You build a better mouse trap, and the mice get smarter!
When the pandemic hit, and it is still here, paying for goods and services needed to change. We were already on course to be a cashless society in a few years, and Covid just quickened the pace.
With becoming a cashless society, it means that criminals also have to become cashless criminals. No trying to rob someone at a cash point, no now you need to get them right at the source….their bank account.
According to Experian, which is one of the UK’s credit bureaus, “bank fraud” has “soared” during the first half of this year!
They are defining bank fraud as opening a savings or current account for the explicit purpose to “receive and quickly distribute illegally-obtained funds, as well as giving them access to other financial services offered by the bank or building society they’ve selected. “.
Once again, you build a better mouse trap, the mice get smarter…or find ways to not get caught.
So as criminals get more clever, like mice and mouse traps, so do banks and financial institutions to prevent fraud and criminal activity.
So what is the fraud deterrent du jour currently being offered……..????
First, let’s look back at some previous or past efforts of banks to prevent fraud and criminal activity. (Not an all inclusive list)
- Chip and PIN: Banks put a magnetic strip on a bank card, or credit card, you need a PIN or personal identification number to complete a purchase or get cash.
- Home card readers: When you wish to transfer money, make payments online, you need to insert your bank or credit card into a card reader the bank has sent you. You then follow the prompts, and it gives a specific code that can be used for your transaction.
- Mobile phone messages: Every time you wish to use your bank or credit card, a text message with a code is sent to you. You need to then enter this code.
- After every purchase a message is sent to you, advising you of that purchase.
So what is the new security measures in place to prevent not just bank fraud, but scams and us losing our hard earned money….biometrics!
Biometrics! And not just your finger print, but your face!
As Jackie Chiles said to Kramer in Seinfield when he wanted to sue the tobacco industry, “your face is my case!”.
This is new technology for banking, and is on trail with many banks.
The basics are you upload a photo of you/your face to a banking application, then when you make a first time transfer of money to someone, make a large payment, or wish to change your details, among other things, you will be prompted to use the bank’s application, take a photo, or look into your mobile’s camera, acknowledge the camera and app by blinking, and bada boom bada bing, done.
Fingerprint recognition has been around for a while, now face recognition, and soon, more will have voice recognition.
The mice may be getting smarter, but so are the mouse traps.