![]() Over R106 million was lost to fraudulent activity on other banking apps alone in 2019. ![]() As this is considered a ‘silent crime, it can often go undetected, which is why financial institutions need to have a comprehensive approach to remote identity authentication.” Gur Geva, iiDENTIFii. Experts in the field suggest that an identity is stolen every two seconds. “Identity fraud is one of the fastest-growing crimes in the world. This is pivotal to successful fraud prevention and creates a triangulation of trust with the client, bank and Department of Home Affairs. The facial recognition component of the system works by the client simply taking a selfie and linking it to their SBSA profile along with their ID number and photo of their ID document, giving users all the power over their account without risking their identity. IiDENTIFii’s facial recognition software can supplement SBSA’s innovative security solution.
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