The Ascent Continues: FaceTec Q1 Update Shows Strong Start to 2023

“Not only are we consistently seeing more inbound requests for new commercial agreements, but the increased usage by our customers and partners is a clear indicator of their trust in our software and its ability to deliver the best biometric security on the market today.” – Kevin Alan Tussy, CEO, FaceTec

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FaceTec‘s ascent continues: The company has announced its results for the first quarter of 2023, marking a 72 percent increase in revenues year-over-year.

It also saw a 120 percent surge in the use of its 3D Liveness Check system, the only feature of FaceTec’s platform for which the company bills. That amounted to more than 300 million 3D Liveness Checks in total during the quarter.

The achievement marks another consecutive quarter of considerable growth for FaceTec, which had reported a 104 percent revenue spike in Q4 of 2022, following a 96 percent jump in the third quarter of last year.

Other metrics disclosed in the company’s update for Q1 of 2023 help to illustrate its prominence in remote identity verification and authentication. FaceTec now has almost 100 distribution partners, who are able to provide their customers with free access to tools including photo ID reading, barcode and NFC scanning, and biometric services including 2D and 3D face matching and one-to-many matching for the purpose of finding duplicate faces in a given database.

That prominence may be an important driver in attracting paying business to FaceTec, which also signed 13 new commercial agreements in Q1, in addition to extending its network of integration partners through deals with several organizations.

“Our continued growth in Q1 2023 demonstrates the effectiveness of FaceTec’s security in uncertain times,” commented FaceTec CEO Kevin Alan Tussy. “Not only are we consistently seeing more inbound requests for new commercial agreements, but the increased usage by our customers and partners is a clear indicator of their trust in our software and its ability to deliver the best biometric security on the market today.”

FaceTec has backed up such claims about the sophistication of its technology with an ambitious “Spoof Bounty Program” that offers hefty rewards to any White Hat hackers who successfully fool its biometric solution. The total payout offered through its bounty program has been raised multiple times since it was first launched in 2019, with FaceTec most recently tripling it to $600,000.

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April 24, 2023 – by Alex Perala

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FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

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