COSTA RICA NEWS — Coopeservidores, one of the largest credit unions in Costa Rica, is the second financial institution to add facial recognition technology to its mobile banking app.
The credit union, will use FacePhi‘s facial recognition technology for authenticating members through phone cameras when they log in to the mobile banking app.
Last month, Grupo Mutual was the first to use the Madrid-based FacePhi system.
Grupo Mutual is currently testing the technology with staff with plans to roll it out its 250,000 clients in January. Although initially the focus will be on mobile banking authentication, facial recognition could later be used for other purposes.
Juan Carlos Miranda, technical manager, Grupo Mutual, says: “Facial recognition technology is the most single way to ensure the passwords and access of the clients and it lets us to avoid the banking fraud by phishing, which is one of our biggest concerns.”
This concern is also shared by the rest of the institutions in the financial sector of Latin America, a region with a high incidident of fraud by phishing..