Facebanx, a division of OhHi Technology, has unveiled facial recognition technology for banks.

Facebanx have developed the technology for web, smartphones and tablet; the company claim the new technology will dramatically reduce fraud and ID theft in the financial services sector.

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The facial recognition technology adds images of the customer’s face via their webcam and uploads to the software. Each time the customer logs on Facebanx will compare their face to multiple facial images to confirm the customer’s identity.

Matthew Silverstone, CEO of Facebanx, said of the technology: "Our product has been specifically designed to combat fraud. We are currently in discussions with a number of processing companies, banks and merchants about adding our software to their CRM."

Professor Mark Button, director of centre for counter fraud studies, said: "Counter fraud professionals are always looking for the ‘holy grail’ in the fight against identity fraud. Facebanx is an exciting new development and a product which could be one step closer to such a solution."

Ian Tandy, development director financial services, Facebanx added: "ID theft, cybercrime, fraud and chargebacks are on the increase and are huge issues for the banking and the online payments industries as fraudsters employ ever more sophisticated techniques to swindle processors out of their money. Facebanx provides an effective solution offering reassurance to customers in the knowledge that their ID will not be used fraudulently. Facebanx will assists CRMs, payment processing and ID verification in order to combat ID fraud, money laundering and helps control unauthorised access to online and mobile banking, payments and commerce."

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Facebanx’s new technology has been developed to meet all banking security standards.

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