WHAT IS AMAZON REKOGNITION?
Amazon Rekognition is a deep learningpowered AWS service for image and video analysis. It has compelling fintech applications thanks to its ability to enhance security, compliance and customer experience without requiring ML expertise.
Banks and payment firms use its facial recognition for seamless biometric authentication, verifying identities via selfies against ID photos, reducing fraud in knowyour-customer( KYC) processes while speeding onboarding. It can also detect liveness – like blinking, for example – to block and prevent spoofing attacks, which is becoming increasingly vital as deepfakes rise in financial scams.
In transaction monitoring, Rekognition scans forged checks or documents for tampering by spotting text anomalies, altered signatures or mismatched layouts, automating anti-money laundering( AML) checks.
As well as this, retail fintechs use Amazon Rekognition to analyse video feeds for realtime ATM surveillance, identifying suspicious activities or counting cash accurately.