BUSINESS TECHNOLOGY MEDIA COMPANY
Companies
Sectors
  • Home
  • /
  • Barcodes and RFID
  • /
  • Standard Bank sets benchmark for online customer security with iiDENTIFii’s biometric identification feature

Standard Bank sets benchmark for online customer security with iiDENTIFii’s biometric identification feature

iiDENTIFii provides facial recognition services to Standard Bank client base with revolutionary DigiME platform.

Johannesburg, 05 Nov 2020
Read time 2min 40sec

As one of South Africa’s leading financial service providers and as Africa’s biggest bank by assets, Standard Bank is constantly looking for ways to evolve and secure its clients’ online service portal. This has become even more crucial as it accelerates its efforts to provide superior digital client experiences.

Gur Geva, co-CEO of iiDENTIFii, a market leader in biometric identity, says: “The challenges facing such a large organisation's digital migration are complex. It is critical that the digital onboarding of clients safely and securely is robust and efficient.”

The Standard Bank of South Africa (SBSA) wanted to digitise primary functions like opening accounts, right through to approving loans, while ensuring that it minimises the risk of various types of fraud – including identity fraud. It was also imperative for an automated solution of this nature to enhance compliance with local and international anti-money laundering legislative requirements

DigiME is an innovative solution that was designed for SBSA to ensure that all digital profiles are strengthened and secured.

According to Geva, a workable biometric solution has to fulfil four critical service points:

  1. It has to prove that the person is alive, therefore enabling strong authentication.
  2. It has to match the selfie of the person with the image on their ID document.
  3. Critical data is extracted off the identity document.
  4. All the data is matched with a facial biometric at the Department of Home Affairs.

DigiME is a clear example of how iiDENTIFii’s facial recognition software can supplement SBSA’s innovative security solution. The facial recognition component of the system works by the client simply taking a selfie and linking it to their SBSA profile along with their ID number and photo of their ID document, giving users all the power over their account without risking their identity. This is pivotal to successful fraud prevention and creates a triangulation of trust with the client, bank and Department of Home Affairs.

Geva adds: “Identity fraud is one of the fastest growing crimes in the world. Experts in the field suggest that an identity is stolen every two seconds. As this is considered a ‘silent crime', it can often go undetected, which is why financial institutions need to have a comprehensive approach to remote identity authentication.”

Over R106 million was lost to fraudulent activity on other banking apps alone in 2019. Geva says that adding biometric facial recognition to mobile banking platforms as an added layer of security is critical.

Geva concludes: “DigiME is a clear example of how software can provide an innovative solution to online identity verification swiftly and accurately without racial or gender bias. As identity fraud continues to increase, the more the world moves into the digital space, it becomes imperative to ensure that financial services clients are protected in every way possible.”

Editorial contacts
Co-CEO Gur Geva (0861) 101 101 info@iidentifii.com
See also