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Facia.ai
Company
About us Facia empowers businesses globally with with its cutting edge fastest liveness detection
Campus Ambassador Ensure countrywide security with centralised face recognition services
Events Facia’s Journey at the biggest tech events around the globe
Innovation Facia is at the forefront of groundbreaking advancements
Sustainability Facia’s Mission for a sustainable future.
Careers Facia’s Journey at the biggest tech events around the globe
ABOUT US
Facia is the world's most accurate liveness & deepfake detection solution.
Facial Recognition
Face Recognition Face biometric analysis enabling face matching and face identification.
Photo ID Matching Match photos with ID documents to verify face similarity.
(1:N) Face Search Find a probe image in a large database of images to get matches.
DeepFake
Deepfake Detection New Find if you're dealing with a real or AI-generated image/video.
Detect E-Meeting Deepfakes Instantly detect deepfakes during online video conferencing meetings.
Liveness
Liveness Detection Prevent identity fraud with our fastest active and passive liveness detection.
Single Image Liveness New Detect if an image was captured from a live person or is fabricated.
More
Age Verification Estimate age fast and secure through facial features analysis.
Iris Recognition All-round hardware & software solutions for iris recognition applications.
Complete playbook to understand liveness detection industry.
Read to know all about liveness detection industry.
Industries
Retail Access loyalty benefits instantly with facial recognition, no physical cards.
Governments Ensure countrywide security with centralised face recognition services
Dating Apps Secure dating platforms by allowing real & authentic profiles only.
Event Management Secure premises and manage entry with innovative event management solutions.
Gambling Estimate age and confirm your customers are legitimate.
KYC Onboarding Prevent identity spoofing with a frictionless authentication process.
Banking & Financial Prevent financial fraud and onboard new customers with ease.
Contact Liveness Experts To evaluate your integration options.
Use Cases
Account De-Duplication (1:N) Find & eliminate duplicate accounts with our face search.
Access Control Implement identity & access management using face authorization.
Attendance System Implement an automated attendance process with face-based check-ins.
Surveillance Solutions Monitor & identify vulnerable entities via 1:N face search.
Immigration Automation Say goodbye to long queues with facial recognition immigration technology.
Detect E-Meeting Deepfakes New Instantly detect deepfakes during online video conferencing meetings.
Pay with Face Authorize payments using face instead of leak-able pins and passwords.
Facial Recognition Ticketing Enter designated venues simply using your face as the authorized ticket.
Passwordless Authentication Authenticate yourself securely without ever having to remember a password again.
Meeting Deepfake Detection
Know if the person you’re talking to is real or not.
Resources
Blogs Our thought dumps on all things happening in facial biometrics.
News Stay updated with the latest insights in the facial biometrics industry
Whitepapers Detailed reports on the latest problems in facial biometrics, and solutions.
Webinar Interesting discussions & debates on biometrics and digital identity.
Case Studies Read how we've enhanced security for businesses using face biometrics.
Press Release Most important updates about our activities, our people, and our solution.
Mobile SDK Getting started with our Software Development Kits
Developers Guide Learn how to integrate our APIs and SDKs in your software.
Knowledge Base Get to know the basic terms of facial biometrics industry.
Most important updates about our activities, our people, and our solution.
Buyers Guide
Complete playbook to understand liveness detection industry
In This Post
Did you know that the market volume of neobanks worldwide just last year was 4.96 trillion U.S. dollars? And what’s more, that number is projected to grow to a total value of 10.44 trillion U.S. dollars by 2028, with an annual growth rate of 13.15 percent (Statistica, 2024).
Now here’s the more concerning statistic: cybercrime is thought to cost the global economy losses of around 1 trillion U.S. dollars every single year. Things like deepfake injection attacks and other forms of identity fraud contribute heavily to this number. In the U.S. alone, losses due to identity fraud amounted to about 43 billion dollars in 2023. And that is just one country.
So how can we prevent this? If we think of neobanks as a high-tech digital fortress with tall and thick walls, the only weak point would be the front gate. Without a solid gatekeeping system that ensures that no one with malicious intent gets in, we can’t ensure the security, safety, and integrity of a digital system.
Thankfully, modern identity verification solutions provide the perfect gatekeeping safety mechanism for modern digital banking.
Neobanks are the modernized version of traditional banking platforms. They are financial technology companies that provide both conventional and unconventional banking services via online platforms and mobile apps. The defining feature of these banks is that they have no physical premises for customer services; their services are purely digital.
The primary benefit of neobanks over traditional banking is the relatively seamless digital experience that they offer. Their remote customer onboarding and service provision means that a customer never has to leave the comfort of their home for any of their financial needs.
As opposed to a physical bank where you would have to stand in line and provide multiple documents, you can manage your account and transactions with a few taps of your smartphone. In addition, there are often unique benefits that these companies provide like financial tracking, limit setting, reminders, and so on that make them attractive over traditional banks.
