India’s Airtel Bank Launches Biometric Anti-fraud System

Airtel Payments Bank has launched a security feature called Face Match to enhance account protection. The feature uses machine learning algorithms to calculate a threat score for each user based on factors like user behavior, transaction patterns, and historical data. If the threat score surpasses a certain threshold, Face Match is activated.

The user receives a notification and is required to verify their identity by taking a selfie, which is then compared to their onboarding photo using facial recognition. If the match is successful, the user can proceed with transactions; if not, they must visit a banking point for biometric verification.

Airtel Payments Bank is a digital payments and financial services provider in India, operating under the umbrella of Bharti Airtel, one of the country’s leading telecommunications companies. Established as one of India’s first payments banks, it offers a range of services including savings accounts, mobile banking, and digital transactions. The bank aims to provide accessible and convenient banking solutions, particularly in rural and semi-urban areas, through its extensive network and integration with Airtel’s mobile services.

It also clearly has a strengthening focus on security, with its new feature designed to prevent fraudulent transactions and protect customer accounts.

The Reserve Bank of India’s (RBI) annual report for the fiscal year 2023-24 indicates a substantial rise in the number of banking fraud cases, which increased to 36,075 from 13,564 in the previous year. This marks a nearly 300 percent increase over two years. However, the total amount involved in these frauds saw a significant decrease of 46.7 percent, dropping to Rs 13,930 crore from Rs 26,127 crore in the previous year.

Digital payment frauds have surged dramatically, with a more than fivefold increase in value, reaching 14.57 billion rupees ($175 million) in the fiscal year ended March 2024. This rise coincides with the rapid expansion of digital payment systems like the Unified Payments Interface (UPI), which has seen a 137 precent increase in transaction value over the past two years.

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August 20, 2024 – by the FindBiometrics Editorial Team