Fund manager Candriam has launched an initiative to address the risks raised by Facial Recognition Technology (FRT) products and services, as part of its engagement and stewardship commitments.
The growing market for facial recognition, the process of identifying or verifying the identity of a person using a picture or a video of their face, is set to reach $9.6bn by 2022, the fund manager said. Research from IHS Markit estimated that one billion surveillance cameras will be in operation by the end of 2021. However, while a 2021 Candriam survey of around 300 investors found 30% considered FRT to be a convenient and useful tool, almost 70% had some reservations. Some 31% felt FRT was not accurate, while 38% believed the ethical considerations need to catch up with the technology...
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