FaceTec sees near 300% Q2 revenue growth amid biometric security boom
3D face verification specialist FaceTec continues to grow at unprecedented rates, achieving 293 percent year-on-year growth in Q2 2021, conducting more than 100 million 3D biometric liveness checks in that quarter alone.
The US-based company has signed up 10 new customers, including Brazil’s largest payment provider PicPay and the UK’s Onfido (which has also seen triple digit Q2 growth), taking its global partner tally to 74.
FaceTec has also worked with the Better Identity Coalition, US Department of Homeland Security and the UK Home Office to help overcome the ‘PKI Fallacy’, referring to public key infrastructure for digital certificates and managing public-key encryption.
“FaceTec adds a unique 3D biometric security layer across all remote access scenarios by verifying the user’s biometric data, and that the user is very much alive and physically present at that time,” says CEO Kevin Alan Tussy, “’PKI’ and ‘in-device biometrics’ do not confirm the identity of the user, and as we’ve seen with the SolarWinds breaches, not knowing who is actually holding the device can have devastating consequences.”
Jay Meier, SVP of North American Operations at FaceTec continues on the theme of needing a broad upgrade to replace weaker in-device identity authentication: “This false sense of identity security enabled the SolarWinds breaches and rampant pandemic stimulus and unemployment fraud.
“Any time the authenticator is separated at least one degree from the authorized human, the PKI Fallacy vulnerability exists. It’s time the industry accepts this fact and embraces tech that can positively verify and authenticate the biological user, not just the device.”