biometrics for financial services

Biometric authentication in financial services: verified payment & onboarding

With regulations like the new Payment Services Directive (PSD2), which has come into effect on Sept. 14th, 2019, stronger levels of authentication are becoming a necessity for the financial services industry. Facial recognition can effectively be used for strong customer authentication (SCA) with frictionless user experience. Biometric technology enables customers to seamlessly log in with their face and verify transactions or payments simply by looking at the camera.

In addition to taking user experience into account, the banking and fintech industry involve highly sensitive data and may increasingly be subject to attack. BioID has constantly prioritized security and privacy in designing their software, as well as when processing data. We have implemented a patented anti-spoofing liveness detection, which works reliably to prevent photo and video replay attacks as well as 3D masks or animated avatars. Strong customer authentication (SCA) involving facial recognition and liveness detection thus supports regulatory compliance (e.g. with PSD2).

With biometric verification, financial services providers can be sure that the person is really who they claim to be and that they are really there, in front of the camera. The BioID Web Service can be integrated directly into any website or mobile app, with strong and intuitive face recognition through the user’s webcam or smartphone camera.No special hardware or video-stream is needed.

Reduce fraud &
improve compliance

  • Multifactor authentication prevents both true and friendly fraud
  • Liveness detection ensures user presence
  • Out-of-band authentication prevents man-in-the-middle attacks
  • Photo capture discourages fraud

Increase trust and secure privacy

  • Greater customer trust through secure payments
  • Strong identity proofing prevents identity theft and fraud
  • Mobile payment keeps sensitive payment data away from POS
  • Zero-footprint transaction ensures data privacy

Convenient customer journey

  • Easy user experience: just take a selfie
  • True omni-channel usage through Biometrics as a Service
  • Real-time strong authentication & identity proofing
  • No passwords to remember

For the fintech and financial services industry, we offer highly precise biometric authentication enabling regulatory compliance with PSD2. Patented technology “Made in Germany” ensures account security. Excellent user experience is delivered via seamless identity proofing.