FACEPHI: Facing the Future
Whether or not the eyes are a reflection of the soul, I don’t know, but the face, eyes included, can open many portals, especially that of your bank account; so don’t go down to the cash point unshaven and with a hangover, because in the near future, your spouse and your ATM might both reject you.
FACEPHI is a company specialized in developing and marketing Face Recognition software. Although based in Alicante, it is a Valencia International company with branch offices in Panama City, Santiago de Chile, Buenos Aires (Argentina), Bogota (Columbia), San José (Costa Rica), Quito (Ecuador) and, coming soon, in Silicon Valley.
FACEPHI works in the field of Biometry, a science that, through automated methods, is able to verify or recognize the identity of a person based on their physiology or behavioural characteristics.
‘Biometry’ is Greek, ‘bios’ means life and ‘metron’ means measure. Each of us is unique; with or without a hangover, and we all have morphological features that are exclusively our own.
Unlike other types of biometry such as iris or fingerprint, face recognition is non-intrusive, and does not require cooperation from the user.
And how does it work? I’m glad you asked.
First you fill in a registry form, allowing FACEPHI to start the extraction process of identifying facial features, which will configure the user’s face pattern.
After a series of checks to ensure that the user is who they say they are, the system will highlight the user whose pattern, stored in the database, best matches the pattern obtained in the extraction process.
FFACEPHI technology is catching on, and in 2015 they signed a four year deal with the Bolivian bank BBVA Previsión AFP to apply the system.
99.8% of bank fraud in Latin America is due to identity theft, a 40 million euro industry, which means that initiatives like FACEPHI have a solid future.
In other words, thieves who once upon a time would steal a password, or even cut off a finger to obtain the print, will now have to steal a whole face in order to access a bank account, which will hopefully dissuade all but the meanest.
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