Biometric Update’s Post

Wema Bank Plc., a leader in Nigeria's banking sector, is taking a bold step to protect its customers from rampant identity fraud by adopting advanced facial recognition technology. In partnership with Daon, an international digital identity trust company, Wema Bank is implementing the Daon xProof (xAuth/xFace) and Daon IdentityX platforms. These cutting-edge solutions will provide robust digital identity verification and authentication on Wema's banking app, ensuring a secure and seamless banking experience. With the integration of xAuth/xFace, Wema Bank customers will enjoy the convenience of accessing everyday banking transactions simply by taking a selfie. This innovative technology enhances security while offering a user-friendly experience across various engagement channels. Clive Bourke, Daon President for Europe, Middle East, and Africa as well as the Asia-Pacific region, emphasized the importance of defending against identity fraud, noting its significant impact on financial losses in the banking sector. Founded in 1945, Wema Bank prides itself on being one of Nigeria’s most resilient and innovative banks. This latest initiative further cements its reputation, following the launch of Africa's first fully digital bank, ALAT, in 2017. Olusegun Adeniyi, Chief Digital Officer at Wema, highlighted that integrating the Daon IdentityX platform would enhance customer safety and ease of access to a wide range of financial services, including better savings, transfers, and rewards. By adopting Daon's suite of identity verification and authentication solutions, Wema Bank is not only enhancing security but also improving the overall user experience for its customers. This partnership represents a significant milestone in Wema Bank's journey towards digital transformation and reaffirms its commitment to providing innovative and secure banking solutions. #DigitalBanking #FacialRecognition #IdentityFraud #WemaBank #Daon #Innovation #CustomerSecurity #Fintech #Nigeria #TechInnovation #BankingSecurity

Discover how elements of the Great Convergence such as data portability, portable identity, accelerated payments, and digital currencies are reshaping Canada's banking ecosystem: https://ow.ly/tbyp30sE2Ye #EYCanada #BetterWorkingWorld

Financial Services Regulatory & Enforcement partner Sara Or outlines Hong Kong's enhanced approaches to combat digital fraud according to a recent HKMA circular. The circular was issued on 12 October 2023 in response to significant increase in banking complaints related to digital fraud. Learn more: https://lnkd.in/gTyJwtZU   #DigitalFraud #Banking #HongKong 

Recent events at the Commercial Bank of Ethiopia underscore the critical need for robust cyber security measures in financial institutions. As digital banking systems evolve, ensuring the integrity of these systems is paramount. #cybersecurity #banking #ethiopia

Discover how elements of the Great Convergence such as data portability, portable identity, accelerated payments, and digital currencies are reshaping Canada's banking ecosystem: https://ow.ly/EETg30sE1bu #EYCanada #BetterWorkingWorld

Discover how elements of the Great Convergence such as data portability, portable identity, accelerated payments, and digital currencies are reshaping Canada's banking ecosystem: https://ow.ly/Wrza30sE59n #EYCanada #BetterWorkingWorld

Embracing Digital Banking and biometric verification online. Well done to the authorities of Philippines and Malaysia improving the verification process which I hope will result in reduction of fraud. #digitalbanking #biometricauthentication #fraudprevention

Did you know... According to the latest banking fraud statistics from the South African Banking Risk Information Centre (SABRIC), South Africa has seen an alarming rise in digital banking fraud. This has resulted in cybercriminals stealing hundreds of millions of Rands from unsuspecting users through Digital Banking Fraud in 2022. PMT™ has a Solution to the Rise in Digital Banking Fraud in SA read all about it in our latest article: https://lnkd.in/dMju-EXP #funfactfriday #Africa #Tech #SA #PMT

We continue our deep dive today into the EU Open Banking Regulation Triumvirate with a focus on the first of four themes: how will the new regulatory landscape enhance security and prevent fraud? EU Parliament estimated that there were was "€323 million in 2020 for all types of euro credit transfers in the EU", which could account for why instant payments is used by only 13% of the European population when other countries like Brazil have seen a huge adoption. New security and fraud prevention measures aim to increase the trust and financial reimbursement rights of consumers when using instant payments and open banking products and services. We dig into what these regulations say and how banks, fintech, API tools providers, consumer associations and regulators can prepare for the road ahead. PS. We have also something to say about the fact that EU Parliament used 2020 data to make their point! https://lnkd.in/d8VZix6g #openbanking #APIsecurity #digitalidentity

friends worth taking a note of bane of digitisation across global In-depth report reveals the nature, modus operandi, emerging hotspots of digital banking frauds in India SECTIONS I .. Read more at: https://lnkd.in/dYJqr57t