LONDON, England – Advanced facial recognition allied to artificial intelligence has been introduced by online vehicle retail specialist BuyaCar.co.uk to protect customers from online fraud.
The business, in trying to create seamless and convenient vehicle purchases, says facial recognition has been added to what is described as ”an unrivalled suite of anti-fraud measures”.
Online fraud in Britain has reached £10-billion a year but BuyaCar is claiming ”a 100% clean track record, – which translates to zero fraudulent finance applications”.
However, the company adds, rapid business growth poses a triple challenge of staying a step ahead of fraudsters by making requests for vehicle finance as quick as possible to keep customers experience ”as seamless and simple as possible”.
The answer chosen? Facial recognition.
Trials of the facial recognition and analysis tool have shown finance applicants can verify their identity during the application process – requests are processed faster and, the company says, ”customer feedback has been overwhelmingly positive”.
How does it work? Well, the finance application page prompts customers to briefly link their device’s camera to its website to compare the user’s face – from multiple angles – with images submitted to support their application.
‘BUSINESS HAS QUADRUPLED’
Austin Collins, BuyaCar’s MD, told The Corner in a media release: “We’ve focused so much on security against fraud that we are now often invited to advise well-known lenders.
“Our business has quadrupled in three years. Automating the process with facial recognition has not only solved the problem but also added a layer of protection from fraud.
“Importantly, this has been done by making customers’ experiences frictionless – not one negative comment since we introduced the process.”