Biometric verification for digital transactions
Face Matching, also known as face recognition technology, compares a digital image or video frame that contains a human face to stored or captured facial images, establishing whether the face likely belongs to the same person.
Verification is usually carried out using an AI algorithm to compare a customer’s selfie with the photo in the customer’s identity document. The algorithm then determines if there is a match.
The proof that a person is real is obtained through facial recognition, an essential requirement to securely finalize different processes in all industries.
KYC - The Onboarding process represents the most vulnerable moment when companies risk being a fraud because of the possibility of security flaws during the Know Your Customer (KYC) process. For this reason, being able to successfully verify that someone is who they claim to be, is critical.
AML Anti-Money Laundering - Many industries, such as financial services providers. are legally required to enforce Anti-Money Laundering (AML) measures in order to provide identification services to reduce the risk of bad transactions.
Payment Services Directive 2 (PSD2) - European regulation since 2019 which made two-factor authentication mandatory for a wide range of customer-initiated payments. PSD2 regulation enables customers to easily and securely verify their identity with an image stored by the payment provider to carry out frictionless payments.
Face matching technology is convenient for payment verification. Customers can easily use their smartphones to take selfies, which can be compared to the registered image that the payment provider manages in its database.