Recognising how biometrics has unleashed safety practices across other digital services for two million customers, the National Bank of Australia has enrolled facial biometrics into their strategy to toughen defences against fraudsters.
They have increased their hand with other biometric modalities, including face, fingerprints and behavioural analytics to stop financial crimes before they are committed.
“This initiative will make it harder for criminals to open fraudulent accounts or apply for fraudulent credit cards using documents they’ve stolen from the dark web or from someone’s letter box”.
Whilst acknowledging more protections are needed, facial recognition has provided a “simple and fast way” to bolster their bank-wide scam strategy and spurn criminals. Criminals operate beyond the periphery of laws and regulations as the rate of technology development advances their legitimate objectives.
“That’s why every part of the scam ecosystem needs to remain focused on stopping the crime before it happens”.
The procedure is simple for customers opening an account or product online who only need to take a “selfie-style photo” which is matched to their identification document.
The initiative will begin rolling out across select products in September, with further expansion to additional products and account types planned over the coming months. NAB have taken further actions to protect customers across their digital communications including removing suspicious links in emails, enabling payment alerts and confirmation of payees.
