Lloyds Banking Group is following in the footsteps of HSBC and MasterCard by launching biometric ‘selfie’ technology to Bank of Scotland customers.
The idea is that customers will be able to more quickly open an account online through the ID verification technology on a web browser, smartphone or tablet.
Customers will be able to follow a step-by-step guide and simply take pictures of their UK driving license or passport, along with selfie images in order to confirm their identity.
The introduction of the biometric technology is not only to make it faster for customers to open an account, but also to help lower the threat of financial fraud.
Brian Spector, CEO, MIRACL said: “The volume of financial fraud has risen dramatically in the past year as hackers have become more sophisticated and are managing to
bypass traditional methods of security with alarming ease. A range of tactics which once seemed secure – such as identity verification via text message – are become easier for hackers to exploit.
“As the payments market has become more open, with a plethora of third parties now sitting between banks and their customers, it has become paramount to accurately verify the identities of people accessing the data and systems involved.
“Fortunately, the European payments market is on the cusp of a radical change. Rather than being just a swathe of red tape, the revised Payment Services Directive (PSD2) is a much-needed attempt to prevent our entire banking system from being exploited by hackers.”
At the start of the month MasterCard launched its own biometric authentication technology across Europe after a successful trial of the technology.
The service is now available for Bank of Scotland Classic retail customers who hold a UK passport or driving license and will be rolled out across Halifax and Lloyds Bank brands.