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How facial recognition software could limit the amount of scams within the crypto space

How facial recognition software could limit the amount of scams within the crypto space
  • Facial recognition technology is on the rise throughout the world. 
  • Recent mobile phone models have been utilising this technology in order for their customers to gain access to their phones without having to use their fingerprint or passcode for the simple reason of ease. 

Facial recognition technology is on the rise throughout the world. Recent mobile phone models have been utilising this technology in order for their customers to gain access to their phones without having to use their fingerprint or passcode for the simple reason of ease. 

Now, facial recognition software can help prevent future scams within the bitcoin industry such as the ones that happen on Twitter or YouTube. This is according to the president and co-founder of the cryptocurrency platform Coincurve, Rod Hsu.

Speaking in a recent interview, the co-founder said that bitcoin is an electric form of currency that is not reversible and in some ways is anonymous. He says that due to the negative publicity that bitcoin gets with many scams, many people may be discouraged from getting involved with it. 

He further said:

“Due to the nature of this, people may see scams and Bitcoin being synonymous. In either traditional payment methods or Bitcoin, it's up to the individual to understand the situation and determine its legitimacy. With more public awareness of these schemes and education on Bitcoin, we hope to decouple that negative association.”

The goal of facial recognition is to better the user experience online. Hsu believes that this kind of software is one possible solution to stamp out malicious actors within the crypto space as it will be much harder to duplicate. He further states that such a system relies on biometrics which is a much more advanced kind of security than just a photo image.

He adds:

“We have seen a light version of facial recognition where not only does a consumer provide their identification, but also they perform a Liveness check which takes multiple angles of a person's profile. This adds a layer of difficulty if someone is attempting to use another person's payment instrument.”


It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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