Know Your Customer (KYC) is the standard set of procedures carried out by financial institutions for identity verification of customers and clients, usually before any financial relationship is established. eKYC (electronic Know Your Customer) is the modern online KYC procedure used for digital banking applications.
The majority of financial regulators and governments in different parts of the world require financial institutions to comply with certain established KYC and AML (Anti-Money Laundering) regulations in their dealings with their clients to ensure identity fraud prevention, as well as the detection of other suspicious or illicit activities. Failing to comply with these regulations usually leads to legal or financial repercussions for the enterprise.
What this means is that any financial institution needs to ensure that it can accurately scan all banking transactions, and screen all individuals that are a part of its enterprise.
So, now that we know what eKYC is, how does eKYC compliance and customer verification for neobanks happen?
Digital onboarding in a neobank involves many identity verification (IDV) procedures that can happen from remote environments and do not require your physical presence at a branch like traditional bank identity verification.
Some of the major components of an effective customer verification procedure for a neobank are:
The first and most basic step usually involved in a neobank identity verification process is to screen the customer’s documents through a database to verify their authenticity.
For digital ID verification in a neobank, the user is usually requested to provide a high-quality image of their driver’s license or other identification document. This is then read by the system using OCR (optical character recognition), and the extracted data is then compared against some form of government database with individual identity records.
This process helps to ensure that the data that is being provided at the time of onboarding is authentic and not forged or faked.
A lot of the time, the information is also run through multiple watchlists and other similar records to see if the individual is or has ever been involved in any suspicious or illegal activities. The point of this is to know the level of risk it would take for the bank to engage with the person.
Biometric verification is the use of different biometric traits and markers that are unique to each individual as a form of identity verification mechanism. This form of authentication is much more secure, fast, and accurate when compared to conventional methods like PIN codes.
Biometric verification in neobanks is easy nowadays due to the advanced technologies that most mobile devices already have and cloud-based services can provide. You can scan your fingerprint, and face using your camera. Some systems even use your phone’s built-in fingerprint scanner for more accurate scanning. Even voice recognition can be done effectively right from your phone.
These records help not just during the onboard process, but during general banking identity verification in regular transactions as well. You can simply provide a face scan or fingerprint to prove that the transaction is being conducted by you and not an unauthorized person.
While many would consider facial recognition a part of a biometric verification process, many institutions effectively use this as a stand-alone method of biometric authentication, which is why it is relevant to talk about it in detail. Facial recognition for neobanks is a relatively easy process that simply involves the user taking a selfie of their face using their phone in a well-lit environment.
The submitted facial image is then scanned using advanced artificial intelligence and machine learning technology, which allows the system to identify and extract facial characteristics so that they can be converted into a digital form.
The digital template is cross-matched with the image on your identification document, to make sure that the person making the account is the same person whose credentials are being provided. The face is also sometimes run through an external database for more complete identification.
Here are just some of the benefits that a company can get from implementing effective IDV procedures:
The most obvious benefit of implementing effective identity verification is enhanced fraud detection in neobanks. Making sure that you have a complete and accurate record of individuals and transactions prevents things like identity theft and impersonation fraud.
By identity-proofing neobanks and ensuring that proper security protocols are followed and carried out, a company can build the trust and confidence of customers in its products and services.
Proper implementation of AI-powered identification procedures enhances operational speed and efficiency through process automation. This can help the company to save both time and operational expenditures. This also makes it possible for neobanks to scale their operations for future growth much faster and easier, without compromising quality or security.
The great news for neobanks is that Facia provides complete, all-encompassing identity verification solutions that are both versatile and can be tailored to your business. Our facial recognition technology can detect individuals in a single frame, leading to a frictionless customer experience.
In addition, the star of our services is our 3D liveness detection integrated into our facial detection solutions. This advanced artificial intelligence-powered technology can prevent deepfakes and other spoofing attacks that neobanks are often vulnerable to by analyzing whether an input provided to the camera is from a live individual or not.
Our verification solutions save time, and ensure that your customer’s data is stored securely so that their identity is protected. This makes us the perfect solution to empower customers and comply with all KYC and AML regulations.
Identity verification for neobanks work through a few different authentication measures including biometric verification and document scanning. In document scanning, the ID documents provided to the system by the user are run through what is usually a government database to confirm their authenticity. Biometric verification involves using things like face scans and fingerprint scans to both discern and verify the user’s identity.
Effective identity verification measures implemented in a neobank’s security system ensures the customer’s are protected from malicious activity like identity fraud and theft. It also establishes credibility and customer trust in the system, as well as streamlining procedures and making them faster and less resource intensive.
Neobanks can enhance their identity verification systems by leveraging the advancements in modern artificial intelligence and machine learning technology and implementing systems like 3D liveness detection powered facial recognition. AI can also enhance document verification procedures with the ability to detect anomalies and discrepancies in documents and record matching.
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