Facial recognition can help prevent future Bitcoin (BTC) scams such as those involving Twitter and YouTube, said Rod Hsu, president and co-founder of the virtual currency platform, Coincurve.
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During an interview with Cointelegraph, Hsu said that Bitcoin is an electronic form of currency that is not reversible and somewhat anonymous, „along with this gap in understanding makes it attractive to con artists. But because of the negative publicity that cryptomoney received from scams, it may have discouraged many from considering adopting it.
„Because of the nature of this, people can see that scams and Bitcoin are synonymous. Whether in traditional payment methods or in Bitcoin, it is up to the individual to understand the situation and determine its legitimacy. With more public awareness of these schemes and education about Bitcoin, we hope to disassociate that negative association.
Facial recognition also helps the goal of a better user experience
Hsu believes that facial recognition is a possible solution to ending Bitcoin scams, as it is much harder to duplicate. She adds that the system is based on biometrics, which is „much more advanced than just a photographic image:
„We’ve seen a lightweight version of facial recognition in which the consumer not only provides identification, but also performs a vivid verification that takes multiple angles of a person’s profile. This adds a layer of difficulty for someone who is trying to use someone else’s payment instrument.
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Hsu added that facial recognition is an excellent tool to use when re-authenticating a person once they have been initially verified, „balancing the goal of a better user experience while minimizing fraud.
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However, Coincurve’s co-founder warns that systems such as facial recognition must take ethics into account for verification purposes:
„I think the ethics surrounding facial recognition comes down to consent and security. With consent, the Crypto Trader user must be aware, give consent, and have control over how data is stored, shared, used, and accessed, as well as the ability to delete data at any time. With security, this relates to how data is stored and security protocols are implemented. These requirements can also change depending on the age of the end user.
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Services should consider these recommendations when leveraging new technologies, such as facial recognition, as their implementation will affect many layers of the service, from „the user experience to the architecture and security of the system,“ Hsu added.