Facial biometric identity authentication has been in use by Neon Bank’s 100% digital customers for their bank transactions for almost a year. Now biometric identity authentication by selfie will be used to approve internet purchases. The expected level of accuracy is 99.5%.
Fernando Mendez, vice president of emerging products for Visa Latin America says the new selfie pay service will facilitate remote payments and be in in sync with consumer trends. Selfie pay will combine security with convenience, improving the customer’s shopping experience.
Using selfies will not replace PIN numbers or fingerprints for physical purchases. A selfie would be required only if the retail establishment requires it for identity verification before completing a transaction. Neither the user nor the commercial establishment receive the selfie taken during the purchase process; it is encrypted and sent to the bank’s databank.
The impact on reducing fraud in e-transactions has not been calculated, but the service is expected to stimulate commerce and the number of transactions. Percival Jatoba, Visa Brazil’s vice president for products expects to see rapid growth for selfie pay in Latin American countries, as well as other new biometric authentication methods, a person’s heartbeat for example.
Visa, Brazil’s Neon Bank Launch Online ID Service Using Selfies
Latin American Herald Tribune article published May 11, 2017
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