Colombian banking system to implement facial biometrics in 2019
The financial system will launch a pilot project of facial authentication to deepen the security measures in banking transactions
Colombia’s banking system will implement facial recognition through biometrics as of 2019. This was announced on Wednesday, September 19, by the Banking Association and Financial Institutions of the country, Asobancaria.
It is a pilot project to strengthen the security measures in banking transactions, as well as the protection of data from users of the platform throughout the territory.
Santiago Castro, president of Asobancaria, indicated that the facial biometry system joins the fingerprint system implemented since 2016. Both security mechanisms will reinforce the functioning of the platforms, in addition to eliminating the problems of client authentication during the request of products and other services.
Other advantages emphasized by Castro are the reduction of time in banking processes and the elimination of physical interaction in some commercial units.
According to the president of Asobancaria, the tests carried out so far with facial biometrics have resulted in a 98% reduction in fraud, which represents a considerable saving for users.
For his part, Jorge Castaño, director of the Financial Superintendence of Colombia, said that they will develop what they have called “the strategy of the three areas to have more security, simplicity and easiness in financial services”.
M.Pino
Source: Banking & Business
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