Face Recognition technology has gradually climbed up in importance because of the many pros it offers. Many institutions offer face recognition services for consumer verification as it is a highly reliable mode of identification. The tool is limited to KYC in banking where the consumer’s biometrics are recorded and verified for access but face recognition has also made payments easier and more secure.
What is Face Recognition?
Face recognition is a biometric method developed to verify a consumer’s identity to provide access to their data. The system runs on algorithms that compare the registered image with the real-time verification image to identify the user. Businesses prefer it as it enables a more secure and faster getaway. Its universality and user-friendliness enhance the consumer experience. Many financial institutions are shifting to face recognition payments for a wide range of benefits.
How does Face Recognition in payments work?
Consumers are required to create an account with their bank account linked and face registered using face recognition apps. During a payment checkout, they have to choose the option of payment by face recognition. These face recognition apps analyse the unique human face structure, the light reflection and determine whether it is the authorised user. Once the consumer is verified, within 15 seconds, and a couple of taps by the seller, we have a successful payment.
How does Facial Recognition make payments more secure?
Eliminates credit card fraud – Credit Cards are subject to several theft attempts, and losing one may cost a great fortune. With Face Recognition, consumers need not carry their cards and risk losing them. Successful interaction with the device helps the payment.
Eliminates risking valuables – With the convenience of Face Recognition, one need not even carry their wallet for payment. Their valuables stay safe at home, and the customers enjoy a stress-free shopping experience.
Eliminates store pick-up fraud – Nowadays, people order on calls or online and pick up their purchase in stores. Fraudsters pick up unauthorised goods by impersonating the owner. Face Recognition checkouts help reduce such frauds greatly.
Real-time verification – Face Recognition apps that are used for payments require the user to interact with the system and do not merely accept images. This provides real evidence of there being a live human interaction and not impersonation.
Monitors age-restricted sales – There are certain products that are meant for a particular age group. Face Recognition systems immediately verify the age of the consumer and block the restricted products.
Face Recognition, therefore, is very promising, especially for businesses. Businesses need to positively onboard clients to make such payments more common and ensure a smooth anti-money laundering workflow and hence tackle identity thefts.
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