#Standard bank digime software

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.

#Standard bank digime software

IiDENTIFii’s facial recognition software can supplement SBSA’s innovative security solution. All the data is matched with a facial biometric at the Department of Home Affairsįacial recognition is a technology that applies the science of biometrics to a user’s facial features, capable of matching a human face from a digital image.Critical data is extracted from the identity document.It has to match the selfie of the person with the image on their ID document.It has to prove that the person is alive, therefore enabling strong authentication.The end goal is to give you power of your digital banking profile – all you need is your SA ID document and to take a selfie.”Ī workable biometric solution has to fulfil four critical service points:

“DigiME involves a combination of two or more factors to authenticate your real identity. It was also imperative for an automated solution of this nature to enhance compliance with local and international anti-money laundering legislative requirementsĭigiME is an innovative solution that was designed for SBSA to ensure that all digital profiles are strengthened and secured.

The Standard Bank of South Africa Limited (SBSA) wanted to digitise primary functions like opening accounts, right through to approving loans whilst ensuring that they minimise the risk of various types of fraud – including identity fraud. It is critical that the digital onboarding of clients safely and securely is robust and efficient.” Standard Bank of South Africa Limited (SBSA) Gur Geva, co-CEO iiDENTIFii, a market leader in biometric identity says, “The challenges facing such a large organisation’s digital migration are complex. This has become even more crucial as they accelerate their efforts to provide superior digital client experiences. ~iiDENTIFii provides facial recognition services to Standard Bank client base with revolutionary DigiME platform~ Digital Onboarding with a Biometric SolutionĪs one of South Africa’s leading financial service providers and as Africa’s biggest bank by assets, Standard Bank is constantly looking for ways to evolve and secure their clients’ online service portal.