Online Identity Verification Company Wants To Put Facial Recognition Tech In Your Credit Card

An online identity verification company has developed a program that uses social media accounts and a cell phone camera to minimize instances of identity fraud.

Socure, which touts its experience in “enterprise security, fraud prevention, and social media,” has created a program called Perceive that uses a real time facial recognition biometric to verify a user’s identity before allowing a financial transaction to proceed.

Perceive “compares the face of a person with trusted online and social media profile data to confirm that users are who they say they are…Perceive provides the capability to use the front-facing camera on standard smartphones to instantly recognize that person’s facial features.”

After the camera captures the image, an individual’s facial biometrics are then assigned an authenticity rating that is sent to the bank or financial institution requesting the identity verification.

Sunil Madhu, chief executive officer at Socure, claimed in a Sept. 17 press release:

Perceive provides the highest level of secure identity verification; better than device fingerprinting, click-flow, payment and other forms of user behavior analysis as well as out-of-band verification via SMS or email, which are rife with friction. With instances of malicious activities on the rise, confirming a person’s identity through remote facial biometrics also eliminates the need for passwords, which are still the number one point of vulnerability for account-takeover fraud.

Perceive is also programmed to detect instances of fraudulent manipulation by routine “liveliness checks,” which prevents a video or a photo to be used as a substitute for the real-time image.

The Socure Social Biometric Platform is already being used by financial institutions in more than 175 countries.