iStart’s AI-Facial Recognition Technology to Overcome Online Banking Fraud

iStart’s AI-Facial Recognition Tech to Overcome Online Banking Fraud

Authored by: Mohammed Mansoor    Reading Time: 2 min 39 sec

Identity verification ensures a real person is behind the process and proves that; they are who they claim to be. It helps customers quickly access their accounts and enables banks and NBFCs to comply with KYC and AML regulations. The challenge is that online identity verification is often compromised.

This blog discusses iStart’s Facial Recognition Technology to perform various identity checks to eliminate fraudulent activities and deliver a secure remote customer account opening process.

Learn more about how iStart’s identity verification works? In case you have missed our previous blog.

iStart Facial Recognition Technology
iStart Facial Recognition Technology

What is a Facial Recognition System?

Facial recognition is the biometric identification technology used to identify people by reading their faces, facilitating a range of use cases, including authentication and access control in real-time. The algorithms capture, analyze and compare a person’s image, video, or any audiovisual element to measure the face-match accuracy to meet real-world security challenges.
With over 60% of banking customers using mobile transactions, it makes it easier for fraudsters to steal banking customers’ identities and use them for illegal activities.
iStart Video KYC is powered with an AI-facial recognition technology to detect face liveness and uses Machine Learning algorithms to track customer identity checks with 99.9% accuracy.  For further information visit, https://isolve.in/istart-digital-kyc-onboarding/
In this digital era, security is one of the top issues for Banks and Financial Services, and online Identity verification is an effective way to counteract scammers’ sophisticated tactics.    

Three Major Online Identity-related Frauds  

iStart’s AI-facial recognition technology guards against a variety of identity frauds, including:

Facial Spoofing:

Facial spoofing is using a person’s face and simulating their facial biometrics with a photo or video to steal their identity. A face spoofing attack is most frequently used to conduct a crime connected to identity fraud, but it is also used to commit other money laundering-related actions.

Imposters employ advanced tools and technology to pose and bypass verification systems with false or stolen identities. These documents and facial spoof attacks are hard to detect, and relying only on system decisions is inadvisable.

The platform performs liveness detection to determine if cybercriminals are natural or spoofed. It is an interactive approach to detecting fraud. The users must stand in front of a camera and perform specific actions to demonstrate their rights or privileges with the system.
Major Online Identity-related frauds

ID and Identity Theft :

Identity spoofing happens when a fraudster adopts another person’s or organization’s identity and exploits it to commit fraud. Spoofers steal credentials from people or corporations through password attacks and credential capture techniques. 

Fraudsters combine information, such as Aadhaar Numbers, with false information to establish a convincing identity. Such identity thefts are difficult to detect at the early stages.

Using automated face matching checks, the platform uses regulatory APIs to verify the authenticity of the IDs submitted by the user to detect false information quickly, minimizing the risk of synthetic identity spoofing attacks.

Deep Fakes :

Deep fakes are generally known as falsified videos made using deep learning technology to fool and gain unauthorized access to the system. Fraudsters use deep fakes in face verification systems and surpass identity checks.

The facial recognition system eliminates deep fakes with advanced AI and ML technologies. It authenticates a remote user’s face against a pre-enrolled biometric template and confirms it’s the right person, a real person, and authenticates in real-time.

Facial Recognition : For Risk-free Customer Onboarding

Biometric Identification is the new standard for digital KYC verification. It is a safe technique for financial institutions to build a clean customer base. It also enables organizations to comply with KYC and AML rules by making customer acquisition simple and secure.

iStart’s customer onboarding platform is powered with AI-facial recognition technology to detect and eliminate potential identity thefts and spoofing activities during the onboarding process.

Additionally, it speeds up the KYC process turnover time and simplifies your onboarding procedures. The platform is combined with real-time digital document verification to help you assure fraud-free customer onboarding.

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