The latest technological development for the online gambling industry, banks, payment processors and ID verification companies is a new online facial recognition solution brought by new technology company Facebanx, which claims that the product will dramatically reduce fraud and ID theft.
A division of OhHi Technology, Facebanx has developed the software to meet all banking security standards, and it uses cloud based technology allowing to multiple users unlimited access worldwide either on a manual or automated basis.
The principle of Facebanx’ work is that users add their face to their account via the camera on their laptop, mobile phone or tablet, which the software then compares to a database of faces to flag up possible fraud. 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, the company stated.
As Matthew Silverstone, CEO of Facebanx, explained, “Our product 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.”
It was added by Professor Mark Button, director of the Centre for Counter Fraud Studies, "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."