Insider
HSBC is now allowing business customers to verify their
identities when they open an account by taking a selfie – much
like how you would open an account with
popular home-sharing company Airbnb.
In a statement sent to Business Insider, HSBC said that business
customers will now have the option on their mobile banking app to
complete an ID security check when opening an account by just
taking a headshot on their phone instead of putting in a password
or using other biometric methods, such as using a fingerprint.
It says using the facial tracking technology will “streamline the
account opening experience” as the selfie taken will be assessed
against an ID document that was previously uploaded by the
customer, such as one from a passport. This is the same process
you go through when verifying an account with Airbnb.
Over the last few years, banks have been ramping up efforts to
implement biometrics into the security process, in order to keep
people’s accounts safer from hacking or ID fraud.
Last week, the World Economic Forum (WEF) said in its
“Future of Financial Infrastructure” report that biometric
technology is one of the key things that is set to transform
financial services over the next few decades.
Earlier this year at the WEF meeting in Davos, Switzerland,
one of the world’s most prominent cyber security experts told
Business Insider that a big improvement to our security is
potentially doing away with passwords altogether and using more
biometrics – such as voice recognition and fingerprints.
“It’s time we found ways to get rid of the password. They are no
longer viable and considering the extent of how much we live our
lives online, we need to find ways to make ourselves more secure.
After all, think of how many passwords we use and how hard it is
to remember them all. Even I have had to constantly reset my
passwords because I keep forgetting them,” said Malcolm Marshall,
Global Head of Cyber Security practice at “Big Four” accountant
and consultancy KPMG International.
Read the original article on Business Insider. Copyright 2016. Follow Business Insider on Twitter.
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HSBC is letting customers verify their bank accounts like Airbnb does with selfies
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