BANKING TRANSACTION USING FACIAL RECOGNITION

Abstract

The emergence and use of facial recognition payment technology has brought new challenges. Although credit-card payment is quick and easy, it is easy to lose a card or forget the password. Because people use simple passwords and reuse them on different accounts and services, passwords can be shared and cracked. QR payment is inseparable from smart phones, smart phones may be lost, signals may be unstable, and batteries may be exhausted. However, facial- recognition technology, which detects and describes feature vectors without physical contact, directly contributes to overall efficiency, performance, and accuracy. Currently, studies of technical issues of facial recognition technology and facial-recognition payment systems are very popular. There are many studies that emphasize the working principle of the facial- recognition system, the system's reliability, and the future development trend. However, for non- technical issues, such as from the perspective of consumers, research on the characteristics of facial recognition payment and the factors affecting consumer's intent to use is rare.
Now a days, Face recognition has a wide range of possible applications from person identification and surveillance to electronics marketing and advertising for selected customers. Facial recognition is a form of inheritance authentication – the kind that requires biometrics. This type of technology is more efficient than other forms of authenticating a person’s identity, since it does not require to remember the logging information or no need to worry about lost, stolen, or entry cards. The algorithm which we used in our project is Haar Cascade Algorithm to detect the faces. The latest trend of making financial transactions is done by the use of cards or internet banking. A person may have multiple bank accounts across several banks which makes it difficult for him/her to manage the transactions i.e. he/she either has to carry several cards or use a bunch of bank websites for accomplishing his/her transaction purposes. This situation demands the need of a simple, secure and hi-tech system for achieving the purposes of making transactions. We propose such a system that uses the latest technologies like Near Field Technology NFC and multifactor authentication which can be used on any NFC enabled Smartphone. The multi factor authentication system uses a 4-digit PIN as the knowledge factor, an NFC enabled Smartphone, instead of cards, as the possession factor and the face of the user as the inherence factor for the purpose of authentication. The proposed system which can be implemented as cross-platform mobile application, not only allows the user to make secure transactions, but also allows him/her to make transactions from his/her multiple accounts.