April 24, 2013 -
British company, Facebanx has launched a new online facial recognition technology that it says will enable banks, payment processors and ID verification companies to reduce fraud.
“Our product has been specifically designed for the online payments industry and provides a unique solution for processors to share data to combat multiple acts of fraud,” Matthew Silverstone, CEO of Facebanx said. “We are currently in discussions with a number of processing companies, banks and merchants as well as the insurance industry about adding our software to their CRM.”
Facebanx works by having users add their own face to their account through the camera on their computer, smartphone or tablet and then the software compare the facial image against a database of faces to identify possible fraud. Images are recorded through a video stream, which allows the software to take multiple images throughout the recording to confirm that the person is real, and not just a photograph.
In one of the most dramatic product videos I’ve ever seen, two friends drinking beer and a live chat assistant show the process for enrolling a face to a profile, and show how fraudsters could get caught using the system. The video is available on the company’s website.
Considering that facial recognition uses increasingly accessible technology (ie, webcams and smartphones), it is a popular choice for agencies looking to eliminate fraud.
Reported previously in BiometricUpdate.com, the Irish Department of Social Protection has initiated a contract with 3M Ireland to deploy facial recognition technology in an attempt to curd welfare fraud.
According to a recent MarketsandMarkets report, the markets for gesture recognition technologies, and touchless sensing are poised for significant growth. Specifically, the report notes that the U.S. is the fastest growing region for the touchless biometric market and that for facial recognition, government applications are expected to dominate for the next five years.