World to Usher in a facial recognition software , iris scan, Biometric Authentication Takeover !

In an effort to combat fraud and tax evasion, the Indian government is allowing certain banks to use facial recognition and iris scanning to verify individual transactions that exceed a certain annual limit, according to sources. Some large private and public banks have already begun utilizing this option, but the specifics of the advisory are not publicly available and have not been previously reported.

The government plans to pass a new privacy law through parliament by the beginning of 2023. According to anonymous government officials, the law will allow for the verification of identities for individuals conducting financial transactions of over 2 million rupees ($24,478.61) per year, using the Aadhaar identity card as proof of identity.

Facial biometrics, combined with other advanced identification technology, may aid merchants in reducing fraud with fewer errors. Fraud is a growing problem for businesses, costing billions of dollars each year, and it is expected to worsen in the future. Consumers also have concerns about protecting their personal and payment information, with many willing to take extra steps for a more secure experience. Facial recognition is becoming increasingly popular as a form of authentication, with many consumers willing to use it to improve their data security and protect against fraud.

As consumers approve of using facial recognition for digital transactions, it makes sense that merchants are using it to prevent in-person fraud. Visa partnered with Pop ID to introduce facial biometrics as a contactless payment solution during the Qatar World Cup, and Mastercard also partnered with the tech firm to launch its Biometric Checkout Program that uses facial and fingerprint biometrics for card-free transactions. However, the increasing use of facial recognition for in-store fraud prevention has raised concerns, as reported by Axios, when matches aren't verified through other means. To avoid these issues, merchants can combine facial recognition with other advanced ID technology such as fingerprint identification and voice recognition and consider partnering with a trusted third-party for its adoption.

A new report titled "Selfie ID: Consumers and the Use of Facial Biometrics to Secure Digital Commerce" by PYMNTS, surveyed 2,580 consumers to examine the utilization of facial biometrics in the form of selfies for authentication purposes in digital commerce. The report found that 76% of millennial consumers are highly satisfied with using their mobile devices to capture facial images for authentication. Furthermore, the report highlights that 55% of consumers surveyed expressed a willingness to spend additional time verifying their non-bank accounts for security when opening new accounts. Additionally, 37% of consumers surveyed indicated a willingness to verify their identities using selfies if it enhanced their data security. The report also found that 59% of satisfied users of the selfie method cited ease of use as the primary driver for their satisfaction.

Toshiba partners with PopID on point-of-sale systems that use facial recognition technology.