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FaceTec posts another quarter of major revenue gains, reveals BixeLab evaluation

FaceTec posts another quarter of major revenue gains, reveals BixeLab evaluation
 

FaceTec says revenues from its face biometrics and liveness detection software increased by 72 percent, year over year, in the second quarter of 2023, to nearly ten times what the company earned in the same quarter of 2020.

Revenues were boosted by 15 new agreements during the quarter, including one with of Europe’s leading security printing companies, which produces biometric passports, banknotes, and payment cards. 3D liveness checks with FaceTec’s technology increased by 139 percent in the quarter, on a year-over-year basis, to more than 350 million.

A busy Q2 2023 for FaceTec also included a launch with U.S. DHS Mobile ESTA Visa Waiver program, the beta release of a feature for 3D liveness on a phone’s rear camera, and new patents issued in the U.S. and Japan. The company also performed 135 million age estimates and verifications.

FaceTec has also revealed a collaboration with Australian testing and consultancy firm BixeLab to evaluate matching 3D images gathered with FaceScan to 2D document images with a real-world set of over 1,000 demographically diverse users. The testing showed exceptionally high accuracy, with false accept rates (FAR) lower than 1 in 100,000 in most cases, FaceTec says.

“No obvious correlation of demographic or environmental factors were discovered” in the test, and the results are above those needed for accreditation to Australia’s Trusted Digital Identity Framework (TDIF), according to the announcement.

FaceTec’s biometric verification software was also selected by the government of New South Wales, Australia, through its partner BRYKGroup.

“Our performance in Q2 2023 reflects the need for a Liveness-proven biometric cybersecurity layer, and it’s reassuring to see so many organizations prepare to defend themselves in advance of the coming flood of generative AI deepfakes that will make trusting legacy IDV and KYC processes impossible,” says Kevin Alan Tussy, CEO of FaceTec, in a statement.

The company also reported the same y-o-y revenue gain in the first quarter of 2023.

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