FaceTec Sees Continued Revenue and Usage Hypergrowth in Q2 2023

By Reeves Simmons.
Updated Jul 18, 2023

SUMMERLIN, Nev. (PRWEB) July 18, 2023 - FaceTec, Inc. has announced class-leading Q2 results, outpacing the IDV/KYC sector and furthering its global leadership with powerful 3D Liveness, IDV/KYC, and 3D face-matching software.

Q2 2023 highlights include:

'Our performance in Q2 2023 reflects the need for a Liveness-proven biometric cybersecurity layer, and its reassuring to see so many organizations prepare to defend themselves in advance of the coming flood of generative AI deepfakes that will make trusting legacy IDV and KYC processes impossible,' said Kevin Alan Tussy, CEO of FaceTec.

FaceTec's 15 new agreements in the second quarter add several integration partners to its 95+ global Partner network. One important agreement pairs FaceTec with one of Europe's most advanced security printing companies, producing passports, visas, banknotes, and payment cards, along with providing support for identification, authorization, validation, and IT solutions for transactional data.

Further, Q2 saw in-depth lab testing by Bixelab with over 1,000 real-world 'demographically diverse' users providing both a FaceTec proprietary 3D FaceScan and a 2D image of a photo ID document. The 3D:2D face match levels were exceptionally high at >1/100,000 FAR in most cases, and 'No obvious correlation of demographic or environmental factors were discovered,' meaning there was no bias in the face matching results. These test results show that FaceTec's technology exceeds the levels required for TDIF Accreditation by the Australian Government.

Unlike API-based biometric service providers, FaceTec licenses stand-alone software that runs locally inside the customers server/cloud. FaceTecs privacy-protecting architecture does not require any personally identifiable information (PII) from end-users ever be sent to FaceTec, protecting privacy and offering compliance with ever-evolving consumer protection regulations such as BIPA, CCPA, and GDPR.

FaceTecs on-prem software continues to provide free Photo ID Scans for 1,400+ ID documents (demo video here) and dramatically reduces the cost of onboarding new when compared to typical IDV services. All FaceTec distribution partners can provide their customers with unlimited access to free OCR for photo IDs, free barcode reading, free NFC chip scanning, free 2D Liveness checks, free 2D and 3D face matching, and free 1-to-N scans for duplicate faces. These features provide even greater value to the already hugely successful FaceTec software suite, and there are still no setup charges or support fees. FaceTec only charges for 3D Liveness Checks performed by end-users; nothing else.

About FaceTec 3D Face Verification

FaceTec's pioneering 3D Face Biometrics are fast becoming the global standard in secure onboarding, KYC, and ongoing authentication, stopping ID fraud and unauthorized access for millions of users on six continents. FaceTec is relied upon by many of the world's leading organizations in high-risk/high-value environments, including IAM-IDV, financial services, mobile payments, border security, connected transportation, blockchain/cryptocurrency, online dating, and much more.

FaceTec's 3D Face Verification Platform features:

Developers can download FaceTecs demo apps directly from FaceTec.com for iOS, Android, and any modern browser, and the developer SDKs are available free at dev.facetec.com.

About FaceTec

Founded in 2013 and headquartered in the United States with staff in Brazil, Portugal, Mexico, and Singapore, FaceTec is the worlds leading provider of 3D Liveness and Face Verification software, allowing remote identity proofing with an extremely high level of confidence. FaceTec's patented, industry-leading Certified 3D Liveness Detection, face matching, optical character recognition, know-your-customer, and age estimation technology biometrically bind 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 JohnW@FaceTec.com.

About Liveness.com

Liveness.com is an educational resource for biometrics users, vendors, analysts, media, and regulators, providing 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.