BANDAR SUNWAY – Sentiments surrounding facial recognition technology and EKYC are generally a mixed bag. On one hand, there are major concerns on how such systems are primed for abuse, not just for cybercriminals, but also for governments and law enforcement.
For example, public and private institutions have used facial recognition to identify suspects or victims by matching photos and videos to public databases such as driver’s license records. Activist groups have touted the technology as eroding personal privacy and individual rights, and the algorithms used to train and build these systems may reinforce existing biases against certain minority groups.
On the other hand, EKYC is a boon for the financial and telecommunication sectors around the world. With physical outlets closed down during the pandemic, companies are driven to adopt digital means when interacting and serving their customers. EKYC helps fill in a significant gap when making this transition — providing greater security and a better customer onboarding experience. Users need only to have their faces and documents scanned for a few seconds, and they are all set!
Regardless of its outlook, this technology is definitely here to stay. The EKYC industry is expected to grow at an annual compound annual growth rate (CAGR) of 22%, reaching more than US$ 1 billion in valuation by 2026 according to research group Fact and Factors.
Hence, the focus now is how such technologies can be shaped and tweaked in order to be a reliable and trustworthy service moving forward into a post-pandemic environment. Here at WISE AI, we have identified three key variables that can help readers evaluate the trustworthiness of an EKYC system.
Physical outlets are erected at locations where they are able to have the maximum possible outreach within the respective communities. Similarly, EKYC services should be accessible to a wide swath of the general population regardless of race, gender, or socioeconomic background.
Instead of property and rental prices, EKYC solution providers need to heavily consider the tools of the trade, such as image capturing capabilities of smartphones nowadays and their ability to transfer data across the internet, be it through WIFI, 4G or 5G.
Conversely, it is essential that the EKYC service work on multiple platforms as well beyond just the smartphone app. With consumers increasingly working from home using personal laptops, having web browser options for EKYC can prove invaluable in gaining trust amongst consumers and clients alike.
More important than accessibility, facial recognition and identity matching systems need to be highly accurate as it is their core purpose. Recent studies have shown that facial recognition systems can achieve accuracy scores as high as 99.97%. However, such tests are conducted under ideal conditions using great lighting setups and well established artificial intelligent models.
Under real-world conditions, lighting conditions tend to be less than ideal. Processes and decision trees need to be established for the system to receive more detailed and accurate information. There are many ways to do so, such as instructing users to retake shaky images, or use image processing software to eliminate flares and image noise.
Regardless, it is essential that these systems are built with great accuracy and fidelity in mind for users to place faith within the system, especially for monetary transactions. Fortunately, WISE AI’s facial recognition model is built using facial datasets collected from the ASEAN region, making it tailor-made to the ASEAN population and region.
When it comes to security, heavy focus is placed on preventing nefarious players from abusing the EKYC system through anti-spoofing measures. Of course, WISE AI has layers upon layers of protection in this regard, such as our passive liveness detection system that is able to detect and warn against any spoofing attempts.
More importantly, EKYC providers need to invest heavily in securing the data sets within their own (or the client’s) respective IT infrastructure as well. Criminal syndicates have undergone digital transformations during the pandemic as well, being more reliant on data breaches and ransomware as a way to profit off unsuspecting victims.
This is where data governance policies come into play. It is essential that EKYC companies adopt strict measures, such as anonymising facial data and having a proper chain of accountability, to properly safeguard sensitive data stored within these systems.
At WISE AI, we are fortunate to have ex-MIMOS Bhd CTO Thillai Raj on board as our senior technological advisor to guide us through this difficult process. Even then, we strive to go above and beyond the industry standard by adopting and personalising best practices stated within the Data Management Body of Knowledge (DMBOK).
Although the points given are simple to understand, implementing these key concepts is difficult for any EKYC company. Technological opportunities and threats are changing at a rapid pace, and for them to consider these options while leaving no room for error is a mighty challenge.
Hence, tying all these three concepts together is the final variable — flexibility. As the market leader within the ASEAN region, WISE AI is fortunate enough to be in a flexible position to push the envelope of what is technologically feasible for EKYC technology. Yet, we also have the necessary market experience and studies to ensure that these technological milestones actually fulfil the industry needs and wants — offering a comprehensive solution that any organisation can enjoy and reliably use for their daily operations.
For more information on our EKYC technology, please visit our EKYC solutions page.
WISE AI is an award-winning Artificial Intelligence company specialised in digital identity technologies. We develop world-class emerging deep tech that is adopted by the government and multiple industries. Our AI-powered solutions include EKYC, digital ID, digital signature, and blockchain. Our technology is optimised for the recognition of ASEAN faces.