Revenue increased 81% YoY, while major new features and new partners expand global impact
SUMMERLIN, Nev., July 20, 2022 /PRNewswire-PRWeb/ -- FaceTec, Inc. has followed its outstanding performance in Q1 2022 with exceptional Q2 business and technology results. FaceTec's AI now performs over 700M 3D Liveness Checks annually, and its 3D face verification software's global leadership is further cemented with a third year of hypergrowth.
Q2 highlights include:
- 81% YoY Q2 revenue growth
- 56% YoY Q2 3D Liveness Check usage growth
- 69M Q2 Age Estimates performed
- New 3D FaceVector™ biometric templates for increased data privacy
- 15 new customer & partner agreements signed
Notable new customers and partners include ClearSale (Brazil), GlobalPass (Switzerland), TrustID (United Kingdom), Ahli Bank (Qatar), and Serasa Experian (Brazil), as well as the continuation of the long-term partnership with Yoti (United Kingdom).
FaceTec now has 90 distribution partners and is not only providing 3D Liveness Detection and Matching AI but is also increasingly chosen to provide its free Photo ID Scan/OCR technology for digital account onboarding around the world.
FaceTec's unique, user-privacy-friendly software architecture runs locally on the customer's on-prem servers or cloud instances. This model never requires end-user biometric data or personally identifiable information to be sent to FaceTec. The architecture increases privacy and data security while enabling full compliance with consumer data regulations such as BIPA, CCPA, and GDPR, preventing potential entanglement in costly class-action lawsuits.
FaceTec continued to actively educate and provide thought leadership to industry participants and privacy organizations, including NIST, with its PAD testing commentary, by publishing its Q2 Liveness Security Report, and its Bias in 2D vs. 3D Face Biometrics whitepaper.
Important new privacy-focused 3D face data storage and matching functionality were also added to the FaceTec Software in Q2. New 3D FaceVectors allow FaceTec customers and their users to store Liveness-proven 3D FaceMap data in a format that contains zero image data that cannot be converted back into image data. Ideal for decentralized use cases such as blockchain or privacy-focused use cases like government identity issuers, each person's 3D FaceVector is only ~30 KB but remains accurate for face matching at 1-in-125,000,000 FAR at less than one-percent FRR. Currently, 3D FaceVectors is encrypted specifically for each FaceTec customer, but a universal encryption option is coming, which will make 3D FaceVectors of this type interoperable with all FaceTec customers for user verification without ever sharing any actual user image data between verifiers.
FaceTec's 90 distribution partners can provide their customers free OCR for photo IDs, barcode reading, NFC chip scanning, 2D Liveness checks, 2D and 3D face matching, and 1-to-N scanning to prevent duplicate accounts. The only feature FaceTec bills for is 3D Liveness checks performed by end users. All other features are included in the software suite at no charge.
"As always, I'd like to thank our partners and the incredible FaceTec team for their continued focus and hard work in Q2," said Kevin Alan Tussy, FaceTec CEO. "Not many organizations can achieve what we have with only 35 employees. But now, we are preventing massive amounts of fraud worldwide, and it's all because of the exceptional talent and dedication of our staff and partners. I can't thank them enough."
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About FaceTec 3D Face Verification
FaceTec's pioneering 3D Face Biometrics is fast becoming the global standard in onboarding, KYC, and ongoing authentication, stopping ID fraud and unauthorized access for millions of users on six continents for many of the world's leading organizations in IAM-IDV, financial services, mobile payments, border security, connected transportation, blockchain/cryptocurrency, online dating, and more.
FaceTec's 3D Face Verification Platform features:
- 100% on-prem server software: No user data is sent to FaceTec
- World-leading 3D Face Matching rate at 1-in-125 million FAR at less-than-1% FRR
- Patented UI generates data-rich 3D FaceMaps™ from standard 2D cameras
- $200,000 Spoof Bounty Program and Level 1&2 Certified Liveness Detection
- Unshareable, unphishable 3D FaceMaps ensure trust without creating a honeypot
- Device SDKs for all modern smartphones, tablets, and PCs with webcams
- IDV dashboard with integrated 1-to-N de-duplication and fraudulent user lists
- World-leading 1-in-2 million FAR 3D FaceMap-to-2D-photo-ID matching
- Integrated anonymous 3D age estimation and 3D age checks
- Fast, intuitive interface with 98-99% first-time-user success rates
- Easy to integrate, customize, deploy, and manage
Developers can download FaceTec's demo apps directly from FaceTec.com for iOS, Android, and any modern browser, and the developer SDKs are available free at dev.facetec.com.
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About FaceTec
Founded in 2013, with staff in the United States, Brazil, Portugal, Mexico, and Singapore, FaceTec is the leading provider of 3D Liveness and Face Verification software for remote identity proofing with an extremely high level of confidence. FaceTec's patented, industry-leading Certified 3D Liveness Detection, face matching, optical character recognition, and age estimation technology biometrically binds the unique, live, 3D user to their account, anchoring a secure chain of trust for mobile and web applications.
For more information and business inquiries, please visit FaceTec.com. For media inquiries, please contact John Wojewidka at [email protected].
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About Liveness.com
Created as an educational resource for biometrics users, vendors, analysts, media, and regulators, Liveness.com provides a comprehensive history of Level 1-5 Presentation Attack Detection, Template Tampering, and Camera Bypasses, as well as explanations of methods and means for evaluation, certification testing, and bounty programs.
Media Contact
John Wojewidka, FaceTec, Inc., 1.415.997.9235, [email protected]
SOURCE FaceTec, Inc.
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