of content and monitors users’ unique facial features. In case a fraudster tries to use a synthetic identity to bypass the system, the 3D depth perception feature can discourage the attempt immediately.
3D depth perception screens the face image for unique facial features. Moreover, it scans the depth of facial contour points. This is important to discourage sophisticated fraud attempts.
Concluding Remarks
Online face verification is a powerful solution that can safeguard companies against external attacks. Face validation systems can ensure high-quality results within a few seconds. It ensures quick integration with pre-existing technologies, facilitating compliance with international regulatory standards.
This approach also streamlines customer onboarding and supports active fraud prevention for all businesses. Criminals can use sophisticated techniques to bypass security protocols, but advanced features in online face verification will always discourage them.
