HID Global introduces biometric MFA platform for banks, targets LATAM region

Latin American banks can drive customer loyalty in a competitive market by using biometrics to provide the widest-reaching omnichannel experience possible with the lowest amount of user friction, HID Global says in a new eBook.

Tens of millions of new online bank accounts were created in Latin America since the beginning of the COVID-19 pandemic, according to a company blog post, and McKinsey has identified the region as a leader in banking sector growth. With new account fraud rates estimated at up to 20 percent in Latin America, however, digitization must extend to fraud prevention.

Multi-factor authentication (MFA) including biometrics, whether in the form of one-touch fingerprint authorization or contactless facial authentication, offers a way to introduce that fraud prevention while improving the customer experience, HID Senior Sales Director for Latin America Wladimir Alvarez writes in the blog post.

The 15-page eBook titled ‘Better Banking Experiences Start with Strong Authentication and Face Biometric’ introduces a new biometric MFA solution HID is offering for banks to satisfy customers while defending against fraud with end-to-end fingerprint or facial authentication.

The HID Global banking platform takes a modular approach, offering mobile onboarding, in-branch customer recognition, ATM authentication through face or fingerprint biometrics, and mobile banking capabilities through device management, SDK, biometric server and camera hardware solutions. Fingerprints can be used at branches or ATMs, while face biometrics and document recognition can be used for remote onboarding with digital know your customer (KYC) checks.

The company has also expanded the application of its patented multispectral imaging technology to include face biometrics, as part of the company’s passive liveness detection.

HID Authentication Service and HID Approve mobile biometrics were recently selected by fintech AI Ain Finance to support its digital banking services.

Article Topics

banking  |  biometrics  |  digital identity  |  fraud prevention  |  HID  |  identity verification  |  KYC  |  Latin America  |  multifactor authentication  |  onboarding  |  user experience