Technology
Major Banks Roll Out Face ID Authentication to Curb Online Fraud
Leading banks are replacing OTPs with advanced facial recognition for large transfers, aiming to protect senior citizens and the public from online financial scams.
In a move to strengthen online security, several leading banks have introduced biometric authentication for large money transfers.
The new system uses facial recognition technology, allowing customers to confirm transactions by scanning their face instead of entering a one‑time password.
The change is particularly aimed at senior citizens and the general public who often transfer large sums, reducing the risk of phishing and credential‑stealing attacks.
Experts say the adoption of Face ID could significantly lower the incidence of online financial fraud and improve user confidence in digital banking services.
The new system uses facial recognition technology, allowing customers to confirm transactions by scanning their face instead of entering a one‑time password.
The change is particularly aimed at senior citizens and the general public who often transfer large sums, reducing the risk of phishing and credential‑stealing attacks.
Experts say the adoption of Face ID could significantly lower the incidence of online financial fraud and improve user confidence in digital banking services.