Global changing dynamics in every walk of life are unleashing various new challenges, which are threatening in nature but not impossible to deter. Biometrics is a trending technology to restrict different kinds of fraud. Identity theft is potentially engaged in criminal activities. The face detection system is a widely used technology nowadays. Advanced face recognition services online are operative in different organizations but it is not easy to say goodbye to manual document verification.
In the corporate world, all the stakeholders, including vendors, suppliers, customers, financiers, etc., are deeply interconnected, and the chance for KYC fraud is also increasing in this way. Fake identity largely imperils businesses and other functional bodies, but there is a dire need for an effective face verification system to challenge the criminal actions of human beings. Let’s take an ariel overview of the fraudulent methods.
Synthetic Identity Based Frauds
This is a type where criminals are involved in using some of the truth-based details and some fake identity details of a person to execute the criminal design. Experian’s annual Global Identity & Fraud Report published by Bloomberg unveils several synthetic identity grifts in online transactions.
Stolen Identity-Based Scams
Criminal minds steal the identity of other people, for instance, ID cards, driving licences or account details to implement their nefarious plans. In this digital world, criminal activities are shifted from petty crimes to white-collar financial crimes. It provokes the need for face recognition from photos to ensure KYC/AML compliance.
Fake or Ghost Identity Crimes
Habitual or non-habitual, both types of criminals often use fake identities, in which forged documents are prepared, neither belonging to a genuine person nor an authority. On the other hand, ghost identity-based crimes are committed using a dead person’s details. Face recognition Service is better known as a powerful AI-embedded technology to trace fraud.
What is Facial Recognition Technology?
The crime and fraud ratio is rising up. Those unaware of the power of face detection technology, need to know what is facial recognition. It is a widely used procedure to catch hidden frauds. Facial recognition technology is an AI-powered mechanism to build comparisons between human face digital images and ID verifications from the database of faces. The technology makes measurements of the images from various sides and angles to make them close to the actual picture. It is irrefutable to say, face identification software plays a pivotal role in face detection and proves productive in catching criminals.
Top Benefits of Face Detection System
The benefits of facial recognition are as follows:
Barricades Cross Border Terrorism
Rising terrorist activities and terror financing stir up deep concerns among all the core regulatory bodies around the globe. Looking into the sensitivity of the situation, the purpose of the face recognition process is to deal with the lawbreakers iron-handedly. According to Atlantic Council Report, US security agencies use face recognition services to trace the most wanted cross-border criminals. US Supreme Court also realised the need for the best operational face identification software to control dangerous cross-border crimes, including drug trafficking, arms trafficking, human trafficking, foreign currency laundering etc.
KYC/AML Compliance Mechanism
The face detection system is the most liked biometrics technique in this technology era. Business transparency remains a striking question for effective KYC/AML compliance procedures. The crimes which are committed using fake face identities put a question mark on the effectiveness of the facial recognition process. According to Forbes, megabank scams involve “deep voice” coupled with fake facial identities to grab $35 Million. It strengthens the need for potential face recognition services. It goes without denial AI cannot beat the human mind, but grey areas in the face detection system are necessary for efficient functioning.
Aid Finding Missing Persons
One of the swiftly rising concerns is found in the form of missing persons and mass exodus amid the perpetual disruption of the social fabric. Artificial Intelligence offers the best one-stop solution to fix the matter of missing persons. Global Times reveals abducted or missing persons.
Surveillance-based face identification software is processed to detect missing people. Using AI, an image of the missing person is compared to the database faces to find the actual one.
Businesses Protection Against Theft
The face detection system is effective in finding serious criminals involved in business identity theft. Criminals use fake identities to sneak into business accounts for mega financial scams. Later on, official documents and account credentials are used for cyber crimes and money laundering activities.
To conclude the topic, face recognition from photos is the ultimate solution to several types of criminal pursuits. The accuracy and precision of face recognition services due to AI technology make it simply unquestionable.
Furthermore, a face detection system has the power to keep scammers and money launderers at bay. The Changing crime trends force further innovation and improvement in face recognition services to ensure friction-free crime detection across various platforms.