Banking

KYC

Face recognition is an important part of the Customer identity verification during the KYC process. VisionLabs products seamlessly integrate into the total KYC solutions independent of KYC vendor or platform chosen and can deliver both offline (on-device) functionality and further database search as the next step of the procedure. Besides high quality of the engine itself, engine components that are exposed to and are operated by the Customer must be usable. Our broad experience in designing face recognition modules of large-scale, nationwide KYC systems allows us to provide technology itself as well as consulting services to Partner or End User. We partner with global technology leader in ID document recognition to offer complete frontend KYC module that easily becomes a part of any mobile banking app.

Fraud Prevention

Identity fraud is one of the major problems that the financial industry deals with, and it could lead to enormous losses for the financial institutions that fall victim to it. Banks and other organizations must verify identities of users remotely in the modern world, and to do so requires not only a secure transfer of their information from their remote location to the bank’s database, but it also requires a high magnitude of certainty when verifying the user’s identity. Some common problems in the financial industry that could occur when the process isn’t perfect are:

Credit card fraud

Loan application fraud

Employee fraud

Money laundering

Rogue firms

Face recognition technology can be used to curb all of the above instances of fraud and is already becoming a more influential aspect of the identity verification process. Face verification is in fact the most reliable method of identity verification available from a remote location. Some of our customers have actually started using face identity as a primary means of identification, disregarding IDs for the initial stage of customer service.

The use of facial recognition technology across multiple points of contact like mobile devices, self-service kiosks, ATMs, and branch offices can greatly increase the success rate of detecting a person of interest and discovering patterns of fraudulent behavior. In fact, our solutions have found that in many cases, identity fraud is organized or supported by employees who gain access to the personal accounts of the bank customers that use unreliable authentication methods like passwords. Some of our customers have actually implemented a 2-step procedure where both the customer and the teller are both required to verify their identities via face recognition in order to access certain account features.

This face identification technology has led to a decrease in organized crime because it is virtually impossible to create shell companies when each transaction must be confirmed with a face. This can be compared to the past, when frauds could use multiple fake IDs with the same photograph on all of them.

Digital Banking

It is no surprise that people prefer remote service channels to traditional branch office visits. Some banks have implemented bits and pieces of face recognition products and services, but there are not many examples of full-value biometric solutions implemented. This is because most face recognition engines are limited to some specific domain or application. For example, one software might work well for mobile authentication while another can be used for face recognition in a video stream. The VisionLabs face recognition engine is the only commercially available face recognition engine that can handle all possible applications without any accuracy or performance drops.

Mobile banking is a relatively new phenomenon, and the VisionLabs face recognition software is a perfect solution to one of the newest questions in banking: how do we make sure that the user is who they say they are when they are not in our building? The best solution thus far (passwords) has proved to be mostly fine, but susceptible to hackers. Using a face to log in to an account is the most secure method available today, and VisionLabs produces the most secure and accurate software on the market.

Biometric acquiring is one of the new trends in the PSP business where our technology is used for payment confirmation at the point of sale, and can run as a standalone upgrade using commonly available cameras. It is such an efficient program that it can even run inside a payment terminal.

ATM and self-service kiosks may now provide a fuller range of services without compromising security or user experience. Advanced business logic in the software allows detection of “one person – several cards” or “many people – one card” situations. It can also prioritize the service for VIP customers and adapt the content displayed to the particular customer based on their record of activity with the bank.

Measuring the quality of service with emotion recognition at each stage of interaction with the customer can help proactively increase the customer satisfaction level. These statistics can be tracked at self-serve kiosks, on location at every branch location, or even via a mobile banking app.

Much More

Besides these industry-specific use cases, face recognition can be used by any organization for:

Access Control

Attendance Tracking

Audience Measurement

Security Video Surveillance