FaceTec Gains Momentum In Q2 Update

“Our performance in Q2 2023 reflects the need for a Liveness-proven biometric cybersecurity layer…” – Kevin Alan Tussy, CEO, FaceTec

FaceTec’s momentum continues deep into 2023, suggest figures from the company’s latest business update. Reporting on the second quarter of the year, FaceTec says its revenues are up 72 percent year-over-year — maintaining the growth rate reported in Q1 of 2023.

Usage of its 3D Liveness Check solution, meanwhile, has only ramped up, with FaceTec clocking a 139 percent jump year-over-year, compared to a 120 percent surge in the previous quarter. The number of actual 3D Liveness Checks performed has gone from over 300 million in Q1 of 2023 to more than 350 million in the latest quarter.

The figures point to ongoing excitement about FaceTec’s 3D face mapping technology, which supports identity verification, authentication, and the detection of sophisticated presentation attacks. Indeed, FaceTec famously offers a “Spoof Bounty Program” through which the company actively invites white hat hackers to try to fool its biometric system, offering potential reward payouts that now amount to $600,000 in total.

FaceTec’s growth is all the more remarkable for having been sustained over the last several years. Its massive revenue jump, for example, is not some bounce back from slower growth in 2022: Since the second quarter of 2020, revenues are up 995 percent.

In a statement announcing the latest figures, FaceTec CEO Kevin Alan Tussy gestured to a need for sophisticated authentication technologies that is only intensifying amid rapid advancements in artificial intelligence, asserting that it’s “reassuring to see so many organizations prepare to defend themselves in advance of the coming flood of generative AI deepfakes that will make trusting legacy IDV and KYC processes impossible.”

The company also noted that its biometric technology has proven to be free of any algorithmic bias in testing conducted by Bixelab. The latter tested a demographically diverse set of more than a thousand subjects using a 3D FaceScan and a 2D image of an identity document, and found no obvious correlation of demographic or environmental factors affecting results.

FaceTec says that latest quarter saw 15 new partner agreements signed, including one with “one of Europe’s most advanced security printing companies, producing passports, visas, banknotes, and payment cards”.

–

July 19, 2023 – by Alex Perala