Agribank implements facial recognition to prevent fraud via OTP
Fraud tricks of bad actors are increasingly sophisticated with the aim of stealing user's account information and OTP and thereby siphoning money off from bank accounts.
Many banks have also warned customers not to share personal information, banking information, banking transactions, etc. to avoid being taken advantage of by fraudsters. However, in fact, frauds still happen because users are careless in protecting personal accounts.
Agribank is one of the first banks to use facial recognition technology (eKYC) when using the application on the new device to protect the account.
Accordingly, customers using Agribank E-Mobile Banking, who want to log in to the application on a new mobile device, need to take a photo of their ID papers and face for the system to automatically compare and record the results into the database. After the system records the correct match results, the customer will receive the SMS OTP code to log into the application on that new device.
Agribank's eKYC solution integrates the most modern technologies in artificial intelligence (AI) and biometrics verification such as: ORC (optical character recognition), FAC (face recognition), etc. making the process of verifying customer information easy, fast and confidential.
With eKYC solution, customers have an extra layer of account security in addition to OTP authentication, thereby reducing frauds and preventing risks.
The implementation of facial recognition on the Agribank E-Mobile Banking application affirms that Agribank is constantly innovating, improving service quality, applying the most modern technology to ensure safety for customers and their accounts. In the future, the eKYC solution will continue to be scaled up by Agribank in many other products and services.
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