Capitec Bank has announced that it has partnered with the Department of Home Affairs to combine biometric databases to combat identity fraud.
Since the bank’s launch in 2001 it has made use of customers’ fingerprint details, captured in its database, for banking transactions.
The bank’s biometric database now links to the Department of Home Affairs’ database, “making it much harder for criminals to commit fraud against Capitec Bank customers,” it said.
The fingerprint and photographic recognition technology is used in-branch when clients open an account and any time they need to liaise with a consultant.
A fingerprint serves as a signature, enabling the transaction to be processed in real-time, while every significant change of information on a client’s account can only be completed with the client’s fingerprint verification.
Capitec has also implemented the biometrics security among its staff, so when staff members conduct a transaction for clients, the employee’s fingerprint will be directly linked to the specific transaction.
“Our customers have instant account access, in real-time, and can rest assured that only they can transact on their own account,” said Capitec marketing and corporate affairs executive, Carl Fischer.
“Moreover, important information on the client’s internet profile or bank account cannot be changed without their fingerprints being presented in branch.”
According to Capitec, as of January 2015, over 1.5 million fingerprints have been scanned into its database.