Coincurve’s Rod Hsu says facial recognition can stamp out social media Bitcoin scams.
From the opinion of a crypto exchange executive, there is a potential for facial recognition to avert scams in Bitcoin.
This was said by the President and Co-founder of Coincurve, Rod Hsu, in an interview, following the large rip-offs hitting social media giant like Youtube and Twitter.
Hsu said that because of the nature of being anonymous, people might view scams and Bitcoin being synonymous. For either traditional payment methods or BTC, the legitimacy and safety to avoid those evil schemes depend solely on the individual’s judgment.
He is expecting that the negative connotation of Bitcoin would be negated.
He proposed to add facial recognition as one important in identifying a user, since this way, several keys in data will be done.
Fast forward, inputs will be harder to duplicate as the logging requires more than a photo, but biometrics.
On the other hand, we have seen some facial acknowledgments where a consumer-run their identification, but they also complete a Liveness check, which takes a handful of angles of a person’s profile. This process adds a layer of difficulty if someone is hacking the payment channel.
Hsu added noted that facial recognition is a great tool to use when re-authenticating a person once they confirmed, ending that there is a balance in the goal of better user experience while diminishing fraud.
Nonetheless, Coincurve’s co-founder cautions that systems like facial recognition should keep ethics in mind for verification purposes.
He thinks that FR is about consent and security. Thorugh the definition of consent, the user must be aware, provide consent, and be in control of how the data is being stored, shared, used, and accessed as well as the ability to remove it at any time.
In terms of security, one can define how that data is stowed, and safety protocols are carried out.