Tuesday, 01 November 2016 01:57

Facial recognition for payments less than three years away Featured

By

Within one to three years, we will be using facial recognition technology for banking. This is the belief of one of the world's leading developers of biometric applications.

Dr Hitoshi Imaoka, principal research fellow of the Data Research Laboratories at NEC Corporation, confirmed that NEC is already in discussions and holding trials with banks and credit card companies to employ facial recognition for consumer ID applications.

NEC is displaying its NeoFace facial recognition technology this week at its massive iExpo exhibition in Tokyo where about 70 stands displaying the Japanese tech giant’s applications are on show.

At the Fintech stand, NEC is stating that public use of facial recognition payments systems could be as close as a year away. While facial recognition is already widely accepted for criminal and surveillance applications, payments require a higher level of accuracy.

Dr Hitoshi, who heads a sizeable R&D team, told a delegation of tech reporters in Tokyo through an interpreter that there were still a few problems related to accuracy of facial recognition systems for payments to be ironed out.

“Using photos for financial applications could be a problem,” he said. “We cannot be 100% correct. However, using passwords isn’t 100% correct either. Another big issue is using this technology as people age."

According to Dr Hitoshi, NEC, which started developing facial recognition technology in 1989, has a significant technological lead on competitors such as Cognitec, Sagem, and Toshiba in terms of matching speed and verification accuracy.

“In a National Institute of Standards and Technology benchmark contest we achieved about one tenth the error rate of our nearest competitor,” he said.

However, Dr Hitoshi would not say how big his development team is because “our competitors are trying to catch up".

While the global market for facial recognition is still relatively small at US$2 billion, Dr Hitoshi said it is growing at 20% per year, with security applications, led by payments systems, growing at 30%.

According to NEC, the company has a significant portion of business of the Indian government, which has more than one billion faces on file, while it has the whole of the business of a similar project in South Africa.

Current live applications in play include:

  • Macau Border Control, where facial recognition is used at three checkpoints;
  • Universal Studios Japan where facial recognition is used to match an annual pass with your face;
  • Delhi Aerocity Hotel, where facial recognition is used to identify both VIPs and blacklisted persons;
  • Northern Territory Police, where facial recognition is used to solve cold cases; and
  • JFK International Airport, where NeoFace is being deployed to indentify imposters trying to enter the US.

The writer is attending the iExpo exhibition as a guest of NEC.

Read 3898 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

SONICWALL 2022 CYBER THREAT REPORT

The past year has seen a meteoric rise in ransomware incidents worldwide.

Over the past 12 months, SonicWall Capture Labs threat researchers have diligently tracked the meteoric rise in cyberattacks, as well as trends and activity across all threat vectors, including:

Ransomware
Cryptojacking
Encrypted threats
IoT malware
Zero-day attacks and more

These exclusive findings are now available via the 2022 SonicWall Cyber Threat Report, which ensures SMBs, government agencies, enterprises and other organizations have the actionable threat intelligence needed to combat the rising tide of cybercrime.

Click the button below to get the report.

GET REPORT!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Stan Beer

Stan Beer has been involved with the IT industry for 39 years and has worked as a senior journalist and editor at most of the major media publications, including The Australian, Australian Financial Review, The Age, SMH, BRW, and a number of IT trade journals. He co-founded iTWire in 2004, where he was editor in chief until 2016. Today, Stan consults with iTWire News Site /Website administration, advertising scheduling, news editorial posts. In 2016 Stan was presented with a Kester Lifetime Achievement Award for his contribution to Australian IT journalism.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments