How facial identification helps prevent fraud in online payment – CNBC tv18

Facial Identification Technology is re -preparing online payment by making identity verification more secure. With more digital transactions more than $ 9 trillion globally in 2023, the need for strong authentication methods has never been more.

Traditional passwords and OTPs are unsafe for fraud, motivating financial institutions to adopt biometric solutions.

Rise of facial identity in payment

Sandeep Sethi, VP Sales, in India and South-East Asia, Vibmo, a Payu Company highlights how facial recognition reduces the risk of fraud by improving the user’s experience.

“Cybercrime-related financial deficit is expected to exceed $ 10.5 trillion annually by 2025. AI-powered facial certification ensures compliance with KYC and AML rules, which makes the transaction more secure,” they explain.

Despite its advantages, privacy concerns and data security challenges remain important obstacles.

Balance security and convenience

Shikhar Aggarwal, president of BLS e-Services, emphasized that facial recognition ease safety.

“Unlike passwords or pins, which can stolen or forget, facial biometrics are unique and difficult to be fake. This technique not only strengthens security, but also simplifies the user authentication,” they say.

BLS e-services have integrated Aadhaar face authentication in their doors’ banking services, which ensure safe and accessible banking for elderly citizens and housewives.

Says Aggarwal, “The identity of the face bridges the gap between safety and access, especially in areas with low literacy or limited banking access,” Aggarwal says.

Challenges and forward road

While facial identification increases safety, it increases concerns about privacy, data storage and algorithm bias.

“The cooperation between regulators, technical developers and businesses is important to balance innovation with accountability,” Agrawal Note.