Zengo extends FaceTec selfie biometrics checks to protect crypto transactions
A new biometric authentication feature has been added to cryptocurrency wallet Zengo in an expansion of its implementation of FaceTec software beyond the customer onboarding process.
The change is part of a set of upgrades that also includes the introduction of a premium subscription called Zengo Pro, TechCrunch reports. With that subscription, Zengo users can set 3D face biometrics checks as an authentication method for outgoing transactions, to prevent a stolen phone from leading to stolen crypto.
The wallet previously used native device biometrics for passwordless account access, but has now added user authentication in the form of server-side biometrics.
“Cryptocurrencies and related services are increasingly viewed as an important part of the Financial Services Industry, which is a highly regulated industry,” FaceTec Senior Vice President of North American Operations Jay Meier told Biometric Update in an email. “As that, they are routinely targeted by bad actors, who wish to commit various identity related crimes. The value of utilizing FaceTec’s 3D Liveness and biometric matching, from customer enrollment, through to customer account access control, is the value of significantly mitigating the risks of those identity-crime vulnerabilities. Not only does this reduce the risk of fraud, but also the pressure of increasing regulatory scrutiny.”
Zengo originally selected FaceTec’s facial recognition to secure identity verification for customer onboarding and lost key recovery in 2019.