Advanced facial recognition and artificial intelligence technology has been introduced by the online motor retail specialist, BuyaCar.co.uk, to protect customers from online fraud.
The business, which aims to create the most seamless and convenient way of buying cars in Britain, says facial recognition is the latest add-on to what is already an unrivalled suite of anti-fraud measures in the online retail sector.
Estimates of the growing cost of online fraud in Britain have reached £10 billion annually – but BuyaCar.co.uk has a 100% clean track record, with no cases to date of fraudulent applications for finance.
However, rapid business growth poses the triple challenge of staying one step ahead of finance fraud techniques, scaling up the processing of finance applications as efficiently as possible and keeping the customer experience as seamless and simple as possible.
Trials of a state-of-the-art facial recognition and analysis tool, enabling finance customers to prove their identity during the application process, have delivered on all three challenges. Applications have been processed more quickly and customer feedback has been overwhelmingly positive.
The BuyaCar.co.uk finance application page prompts customers to briefly link their device’s camera to its website and compares the user’s face, from multiple angles, with photographic documents submitted in support of their application.
Austin Collins, Managing Director of BuyaCar.co.uk, said: “We have focused so much on security against fraud that we are now often invited to advise well-known lenders on the suite of measures we have built.
“Our business has quadrupled in the last three years, meaning that the processing of paper-based proof of identity was becoming a real bottleneck. By automating the process, using facial recognition analysis that problem has gone away, while also adding a valuable extra layer of protection from fraudulent applications.
“But most importantly this has been achieved by making the customer experience easier and even more frictionless, with not a single negative comment from users since we introduced the facial recognition process.”