AI APPLICATIONS
Already a familiar sight in technology from smartphones to laptops , biometric capabilities are increasingly embedded in everyday life . With fraud on the rise , biometric technology has become increasingly popular in recent years , with the global biometric market ' s revenue projected to hit US $ 83bn by 2027 .
Banks worldwide are expected to spend an additional US $ 31bn on AI embedded in existing systems by 2025 to reduce fraud , according to an IDC report , which also said fraud management featured strongly as a priority for banking executives .
AI-powered biometric verification helping combat identity fraud Mitek brings the future to business with patented solutions and intuitive technologies that bridge the physical and digital worlds . The company ’ s leadership in identity verification , including facial biometrics , image capture technology and ID card verification enables customers to confidently onboard users , verify identities within seconds and strengthen security against cybercrimes .
As Chris Briggs , Global SVP of Identity at Mitek , explains , AI-powered behavioural biometrics prevent fraud by detecting highrisk scenarios and helping institutions make better decisions : “ For example , if a customer who logs in twice each month suddenly starts logging in more frequently or if a client who always types their password in copies and pastes the password from a different location , those pattern anomalies signal that these logins carry additional risk .”
Research released by ID R & D , a provider of AI-based voice and face biometrics and liveness detection technologies ,
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