FaceTec Revenues Up 54 Percent in Year-End Update

“Liveness-proven biometrics is now the rule, not the exception.” – Kevin Alan Tussy, CEO, FaceTec

FaceTec has once again reported remarkable growth in its latest year-end update. The company’s revenues were up 54 percent year-over-year for 2023, while the use of its 3D Liveness solution increased by a whopping 120 percent.

Beyond the ongoing growth trends, the face biometrics specialist also hit a number of important business milestones during the year. Among them were multiple certifications from the National Institute of Standards and Technology (NIST)-certified BixeLab, which validated that FaceTec’s 3D:2D Photo ID Matching solution shows a False Acceptance Rate of only 1/100,000, and has no demographic bias.

BixeLab also confirmed the strength of FaceTec’s anti-spoofing AI technology, which demonstrated an attack presentation classification error rate of zero percent and a bona fide presentation classification error rate of zero percent.

Accordingly, FaceTec has been consistently working to expand patents on its technologies, and its IP portfolio grew to a total, as of 2023, of 28 issued patents.

“As we face more sophisticated challenges like Generative AI Deepfakes, stopping digital impersonation of employees and end-users by requiring trusted identity verification and reverification with strong,” said CEO Kevin Alan Tussy. “Liveness-proven biometrics is now the rule, not the exception.”

The company saw important executive changes, too. In the fourth quarter of 2023, FaceTec named Andrew Hughes as its VP of Global Standards and Manos Mavrikos as its VP of Global Customer & Partner Success. FaceTec SVP of North American Operations Jay Meier, meanwhile, became an advisor to the nonprofit Identity Theft Resource Center (ITRC), and also became vice chair of the Kantara AI-born Deepfakes Threats to Identity Proofing & Verification group.

Also worth noting: 2023 marked the four-year anniversary of FaceTec’s Spoof Bounty Program, which initially offered up to $30,000 in payouts to hackers who could successfully trick its biometric system, and now has a bounty totalling $600,000. FaceTec says it hasn’t had to pay out a penny in three-and-a-half years.

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January 26, 2024 – by Alex Perala