The Coronavirus has, undoubtedly, impacted financial institutions. While the outbreak’s effects are unforeseeable, companies are optimistic that progress will be made. The best method to deal with the global health problem is to adhere to the COVID-19 protection regulations in order to keep the virus from spreading. Throughout the pandemic, companies are seeing contactless technologies as a fantastic opportunity to establish a strong product strategy.
Online facial recognition technology will make a big splash in 2022, because of the rapid advancement of technology and the growing popularity of the digital domain. These systems now include artificial intelligence that has been learning, all the time, new authentication techniques, allowing clients and end-users to be validated in real-time.
Before implementing a face recognition solution, companies must be informed of the benefits and drawbacks of this technology, which will have an impact on its premises. The following are some of the benefits and drawbacks of the face verification solution.
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Pros of Face Verification Technology
Considering the ever-increasing fraudulent activities such as counterfeits, data breaches, identity thefts, and chargebacks, the adoption of AI-powered verification services is an absolute necessity for all firms be it a bank, fintech, cryptocurrency, or healthcare platform. Taking into account all the verification services present in the market, face verification technology is a great bet for firms to keep fraudsters away. For the strengthening of security procedures and the mitigation of network exploitation chances, the software offers a wide range of benefits to every single sector throughout the world. Let’s take a look at some of the prospective benefits that businesses can get from online facial recognition technologies.
Enhances Photo Organization
Facial recognition algorithms can categorize photos stored in Apple or Google’s cloud storage. This simplifies and enhances the photo management, browsing, and sharing process. In Facebook’s picture suggestions, the very same approach is used.
Reduces the Number of Touchpoints
When compared with other types of security procedures such as fingerprinting, the face verification method includes very minimal resources. In addition, online face verification technologies do not necessitate any physical interaction. This kind of verification approach is particularly useful in the time of a recent pandemic outbreak. Due to the obvious integration of artificial intelligence and other neural networks, the process is made smoother and more dependable. It also restricts touchpoints when unlocking smartphones, obtaining ATM cards, opening doors, and executing any other essential operations that require a password or PIN.
Improves Security Measures
Facial verification systems have the potential to improve the privacy and protection standards of all types of businesses. Every day, companies interact with different types of people, and adequate safety controls must be in place to differentiate between potential consumers and cybercriminals. Facial recognition technologies are used by financial infrastructures and other organizations to detect fraudulent behavior.
Cons of Face Verification Technology
Every single object in this universe has two sides: a positive side that benefits people and a negative side that causes people to suffer. The same may be said for facial recognition technologies. Let’s take a look at the drawbacks of facial recognition software.
Creates Data Vulnerabilities
For hackers to get unlawful access to a company’s network, they only need to exploit a single vulnerability. Databases containing data from facial verification systems may be hacked and unlawfully accessed. Hackers can gain access to a database including facial scans, and face recognition technology. which they can subsequently use to gain unauthorized access to banking services or to manipulate networks in other ways.
Technology Can be Fooled
Despite enormous technological inventions and improvements, it is still far from flawless. Aggressive attacks are quite likely to occur, which can be conducted by changing camera angles or by persons changing their appearance slightly to fool the face recognition technology.
Innocent Individuals Can be Targetted
Face verification systems may mistakenly identify anyone who’s not a suspect for one who is. As a result, somebody who is not a culprit may be arrested. Considering the fact that technology suffers from different kinds of humans, the problem becomes even worse. This increases the chances of racial profiling claims.
Technology is rapidly evolving and would continue to progress in the future. Machine learning algorithms are undeniably going to stay for a long period. Face verification technology is progressing, and much more advancement is expected in this innovation for the betterment of organizational security standards, given the rate at which technologies are progressing.
The progress is not only restricted to the online facial recognition system but all the security controls are expected to become more efficient in the coming years. Thus, adopting AI-powered facial recognition is a need of the moment for all firms to tackle data breaches, identity thefts, and other kinds of fraudulent and criminal activities.