Headquartered in London, Facebanx, a division of OhHi Technology, is one of the fastest growing biometric software providers in the European and world biometrics market. The company has established an edge over its competitors though its all-inclusive product lines for online and mobile fraud detection. Incorporating facial and voice recognition into a high-class software platform, the company enables superior and secure access to data for its customers through tablet or mobile device and personal computers. The four-stage verification process offered by four key products—identity validation by facial recognition, identity validation by voice recognition, ID document capture, and credit card capture—are capable of operating individually and in combination and are best designed to cater to the identification and authentication needs of its customers worldwide.
After years of research and development, Facebanx first launched its facial recognition product in April 2013. During the identity validation process, this facial recognition product captures an image of the customer using the webcam on the customer’s device and adds that image to the database of faces for cross-referencing.
Soon after, Facebanx added voice recognition and ID capture to its product line. The voice recognition product, which can function independently or in combination with facial recognition, captures the voice of the customer via the microphone on the customer’s device and uses it for cross-referencing. When functioning in tandem with facial recognition, the voice recognition adds the customer’s voice to the respective face data.
With the help of the ID document capture, Facebanx’s ID document software applies optical character recognition (OCR) to the data on the document and confirms if the document is real. This ID document software matches and compares the data present on the document with that entered during the registration process. Wherever possible, it will also match the face of the customer on the ID document with that captured by the webcam for a stronger authentication process.
The credit card capture automatically adds the credit card data of the customer when he/she is using the camera for face capture or as a standalone image. The data on the front side of the credit card is captured and added to the database for future comparison and validation process.
Facebanx is also working towards adding their software to the customer relationship management of several processing companies, merchants, and banks.
Facebanx offers its fraud prevention biometrics solutions to different market segments across the globe, including banks, the insurance industry, the healthcare industry, the telecom industry, the retail and leisure industry (such as auction sites, dating sites, travel, and hotels) and local government and national security agencies.
Although Facebanx launched its products in early 2013, it has extensively broadened its coverage across America, Europe, and Asia, and has managed to successfully deploy its solutions into the business processes of market leaders in their respective fields.
Driven by the manifold features and functionalities of its products, Facebanx has been successful in delivering high value to its customers. The company develops its products based on its proprietary fully integrated facial and voice biometrics platform. The cloud-based platform provides unlimited access to multiple users across the world and has helped to achieve a 99% success rate in identifying genuine customers, thereby reducing frauds. The ever-increasing threats of ID theft, cybercrime, fraud, and chargebacks are critical issues for the banking and online payments industries. Facebanx’s solutions assure their customers of total security of their identification and that their ID will not be used fraudulently.
An independent review of the cost-benefits of Facebanx’s software has estimated that the company’s software would help insurance companies to save as much as $82 or £50 on every insurance policy sold, in addition to the commission saved from a sale via an aggregator. Likewise, Facebanx’s software would help reduce the cost of call centers, as the need for the customers to call would be eliminated by the facial and voice authentication option available online.
Additionally, Facebanx products are supported by Android and iOS platforms, thus allowing the customers to use any Android or iOS tablet or mobile and easily enroll or log in.
Facebanx has achieved significant success with the introduction of its fully integrated facial and voice recognition software products. Its product range helps the company cater to a large portion of the target market and address the various needs of different end-user segments. The company is a member of the Fast Identity Online (FIDO) Alliance. The images captured by its facial recognition algorithm are ICAO-9303-compliant and achieve a false-positive rate of 1.5%, computed as per the standard ISO/IEC 19795-1 guidelines.
Although the products deliver superior performance levels and differentiated functionalities, they are cost efficient. The technology is flexible to use, can be hosted within the user organization’s server, and can be integrated into multiple applications. Also, the databases are kept separate behind firewalls to provide additional security. Facebanx’s products also increase the speed at which their customers can complete Know Your Customer (KYC) and Anti-Money Laundering (AML) processes.
Such features and standard compliance demonstrate the high quality and operational efficiency of Facebanx’s products. As a result, customers across the world operating in various industries are showing keen interest in the company’s products, and the company has been able to acquire 5 major market leaders in just a couple of months’ time.
Facebanx is emerging as a preferred solution provider for ecommerce and payment companies to fight against fraud, and in order to do so, Facebanx has developed a facial and voice recognition software platform that works through a personal computer or android- and iOS-based tablets and phones. The company is in talks with ecommerce providers to deploy their solutions. Potential customers include not only banking and insurance companies, but also organizations in retail, travel, gambling, hotels, and telecom and government agencies worldwide interested in applying Facebanx’s solutions to prevent fraud. Apart from KYC and AML, the other possible applications that can use Facebanx products include registration and enrollment, application checking, money transfer and withdrawals, password reset, credit cards payment, and many more.
Geographically, North America contributes to 50% of the company’s business, followed by Europe with 30%, and Asia with 20%. The company is presently working towards acquiring new customers worldwide.
Facebanx has developed a range of products for fraud prevention. Based on a fully integrated facial and voice recognition software platform, the company has incorporated additional functionalities, such as the ability to combine facial and voice recognition together, cloud-based features, the capability to work on Android- and iOS-based tablets and mobiles, ICAO-9303 compliance, and adherence to the standard ISO/IEC 19795-1 guidelines. The company’s feature-rich and cost-efficient line of products enables it to successfully fight fraud in a number of applications across various industry verticals. Based on such achievements, Facebanx has been chosen as the worthy recipient of the 2013 Global Product Line Strategy Award in Online and Mobile Fraud Prevention Software market.