FaceTec Sees 106% YoY Revenue Growth and 94% Usage Increase in 2022
Sunday, April 16, 2023
Continued hypergrowth, major new features, and new partners furthered global biometric cybersecurity momentum
SUMMERLIN, Nev., Feb. 7, 2023 /PRNewswire-PRWeb/ -- FaceTec, Inc. has announced exceptional 2022 Q4 and year-end results, further establishing its global leadership in 3D face verification software.
2022 YoY & Q4 highlights include:
-- 106% YoY revenue growth
-- 94% YoY 3D Liveness Check usage growth
-- Free Photo ID Scan (with & without 3D Liveness Check) feature released
-- Two new US & international patents issued, bringing the total to 20
-- Passed extensive Video Injection Penetration Tests by European
biometrics lab
-- 320M+ Age Estimates/Checks done in 2022
-- FaceTec's AI is now performing well over one billion 3D Liveness Checks
annually
FaceTec signed a dozen new commercial agreements in Q4 and added several more influential partners, along with extending the agreement with its largest customer.
Unlike biometric service providers, FaceTec licenses stand-alone software that runs locally on its customers' server/cloud. This production architecture does not require any personally identifiable data from end-users ever be sent to FaceTec, protecting privacy and allowing organizations to comply with ever-evolving data privacy regulations such as BIPA, CCPA, and GDPR.
New IDV/KYC functionality enhanced FaceTec's SDKs in Q4, including free Photo ID Scans for over 1,400 ID documents (demo video here), dramatically reducing the cost of onboarding new users when compared to typical IDV vendor fees. Now, nearly 100 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. The new features provide an even greater value proposition for the already hugely successful software suite, and FaceTec still doesn't charge setup or support fees. The only function that FaceTec invoices for is the 3D Liveness Checks performed by end-users; nothing else.
"Now that we are providing more than one billion 3D Liveness Checks annually and are extremely profitable, I'm eager to see how much of the document verification market our channel can capture with the addition of these free IDV/KYC features to our software suite," said Kevin Alan Tussy, FaceTec CEO. "Our partner network and the entire FaceTec team did a tremendous job last year, and we're thrilled to see the momentum continue. So far, this year's performance looks like it will far exceed 2022's."
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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:
-- 100% data-sovereign, customer-run software: no user data must be 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(TM) from standard 2D cameras
-- $600,000 Spoof Bounty Program & Level 1&2 Certified 3D Liveness
Detection
-- Unphishable 3D FaceMaps ensure trust without creating honeypots
-- Support for all modern smartphones, tablets, and PCs with webcams
-- KYC/IDV Dashboard with integrated 1-to-N de-duplication to catch
fraudsters
-- World-leading 1-in-2 million FAR 3D FaceMap-to-2D-photo-ID matching
-- Anonymous, better-than-human 3D age estimation and 3D age checks
-- Fast, intuitive interface with 98-99% real 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 world's 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.
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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.
Media Contact
John Wojewidka, FaceTec, Inc., 1.415.997.9235, JohnW@FaceTec.com
Twitter
SOURCE FaceTec, Inc.
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