Banks, payment processors and ID verification companies will be able to dramatically reduce fraud and ID theft and provide a key weapon in their battle with fraudsters according to new technology company Facebanx. It has developed a new online facial recognition technology solution which works by users simply adding their face to their account via the camera on their laptop, mobile phone or tablet and then the software compares the facial image against a database of faces to flag up possible fraud.
Moreover, each face is recorded via a video stream and the technology compares multiple images taken throughout the recording to confirm that the person is real and not a photo. Matthew Silverstone, CEO of Facebanx, said: “Our product has been specifically designed for the online payments industry and provides a unique solution for processors to share data to combat multiple acts of fraud. We are currently in discussions with a number of processing companies, banks and merchants about adding our software to their CRM.”
Professor Mark Button, Director of Centre for Counter Fraud Studies, said: ‘Counter-fraud professionals are always looking for the ‘holy grail’ in the fight against identity fraud. Facebanx is an exciting new development and a product which could be one step closer to such a solution.’
The Second Payment Services Directive (PSD2) is a payments regulation in Europe, which is set to drastically impact the infrastructure for banks, fintechs and businesses using payments data by opening up access to third party providers.
For e-commerce marketplaces, user experience has long been a prime focus. From aesthetic quality to ease of use, UX plays a major role in determining whether consumers stick with the platform long-term or abandon it in favor of a competitor.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
A new report published by Earnix shows findings stating that most millennials will use a single portal to aggregate services from multiple banks with which they have existing customer relationships in the future. The report, The Role of Analytics in the New Banking Age 2017, also states that most banks believe predictive analytics and machine learning will become the most powerful way to win back customers over the next five years.