Why Facial Recognition Matters
While innovative technologies continue to disrupt existing business models, they can also provide significant opportunities for forward-thinking companies that are prepared to embrace them. Continuous authentication falls squarely into this category.
In the relentless battle between hackers and businesses trying to protect their proprietary data, it’s become obvious that passwords are inadequate to provide secure identification. It takes skilled hackers only a few milliseconds to crack a basic numbers and letters password, and most additional security measures fare no better while also running the risk of making the customer experience unpleasant and challenging. What if there was a way to protect data securely and unobtrusively?
That’s where facial authentication technology can improve the speed, convenience, and accuracy of identification and authentication.
The upside of this approach is huge. MarketsandMarkets estimates the facial recognition market will grow from $3.35 billion in 2016 to $6.84 billion by 202, and according to Allied Market Research, the global facial recognition market is expected to generate revenue of $9.6 billion by 2022.
Why is face-based authentication on the rise? It all boils down to one word: mobile. According to the Federal Reserve, more than half of smartphone owners used mobile devices for banking in 2015, and other industries also report similar levels of adoption among their customers. That opens up a new world for hackers to exploit...and challenges for business leaders who are serious about data security.
One of the leading proponents and early adopters of facial recognition technology is USAA, where as of October 2015 more than a million customers had set up secure access to their accounts using biometric authentication – either facial or voice recognition. Gary McAlum, USAA’s chief security officer, says, “The use of multifactor authentication through biometrics is one of the most effective ways to increase security protection as traditional passwords become increasingly obsolete.”
Building facial recognition technology into your overall authentication strategy can be an effective and proactive way to protect your customers, employees, and assets.