Criminals are finding it increasingly difficult to resort to the old practice of taking out bank loans that never pay the information of third parties using, which in the end, are reported in risk centers and with legal charges for those loans that were never processed. . If that digital intelligence, the use of biometrics and other technological security mechanisms have become a real barrier to the actions of fraudsters.
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Although entities such as Banco de Bogotá have already registered one million digital credits placed with the support of these tools (2022), among others, Every day more entities are joining this purpose of putting an end to this crime that impacts thousands of Colombians.
During the 57th Banking Convention that takes place in CartagenaCerticámara, the National Registry of Civil Status and Asobancaria, came together to make the first requests for the placement of credit products in the market, through the validation of the identity of people using facial technology.
Tuya, Financing Company, will participate in this process, which will use this technology to verify the identity of a person through facial biometrics, to approve a credit product in a few minutes.
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As you remember, facial biometrics is the authentication mechanism that is based on the use of biometric data of the face, such as the distance between the eyes, the shape of the nose and the patterns of expression lines, which cannot be altered, offering a high percentage of accuracy in identity verification, all this against images from official databases such as those of the National Registry.
«At Certicámara we are pleased to lead the transformation in the sector
banking and provide Colombians with a unique and efficient experience in their
financial processes. This technological solution gives us an opportunity
unique in making a difference in the industry,» said Martha Moreno,
executive president of Certicámara.
For his part, Carlos Iván Villegas, president of Tuya, said that thanks to facial biometrics technology, information from potential clients can now be compared with data from the Registry, which allows validating the identity of people and reduce the amount of fraud due to impersonation in requests for financial products.
“We are using the best possible solutions to increase security and confidence in the financial sector, which has a positive impact on society and contributes to financial inclusion,” he said.
safe products
Although preventing crime from committing fraud against people through loan applications is one of the main objectives of the adoption of biometrics in the banking sector, its scope also touches other financial products and services.
This is demonstrated by the advances of entities such as Banco de Bogotá on this front. According to its directives, the entity has analyzed more than three million faces through its facial recognition technology, developed one hundred percent in its Digital Laboratory.
Currently, more than 500,000 users, on average, carry out the identity validation process each month in said bank and about 40 percent of customers with digital flows authenticate with facial recognition, they will be able to strengthen consumption patterns and fraud detection.
Oscar Bernal, Vice President of Technology at Banco de Bogotá, points out that in the entity’s digital transformation process, one of the main fronts is the one hundred percent digitization of its portfolio. «We work with Open Banking and Payment Ecosystems to provide better experiences and services to our customers. In addition, We have projects to achieve the hyper-personalization of the experience through the use of AI and complementary technologies», The expert specified.
Today, in addition to having a large volume of credits under these technologies, since 2021, 82 percent of the entity’s credit cards are opened in digital channels; as well as 65 percent of free destination loans, 49 percent of savings accounts, 58 percent of CDTs, and 64 percent of housing loans.