Tag: money

By

Annil Chauhan

Biometric technology is a secure and cost-effective method for online businesses to reduce losses they suffer as a result of identity theft and online fraud. With online sales and digital presence leading to millions of dollars of investment, businesses are always looking for ways to stem the flood of users with fake credentials. Biometric authentication provides companies with a competitive edge in the fight against stolen identity online identity thieves and manipulated credentials.

What is biometric technology?

Every person in the world has unique identities due to its biological profile.

Biometric technology tracks these biometric markers to create a unique identity profile of a person that online identity thieves can hardly counterfeit or fake.

How does biometric authentication work?

There are many ways that biometric authentication technology works, but the type of equipment required for biometric authentication depends mainly on what biometric information is used for verification. A company that uses fingerprint scans needs a different biometric technology to verify users.

The company that chooses facial verification as the source of identity verification is best placed to benefit from biometric verification. All you need to do is receive a live selfie or live stream of a few seconds from the end user for review purposes. Facial Verification Services authenticate end-user biometric features using assistive technologies such as face detection, 3D depth analysis, and liveness detection. Some companies even use a retinal scan for biometric identification and authentication, but such KYC software is not available for online identity verification services.

Ideal biometric verification

Shufti Pro is viewed by businesses around the world as the ideal identity verification service for their users' digital KYC. Shufti Pro's facial biometric authentication is trusted for its real-time validation status and the AI-based validation process. Fraud prevention becomes a breeze for businesses when they integrate Shufti Pro biometric authentication services because the RestFul API does not require any additional integration programming for existing software, applications, and Web platforms.

Online fraud is mostly committed by fraudulent users, using still images of unrelated personnel claiming their identity for their sinister conspiracies. Shufti Pro has a 99.6% success rate in such spoof attacks, protecting companies from cyber-attacks with its innovative yet simple verification services. Shufti Pro's artificial intelligence and machine learning algorithms protect its customers from frequent attacks by stolen identity users. Human Intelligence for KYC review services by Shufti Pro also determines the validity of identity checks performed using biometric authentication protocols. Shufti Pro Back Office provides users with an authentic proof of verification, especially for the face check, where customers can see the end-user facial images that have been reviewed or disapproved after properly applying the face recognition protocols. The face profile of a user used for face validation is a more reliable and cost effective method of performing biometric authentication than any other form of identity verification or KYC validation.