Facial recognition biometrics systems can be used for security access control and surveillance purposes. This helps to protect valuable business assets by restricting access only to individuals who have clearance via facial scan. Likewise, the same system can be used to safeguard customer assets from criminals trying to gain access to them.
Facial recognition can help to protect an individual’s identity by saving a unique record of their facial data into a database. When customers attempt to access their accounts in the future, the system will instantly recognise them as the rightful owner of the account and allow access.
This is especially important in financial institutions whereby identity fraud is common. It is more difficult for fraudsters to steal or forge a facial record. The risk of identity theft is reduced when facial recognition systems use an individual’s face as an identifier rather than physical documents that can easily be stolen or forged (e.g. passports, ID cards, or driving licenses).
Banks and other institutions can remotely authenticate identities and authorise transactions with only a smartphone. This process can be done at any time and any place.
Not only does this add a layer of convenience for both the customer and the service provider, but it also reduces the costs associated with having to manually screen through every single transaction.
Facial recognition technology allows a quick, secure, and accurate method of authenticating users. The system is operated exclusively by an AI system which eliminates the accuracy and speed drawbacks usually encountered in a human-operated system.
Facial recognition outperforms other security measures by requiring fewer human resources. Through artificial intelligence, It eliminates the need for physical contact or direct human interaction, making it an automatic and seamless process.
Additionally, facial recognition minimizes touchpoints for tasks such as unlocking doors, accessing smartphones, withdrawing cash from ATMs, or performing activities that typically require PINs, passwords, or keys.
This technology is more precise than the human eye but it is not infallible. The software might face difficulties in recognising individuals with different skin tones or from different demographics.
Facial recognition technology raises significant legal and privacy concerns that warrant careful consideration. Some key concerns include: