Banks, payment processors and ID verification companies will be able to dramatically reduce fraud and ID theft and provide a key weapon in their battle with fraudsters according to new technology company Facebanx. It has developed a new online facial recognition technology solution which works by users simply adding their face to their account via the camera on their laptop, mobile phone or tablet and then the software compares the facial image against a database of faces to flag up possible fraud.
Moreover, each face is recorded via a video stream and the technology compares multiple images taken throughout the recording to confirm that the person is real and not a photo. Matthew Silverstone, CEO of Facebanx, said: “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. We are currently in discussions with a number of processing companies, banks and merchants about adding our software to their CRM.”
Professor Mark Button, Director of Centre for Counter Fraud Studies, said: ‘Counter-fraud professionals are always looking for the ‘holy grail’ in the fight against identity fraud. Facebanx is an exciting new development and a product which could be one step closer to such a solution.’
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