As an engineering team we developed a number of computer vision systems and trained a hundreds of AI models at 3DiVi. They are used in products like NuitrackSDK (skeletal tracking) and FaceSDK (face detection, face recognition and re-identification) and numerous enterprise projects as well.
We're excited to share some compelling statistics about the power of biometrics in the fight against remote banking fraud. Recent insights from UK Finance underscore biometrics as a pivotal strategy in combating unauthorized remote banking fraud - a growing concern within the financial sector.
Remote banking fraud, encompassing internetbanking, telephone banking, and mobile banking, is a significant threat. In 2022, losses due to remote banking fraud decreased by 18% to £163.1 million compared to the previous year. The number of fraud cases dropped by an impressive 46%, with 47,473 incidents reported. This decrease follows a peak in 2021, mainly due to pandemic-related challenges.
Biometrics have played a pivotal role in this decline, with security systems preventing a staggering £174 million of attempted remote banking fraud in 2022. That's an impressive 51.6 pence for every pound of fraud thwarted. An additional £19.9 million, representing 12% of the losses, was recovered, showcasing our industry's commitment to safeguarding customer funds.
The Power of Biometrics:
Biometrics, particularly facialrecognition, have emerged as sophisticated tools for customer authentication, significantly bolstering security measures. By analyzing biometric data and customer behavior, financial institutions can ensure a high level of confidence in verifying customer identities and detecting fraudulent activities.
A Multifaceted Approach:
The finance industry is combating remote banking fraud through a multifaceted approach, including investment in advanced security systems. Initiatives like the Banking Protocol scheme and the "Take Five to Stop Fraud" campaign are educating customers and enabling bank staff to alert authorities when fraud is suspected.
Collaboration and information sharing are also vital. Financial institutions actively share intelligence on remote banking fraud, working closely with law enforcement agencies, the government, and the telecommunications industry to enhance security measures and prosecute wrongdoers.
Together, we can refine our approaches, harness cutting-edge technologies, and maintain vigilance against evolving threats, ensuring the utmost safety and trust in our banking systems.