Rampant online fraud and identity theft could be considerably reduced with the help of new, innovative software. The concept is developed by tech company Facebanx and combines video chat with facial recognition technology.
The software has the same name as its developer and was designed as a weapon against online ID fraud. The idea is that any organizations institutions that need to verify someone’s identity will be thus provided with facial recognition techniques which will allow them to compare freshly captured images with those already on a person’s file.
The technology adds an extra layer of security to online authentication processes typically demanded by banks, insurance firms and any other organizations accepting online payments or operations. With this new feature, all these organizations can verify the identity and credibility of the customers who sign up for their services.
How it works
The Facebanx practically asks customers to take a photo of their face with a webcam or smartphone when they sign up for insurance, banking or other similar services online. The customer’s face is then uploaded into the Facebanx database. This procedure makes sure that the same face cannot be used with another account or that different face will be used to access the initial account.
The photo can only be taken from a live video recording, which prevents the customer from submitting a fake image for a fake identity. The image is then run against the entire database and if it found that it matches another identity, the applicant will be contacted by a service agent for further inquiries. The agent can launch a fraud investigation if necessary.
Facebanx said its software was specifically designed to provide a unique solution to combat fraud. The company is currently in negotiations to add the software to the Customer Relationship Management of several processing companies, merchants and banks.
[Images via Sourcewire]