The world is advancing towards the latest technology. Artificial intelligence and machine learning are actively transforming the IT industry, having a direct impact on businesses and human life. One of the greatest innovations so far is Facial Recognition technology. The concept of facial recognition comes from our everyday interaction, just like humans identify each other by faces, the face verification technology works on the same phenomenon.
Facial recognition is a new concept that is gaining huge market interest with every passing day. From the last few years to date, there have been vast changes and innovations in technology. It has already transformed the industries and the ways people are living for the betterment. Here are some latest trends in facial recognition technology.
Face verification will replace Passwords
Passwords have been used for decades as the security mechanism to protect sensitive and private information from others. But this single layer of defense is now failing to keep the hackers and intruders at bay. Technology has provided the latest opportunities to hackers and cyber criminals to break and hack passwords. Through phishing and social engineering, the fraudsters lure the victim into providing their login credentials.
The main limitation with the traditional password is that there is no proof of the person’s identity. Anyone with the login credentials can access the account and information in it, but how to be assured that the credentials are entered by an authorized entity only. This problem is efficiently addressed by face verification. Face verification verifies and authenticates the identities of the authorized users in real-time by ensuring the remote presence of an individual. As per the visa study 2017, 46% of the respondents find biometrics secure than passwords and other verification methods.
The face will become the Future of Payments
The explosion of the internet and mobile devices is eventually shifting the financial institution towards the digital sphere. With the immense presence of users on the internet, the trend of online and mobile payments is increasing with every passing day. This provides fraudsters with an opportunity to make some extra cash through multiple frauds.
Through card-not-present and account takeover frauds, the fraudsters are committing payment fraud which results in charge backs and businesses lose a great amount of money every year. Analyzing such trends the businesses are taking effective measures to authenticate payments through face ID. For instance, Amazon’s Smile to Pay, ApplePay, AndroidPay, Mastercard’s Pay through Face, all are readily using face verification solutions to authenticate the payments.
The customers’ experience will be on the next level
The latest trend seen regarding facial verification is the enhanced customer experience. The through face verification solutions, people are saved from the effort of remembering their passwords. Moreover, an additional headache of changing passwords every other day is avoided. The verification is as simple as taking as a selfie – quick and easy.
Multiple organizations are utilizing face recognition technology to provide their customers with an exceptional experience. For example, Wallmart uses facial recognition software in its retail stores to read the expressions of the customers standing in the queue for payment. Talking about the enhanced shopping experience, some retailers are boosting their sales through the use of facial verification with augmented and virtual reality.
Sephora has introduced the latest technology in its stores that can virtually show the customers how the particular product will look on them, and that too in real-time. The concept of “try before you buy” is remarkably enhancing the shopping experience.
Author Bio:
I am Kevin Martez and my passion is technical content writing. I have broad experience in writing for the technical field. I started my writing at the age of sixteen when I was in college. Now I’m already writing for contribution sites as an independent influencer. I wrote many articles on medium and many of them are published in various publications. I wrote many case studies for businesses and nowadays working on Facial Recognition technology to let them know the real need for digital transformation for their business.
