FaceTec Continues Hypergrowth In Q2 Update

“Not many organizations can achieve what we have with only 35 employees. But now, we are preventing massive amounts of fraud worldwide, and it’s all because of the exceptional talent and dedication of our staff and partners. I can’t thank them enough.” – Kevin Alan Tussy, CEO, FaceTec

Despite having already reported successive periods of remarkable growth metrics, FaceTec continues to do impressive numbers in its update for the second quarter of 2022.

The biometric identity verification and authentication specialist saw an 81 percent year-over-year jump in revenues for Q2, carrying on what FaceTec characterized as its “third year of hypergrowth.”

Its success is further illustrated by metrics concerning the usage of its platform. FaceTec says that the quarter saw 69 million age estimates using its face biometrics technology, and that Q2 delivered a 56 percent increase in the use of its 3D Liveness Check technology.

What’s more, FaceTec noted in its update that it is “increasingly chosen to provide its free Photo ID Scan/OCR technology” for online onboarding. That is in addition to its main line of business based on the provision of 3D Liveness Detection and face matching technology – business that is being fueled through a network of 90 distribution partners.

“As always, I’d like to thank our partners and the incredible FaceTec team for their continued focus and hard work in Q2,” said FaceTec CEO Kevin Alan Tussy. “Not many organizations can achieve what we have with only 35 employees. But now, we are preventing massive amounts of fraud worldwide, and it’s all because of the exceptional talent and dedication of our staff and partners. I can’t thank them enough.”

Operational highlights from the previous quarter include FaceTec’s doubling of the reward offered through its Spoof Bounty Program, which now offers a total payout of $200,000 to hackers who manage to fool its biometric authentication system; and an enhancement of its neural network model that brought its False Accept Rate down to an impressive 1-in-125 million. The latter achievement was announced alongside a contractual relationship with the UKAS-accredited testing body A.C.C.S. Ltd., which will focus on real-world N:N testing of 3D face matching algorithms.

FaceTec also added privacy-focused ‘3D FaceVectors’ to its software platform during the quarter, which enabled users to store 3D FaceMap data in a format that does not contain any image data.

FaceTec CTO Josh Rose discussed the sophistication of the company’s technology in depth in a recent interview with FindBiometrics.

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July 20, 2022 – by Alex Perala