Preventing Identity Theft by ID Verification and Face Recognition
Identity theft remains a pervasive threat, with cybercriminals constantly devising new methods to exploit vulnerabilities in security systems. However, advancements in technology have provided powerful tools to combat this threat. In this blog, we explore how the combination of ID verification and face recognition can serve as a very effective barrier against identity theft from understanding the threat to implementing innovative solutions.
Understanding the Threat: Identity Theft
Identity theft occurs when unauthorized individuals obtain and misuse someone else’s personal information, such as their name, credit card details, or other identifying data. This stolen information can be used to commit various forms of fraud, including financial fraud, identity fraud, and account takeover schemes. The consequences of identity theft can be devastating, leading to financial losses, damaged credit scores, and reputational harm. Did you know that in 2023, the Federal Trade Commission (FTC) received around 5.7 million reports of fraud, with 1.4 million specifically related to identity theft? The losses due to fraud were estimated to be about $10.2 billion, showing a substantial increase from previous years (Federal Trade Commission, 2024)
How Thieves Steal Your Data
Personally Identifiable Information (PII) can be obtained in various ways. They can dig through trash bins and find letters from bank statements or documents lying around. Nowadays, they increasingly use technology to find data such as checking the hard drives of stolen or discarded computers or hacking into computers or networks of companies. Moreover, they can also gain access to computer-based public records, infect computers with malware, surf social networking sites, or send deceptive texts or emails.
The Role of ID Verification
ID verification is a crucial first line of defense against identity theft. By verifying identities through methods like two-factor authentication, biometric scans, or document verification, companies aim to prevent unauthorized access by identity thieves. Many industries are subject to regulations that require robust identity verification measures to combat identity theft and fraud. Compliance with these regulations not only helps organizations avoid legal penalties but also contributes to overall consumer trust and security.
The Power of Face Recognition
While traditional ID verification methods like manual inspection are useful, they often fall short due to human error. Factors such as aging, changes in appearance due to hairstyles, facial hair, makeup, and ethnicity introduce uncertainties, leading to error rates as high as 30% in manual verification processes. Operators often find it challenging to confidently verify identities due to these uncertainties, highlighting the need for tools to enhance the verification process.
Face recognition technology adds a layer of security by verifying individuals based on their facial features. By analyzing unique facial characteristics, face recognition algorithms can enhance security in identifying individuals and detecting attempts of identity fraud. Unlike traditional authentication methods, this biometric authentication offers greater security and convenience.
The Synergy of ID Verification and Face Recognition
When combined, ID verification and face recognition create a powerful and robust identity verification solution. By cross-referencing the information extracted from identity documents with real-time facial biometrics, organizations can verify the identity of individuals with a high degree of certainty seamlessly. This multi-factor authentication approach enhances security and reduces the risk of identity theft and fraud.
Combat Identity Theft at the Source with Keesing
Keesing AuthentiScan + Face Verification offers an end-to-end identity verification based on analyzing document security features based on the document images, captured via a passport scanner. ID documents are cross-checked with our template database trained on official ID documents only. So, it reliably distinguishes fake documents from real ones. Our global document coverage and unique reference and template databases allow verification of ID documents from over 200 countries and issuing authorities.
Keesing’s Face Verification technology is powered by a leading biometric solutions provider Mobai and Amazon Face Rekognition.
The secure process provides proof of identity, a check to be certain that the person presenting the ID is its legitimate owner. It provides a higher degree of confidence in the validity of the claimed identity and protects your business from impersonation, fraud and spoof attempts. Using biometrics for identity proofing and adding it to the identity verification process enables your business to combat identity theft at the source.
Protecting Organisations
By leveraging the synergies of ID verification and face recognition technologies, organizations can fortify their defenses against identity theft and fraud. With solutions like Keesing AuthentiScan + Face Verification, businesses can verify identities with confidence, combatting identity theft at its source. As we embrace the power of technology to protect personal identity, let’s strive to create a safer and more secure ecosystem for all.
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