More than 75% of Americans have already used biometric technology in one form or another, from unlocking cell phones through fingerprint verification to a facial recognition app for identity verification, signature dynamics, and hand geometry. It’s safe to say that biometrics has changed the way transactions are done between businesses and people. Let’s explore how biometrics have transformed the entire age and identity verification process.
Why is It Important to Have Super-Fast and Secure Services in Modern Times?
Companies of all industries are becoming more alert to the need for the entire process to be improved, as customers and users can no longer be pleased with sluggish services that take too long. With 40% of transactions being impulse buys, any interruption gives customers a chance for reconsideration when they’re almost done making their purchase decision. You might even have gone through experiences where you might’ve given up on registering your details or opted out of the service because it was super slow.
Biometrics aim to provide a smooth verification and payment process to ensure that the customer has a streamlined, hassle-free payment and verification process. For example, it’s estimated that by 2024, banking institutions could be losing up to $22 billion due to slow onboarding and manual processes. The best way for them to stay competitive and avoid an unnecessary financial hit is by adopting new technologies that help optimize their workflows across different channels.
How to Maintain a Balance Between Speed and Safety
Today, the most common methods of authentication are login and password, as well as credit or debit card. Credit cards are quick and easy, but losing your card is even simpler. You could fall for phishing scams or simply forget the password. Speaking of passwords, a 2021 study concluded that most Americans lose access to their 10 online accounts every month. Moreover, two-thirds of those surveyed avoided visiting these websites instead of recovering them. With QR codes, the issue is that they’re dependent upon smartphones.
The Strawhecker Group and the Electronic Transactions Association have found that 27% of small business survey respondents chose to pay through mobile wallets or use contactless card payments. Furthermore, it’s estimated that this trend will continue and, in 3-5 years, it can replace cash and credit cards. Hence, it’s essential to adapt to biometrics as soon as possible. Choose age and identity verification software that implements biometric verification processes like facial verification.
Biometrics: What is Facial Recognition Technology?
This technology can identify individuals based on the data gathered from their facial features. The most advanced types use deep learning techniques, which have grown more sophisticated with time, and are able to learn what different patterns should look like for them to not only recognize but also comprehend what these pieces of information mean about someone or something else entirely—all without human input! Facial recognition software identifies people with accuracy. This process starts by isolating specific facial features on an individual’s face to measure their distances apart and what shapes they are making while doing so at different temperatures; all these measurements combined to give you some pretty unique results. It’s similar to a fingerprint-style signature when seen through the lens of science because like fingerprints, everyone has a unique facial feature.
Why is Facial Recognition Used in ID Verification?
In general terms, though, there are two general purposes behind the use: identification, where clear photos or videos are required; the other involves authenticating someone’s age or someone who has already been identified. The first purpose of a handy recognition technology application is to identify unknown faces. This can be done by comparing an image of a person’s face with other images in databases, such as those maintained on police servers or departments across various agencies (e.g., Federal Bureau Investigation).
Whereas in the second purpose, identity verification is the process of checking someone’s identity by visually matching their face to an existing photo or video. The accuracy here can be higher because people are willing and eager to show the camera what they have on film, so you’ll often get accurate matches with clear eyes even when performing this task under pressure. It’s mostly done in financial services, health services, and retail stores that sell age-restricted products.
How FTx Identity Incorporated Facial Recognition in Age Verification
During the customer registration process on the FTx Identity app, customers are asked to take a selfie to ensure authenticity so that nobody can take their ID and upload it themselves, a process that is super easy and hassle-free. Once the customers get verified through the FTx Identity app, they can retail your visit business and you can be assured that they are who they say they are. A customer scans their face and the FTx Identity’s biometrics identity verification system will match the selfie with the ID uploaded by the customer to verify their age and identity.
Since the day biometrics was launched in the commercial market, it has seen a significant increase in adoption and use over the past two years. Retailers are rushing to meet consumer demand by incorporating options for shoppers who want both online shopping safety and store-based transactions logged with their fingerprint or face ID.