May 11, 2016 -
Facebanx’s new anti-fraud technology solution integrates live streaming capabilities with face biometrics to protect organizations from phishing scams.
The release comes as both the Federal Bureau of Investigation (FBI) and the Financial Fraud Action UK (FFFA) recently revealed a rising surge in phishing scams, in which fraudsters spoof an email message from the boss in an effort to trick a company employee into making a payment to the fraudster.
The FBI estimates that these scams have cost organizations over £2 billion (US$2.9 billion) in losses over the past three years, with the average loss of a phishing scam estimated to fall around £50,000 (US$72,328).
Using Facebanx’s anti-fraud solution, an organization’s finance director can now live stream to their accounts department a broadcast of them confirming the transfer request. Therefore, the live streaming can be watched in real time or played back later to confirm that the transfer was in fact official.
The finance director can also display their company ID card during the live stream to confirm they are exactly who they say they are.
As an extra security layer, the finance director would be required to login to their account to make the live broadcast by using a combination of face and voice authentication.
Several major banks are currently looking to integrate this technology into their current corporate accounts to prevent future phishing fraud.
“I have been incredibly surprised at how positively companies have taken to this technology,” said Matthew Silverstone CEO of Facebanx . “The first company I showed the solution to, a global bank, immediately requested we run a pilot as it solved a particular fraud issue that they had which no other technology seemed to resolve.”