Equity bets on biometric IDs to curb fraud: Equity Bank has - TopicsExpress

Equity bets on biometric IDs to curb fraud: Equity Bank has started collecting customer’s biometric data of both new and existing customers as it prepares to roll out its biometric technology to curb fraud. The system will be used to verify over-the-counter withdrawals and ATM transactions. The lender also hopes to ride on the platform to increase the pace of transactions in its banking halls as tellers can quickly confirm the identity of customers. Currently banks rely on customer verification documents-mainly ID card and passport- and signatures to confirm the authenticity of clients. Annual bank losses related to fraud are estimated at over KES 1.6bn, however security experts have stated that this is only a small segment of the real losses suffered. This is as a result of banks preferring internal disciplinary measures in cases involving employees to avoid the reputation risk that comes with such issues going public. (Source: Business Daily)

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